Sports Betting Market Witnesses Unprecedented Growth: CAGR at 10.3% Anticipated, Targeting US$ 245,792.4 Million by 2033

Posted on 2024-02-12 by Future Market Insights in Technology // 0 Comments

The sports betting market is projected to reach a value of approximately US$ 91.9 billion in 2023, and it is anticipated to grow at an average annual rate of 10.3% to reach a value of around US$ 245.8 billion by the year 2033.

The sports betting market growth of connected smart smartphones, changes in the South Asian economies’ digital landscape, and an increase in the popularity of online betting among millennial are the main factors influencing the sports betting market future trends as well as sports betting market adoption trends.

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The Covid-19 phase 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 from the Sports Betting Market Report:

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

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Recent Developments:

After the Supreme Court struck down the Professional and Amateur Sports Protection Act (PASPA) in May 2018, eight states in the USA legalized sports betting.
Bitgame, a Poland-based sports betting platform operator, launched a new website on a blockchain-powered sports betting platform in May 2021.
In September 2022, Bet365’s e-sports betting service was introduced in Colorado. Utilizing one of Century Casinos’ master licenses from the state, the sportsbook provider was operational with its betting service on the market.
May 2022: William Hill, a sports betting and online casino administrator, established its flagship brand and announced plans to substantially boost its revenue in Latvia. Furthermore, William Hill plans to capitalize on current media agreements with bespoke creatives based on the Brotherhood brand approach.

Leading Key Players:

888 Holdings Plc
Bet365
Betsson AB
Churchill Downs Incorporated
Entain plc
Flutter Entertainment Plc
IGT
Kindred Group Plc
Sportech Plc
William Hill Plc

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Sports Betting Market Segmentation:

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

By Region:

North America
Latin America
Western Europe
Eastern Europe
South Asia & Pacific
East Asia
The Middle East & Africa (MEA)

Author By:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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