The market for sports betting is anticipated to reach USD 84.58 billion in 2022 and reach USD 223.40 billion in 2032 at a CAGR of 10.2%. The demand for sports betting is influenced by the increasing use of connected devices, the acceptance of sports betting, and the developing digital infrastructure.
Due of limits on sports in most of the world, the COVID-19 pandemic had a tremendous influence on the sports betting sector. However, eSports betting contributed to the rise in popularity of online sports betting throughout the epidemic, affecting significant market trends and prospects.
The sports betting market refers to the industry that involves placing wagers on the outcome of sporting events. It has been around for centuries, but with the rise of online betting, it has grown into a multibillion-dollar industry worldwide.
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Sports betting can involve a wide range of sports, from popular ones like football, basketball, and baseball, to niche sports like cricket, rugby, and even esports. In addition to traditional pre-match betting, there are also live in-play betting options that allow gamblers to place bets during the game.
The growth of the sports betting market has been fueled by several factors, including the increasing availability of online betting platforms and mobile apps, the liberalization of gambling laws in some countries, and the growing acceptance of sports betting as a legitimate form of entertainment.
KEY TAKEAWAYS:
· The online platform segment, which is predicted to dominate the sports betting market with growth at a CAGR of 12.6% through 2032, led the sports betting market in terms of platforms.
· While the eSports betting segment is expected to grow at the fastest CAGR of 14.8% through 2032, the fixed odds wagering segment currently holds a sports betting market share of over 25%.
· Football holds a 23.0% sports betting market share in terms of sports type and is anticipated to grow over time.
· The second-largest sports betting market share was held by the horse racing industry, which is projected to expand at a CAGR of 10.3% through 2032.
· Through 2032, sports betting market growth in the basketball and baseball segments is anticipated to be close to 10%.
· Around 30.0% of revenue of sports betting market was generated in the Asia Pacific region, which is also predicted to have the highest CAGR over the forecast period.
· During the forecast period, the Europe region is expected to exhibit a CAGR of nearly 11%.
· In 2022, Europe held a 37% sports betting market share.
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COMPETITIVE LANDSCAPE:
New market research report on sports betting says that 888 Holdings Plc; Bet365; Betsson AB; Churchill Downs Incorporated; Entain plc; Flutter Entertainment Plc; IGT; Kindred Group Plc; Sportech Plc; William Hill Plc are among the legacy players vendors.
The research offers a comprehensive competition analysis of these top competitors in the sports betting market, including sports betting market growth, sports betting market share, sports betting market key trends and opportunities and important sports betting market statistics.
RECENT DEVELOPMENT:
LAUNCH:
· A new website on a sports betting platform powered by blockchain technology was launched by Bitgame, a sports betting platform operator with headquarters in Poland, in May 2021. To give users a seamless and engaging experience, the new website combined sports betting and blockchain-secured cryptocurrency.
ACQUISITION:
· For US$1.2 billion in cash ($1 billion) and Endeavor Group Holdings Inc.’s Class A common stock ($200 million), Scientific Games sold OpenBet to the US-based entertainment and Sports Company in September 2021.
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Key Segments
By Platform:
- Offline
- Online
By Betting Type:
- Fixed Odds Wagering
- Exchange Betting
- Live/In Play Betting
- Pari-mutuel
- eSports Betting
- Others
By Sports Type:
- Football
- Basketball
- Baseball
- Horse Racing
- Cricket
- Hockey
- Others
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Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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