PUBLISHER: The Business Research Company | PRODUCT CODE: 1429954
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429954
Sports betting involves a form of gambling where individuals place bets on sporting events, aiming to win a specified sum if the chosen team or individual emerges victorious in the event.
The primary types of sports betting include line-in-play, fixed-odds betting, exchange betting, daily fantasy sports, spread betting, pari-mutuel betting, and other variations. Line-in-play refers to a wagering method in which the bookmaker or sportsbook establishes odds, designating favored and underdog teams in a match. The sports segment encompasses a wide range of sports, such as football, basketball, baseball, horse racing, cricket, hockey, e-sports, American football, and others, depending on the specific type of betting. Additionally, the platform is categorized into online and offline based on the location of the betting activity.
The sports betting market research report is one of a series of new reports from The Business Research Company that provides sports betting market statistics, including sports betting industry global market size, regional shares, competitors with sports betting market share, detailed sports betting market segments, market trends and opportunities, and any further data you may need to thrive in the sports betting industry. This sports betting market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The sports betting market size has grown strongly in recent years. It will grow from $109.01 billion in 2023 to $114.68 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The expansion observed in the historical period can be attributed to several factors, including a surge in the number of sports events, the growth of the millennial population, an increase in disposable income, and greater accessibility to smartphones and smart computing devices such as PCs and laptops.
The sports betting market size is expected to see steady growth in the next few years. It will grow to $137.48 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. Forecasted growth is attributed to the rising focus on virtual sports betting, product innovations, increased adoption of 5G networks, a surge in mergers and acquisitions, urbanization, and higher internet penetration. Key trends include the adoption of augmented reality and virtual reality, emphasis on mobile betting services, integration of artificial intelligence in betting platforms, increased investment, strategic partnerships, utilization of blockchain technology, and the integration of live streaming in mobile sportsbooks.
Anticipated growth in the sports betting market is fueled by the expanding landscape of sports leagues and events. These competitions, comprising clubs, nations, associations, or individuals vying for championship titles, are structured within specific schedules or seasons. They necessitate full participation from all teams or members to determine an ultimate champion. Presently, a Wire-published study reveals an active presence of over 100 professional leagues worldwide across diverse sports. The emergence of new professional sports leagues globally offers consumers opportunities for diversified betting, consequently propelling the sports betting market's expansion.
The upsurge in internet penetration is poised to drive the surge in the sports betting market. The internet, an extensive global network interconnecting computers, serves as a platform for information exchange and communication accessible from any internet-enabled location. Increased internet penetration fosters the usage of internet-enabled devices such as personal computers (PCs), laptops, and smartphones, thereby amplifying engagement with betting platforms. In a report released by the International Telecommunication Union (ITU), a UN agency headquartered in Switzerland, November 2021 saw a surge of 782 million users, constituting 63% of the global population, compared to the previous year. The escalating reach of the internet is expected to significantly fuel the growth trajectory of the sports betting market.
Integration of AI and blockchain technologies into sports betting applications stands as a prominent and increasingly favored trend within the sports betting services market. Sports betting applications are embracing blockchain innovations to automate real-time data processing through smart contracts, facilitating tasks such as payment processing, bet confirmations, historical event analysis, monitoring, and record-keeping. Bitgame, a Poland-based sports betting platform operator, exemplified this trend in May 2021 by launching a blockchain-powered sports betting platform, merging blockchain-secured cryptocurrencies with the betting experience to offer customers a seamless and interactive platform.
Companies operating in the sports betting market are actively pursuing strategic partnerships to fortify their product offerings. For instance, in February 2022, SCCG Management, a US-based consultancy specializing in casinos and iGaming, joined forces with Odds AI, headquartered in Sydney, Australia. This collaboration aims to extend advisory services, investment opportunities, and business development support, with a focus on expanding into North America's sports betting markets. Additionally, DAZN, a UK-based sports streaming media company, announced a strategic alliance with gambling firm Pragmatic Group in April 2022. Under this partnership, Pragmatic Group will provide the foundational platform and content for a new branded sports betting product, taking charge of ongoing product development initiatives.
In September 2021, Endeavor Group Holdings Inc., a U.S.-based entertainment and sports company, completed the acquisition of OpenBet from Scientific Games for a total transaction value of $1.2 billion. The deal involved a combination of cash amounting to $1 billion and Endeavor's Class A common stock valued at $200 million. This strategic move is aimed at bolstering Endeavor's position in the sports betting ecosystem. Presently, Endeavor is a key player in the sports betting landscape through its subsidiary, IMG ARENA, which collaborates with more than 470 prominent sportsbook companies globally, offering official live streaming video and data feeds for over 45,000 sports events each year. OpenBet, the acquired company, is a UK-based sports betting entertainment company.
Major companies operating in the sports betting market report are Flutter Entertainment PLC, Bet365 Group, Entain PLC, Caesars Entertainment, Kindred Group PLC, Churchill Downs Incorporated, DraftKings Inc., Betsson AB, 888 Holdings, IGT, Dream11, 1xBet, 22bet, PureWin, 20Bet, REXLot Holdings, Aspect Gaming, STORMGAIN, Sattamatka5com, Go Winning, Wozo Gaming, Playwin Lotto, Rngplay, FDJ - La Francaise des Jeux, Betclic Everest Group, Royal Panda, Lapalingo, Bet3000, Bayes Esports, Mail.ru Games, Lottohelden, FCwetten, Zapitano, Sazka, Synot Tip, Tipsport, flashscore.ru.com, crsdmnautologin123.com, winline.ru, FanDuel Sportsbook, BetMGM, Barstool Sportsbook, PointsBet, BetRivers, FOX Bet, Endeavor Group Holdings Inc., Sporttrade Inc., SuperDraft Inc., BetWarrior, Bplay, William Hill, LSports Data, Mostbet, Bettilt, Shangri La Live, Parimatch, NetBet, Unibet.
Western Europe was the largest region in the sports betting market in 2023. The regions covered in the sports betting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the sports betting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The sports betting market includes revenues earned by entities by operate facilities that offer gambling services specific to sports. Sports betting is the term used for the betting action involved with predicting a sporting event and placing a wager on the outcome of that event to win money. It involves wagers being placed on sports such as football, basketball, baseball, hockey, rugby, boxing, horse racing, car races, and tennis. The market covered in this report does not include sales of services by sports betting shops (betting shops are the physical premises of a bookmaker where people can place bets) not recognized by governments. The market numbers covered in this segment also include the sales of e-sports betting services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Sports Betting Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on sports betting market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for sports betting? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The sports betting market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.