At a compound annual growth rate (CAGR) of 10.2%, the sports betting industry is projected to reach USD 223.40 billion by 2032 from USD 84.58 billion in 2022.
The primary factors influencing the sports betting market’s adoption and future trends are the rise in connected smart smartphones, shifts in the digital landscape of South Asian economies, and the growing popularity of online betting among millennials.
The Covid-19 phase, which has been in effect for the last two years, has pushed younger people to spend more time on smartphones, which has favoured adoption of sports betting. The younger population is primarily concentrated in Asian countries. During lockdowns that had a positive effect on the sports betting market key trends and opportunities, consumers gravitated most toward the internet platform to solve their monetary, social, and psychological issues.
The proliferation of wireless connectivity and the expansion of digital infrastructure are driving the sports betting market. Consumer behaviour has changed as a result of the increased use of smartphones also surging the demand for sports betting, including how people bet on games.
Additionally, as there are more sporting competitions and leagues, there is a rising demand for sports betting resulting in boosted sales of sports betting.
The most bets are placed on sports like football, basketball, baseball, hockey, cricket, boxing, and auto racing. Sports betting include non-athletic events like eSports and horse racing.
Additionally, as internet usage has increased, there have been more investments made in online platforms, which has led to sports betting market growth.
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
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.
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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