Sports betting market is segmented by platform (Online, Offline), 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, Europe, APAC, Middle East, Latin America, Africa, Rest of the world), by countries (US, Canada, Mexico, UK, Germany, France, Italy, Spain, Rest of the Europe, China, India, Philippines, Malaysia, Australia, South Korea, Rest of the APAC), by company (888 Holdings Plc, Bet365, Betsson AB, Churchill Downs Incorporated, Entain plc, Flutter Entertainment Plc, IGT, Kindred Group Plc, Sportech Plc, William Hill Plc).
Sports betting Market size exceeded USD 76 billion in 2021 and is estimated to achieve over 12.4% CAGR during the forecast period.
Sports betting are the action of forecasting sports events and then wagering on the outcome. Sports wagered on vary by culture, with the great majority of wagers put on association sports such as mixed martial arts, American football, basketball, baseball, hockey, track cycling, car racing, and boxing at both the personal and amateur levels. Sports betting may also extend to non-athletic activities such as political elections and reality show competitions. This also applies to nonhuman competitions such as greyhound racing, horse racing, and illicit, underground cockfighting.
Sports betting markets have a lot in common with stock markets. Sports betting markets are similar to financial markets in that they both feature a large number of greedy players who risk capital, different degrees and types of knowledge, and strong financial incentives to act swiftly and rationally on the best information in marketable circumstances. As a result, we may anticipate a good level of efficiency to new information in both markets. However, evidence of ongoing weak-form inefficiencies in sports betting markets exists.
The increasing number of sports leagues and events increases demand for the sports betting market. Customers might increase their wagering expenditures when new professional sports leagues emerge across the world. As a result, the global sports betting business is being fueled by the exponential growth of sports leagues and events. The altering legal landscape of the overall gambling business, the ubiquity of connected devices, and the increasing digital infrastructure all fuel demand for sports betting. Due to limits on sporting activity in most regions of the world, the COVID-19 epidemic had a significant impact on the sports sector. However, online sports betting grew in popularity throughout the epidemic.
The global sports betting market size was valued at USD ** billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of ** from 2022 to 2032. During the projected period, the global online sports betting market is predicted to increase at a healthy rate. During the research period, factors such as increased sports demand and eSports activity demand are likely to boost the market. The growing digital innovation has also offered new opportunities for growth in the online sports betting business. However, government limitations in some countries are anticipated to limit worldwide industry expansion. Every sector has been significantly impacted by technology. The gambling business, on the other hand, was the most affected, with big sports betting companies working hard to simplify their platforms and deliver a joyful experience. As a result, the rising requirement for digitization is projected to have an influence on the markets online segment, which is expected to increase significantly over the forecast period.
The Asia Pacific sports betting industry accounted for almost 30% of total revenue in 2021 and is predicted to increase at a CAGR of ** percent between 2022 and 2032. The most important predictor of market development is the participation of a considerable number of youthful populations who also participate in various types of sports. Gambling is a common activity among Chinese and Indians. As a consequence of such collective variables, the market is predicted to develop the fastest. A significant number of young people participate in several regional sports, which seeks to drive market demand in Asia Pacific. Furthermore, increased internet and smartphone penetration, together with expanding middle-class disposable income, must foster regional market expansion. During the projection period, Europe is expected to have a CAGR of around 9.8 percent. Sports betting legislation in Europe are advantageous to the European population. Because the epidemic prevented land-based gaming, internet gambling expanded significantly.
The online platform segment dominated the market in terms of platform, and it is predicted to dominate the market by the end of the projection period. The predicted rise can be attributed to the rising global usage of cellphones and the internet. The worldwide populations lifestyle has been influenced by technological advancement and digitization. The market is dominated by the fixed odds wagering segment in 2021, accounting for a market share of over 25%. The majorities of clients are involved in leisure activities such as sports betting and are looking for additional money in addition to leisure. Furthermore, interactive games are growing popularity among youngsters. Football events produce the majority of the income generated by all other types of sports. Football makes for more than 23% of the market and is likely to grow in the future. Following football, horse racing captured the second-largest market share. Basketball and baseball are also expected to thrive in the sports betting market.
Competitive Landscape and Sports betting Market Share Analysis
To get a competitive advantage in the market, the big firms focus on establishing interesting websites and offering special discounts. Companies are also concentrating on integrating technologies such as APIs to improve functionality and give a more user-friendly interface. Third-party offers are also available on the market that design standards for sports betting firms. Viscus Infotech Ltd., an Indian software business, for example, produces sports betting applications and offers sportsbook betting solutions based on algorithms.
1. July 2022, Playtech signs a deal to provide its Live Casino and random number generator (RNG) games to 888casino, starting in New Jersey, with other states to follow.
2. July 2022, the online sportsbooks, bet365, has announced that it is working on a new Sports and Betting News website which will be launched in the coming months and it will be a platform where customers can read the latest developments in the world of sports.
3. July 2022, Nolimit City, the multi-award-winning software supplier, has signed a deal with industry giant bet365, with the agreement taking the former’s content on the latter’s games vertical.
4. July 2022, FanDuel is reportedly launching a 24-hour television channel. The company would rebrand its TVG channel, which is focused on horse racing, to FanDuel TV. TVG2 would become FanDuel Racing. The move could come this September.
5. May 2022, Nuvei Corporation announces today that it has partnered with Swedish-based online gaming operator Betsson Group to enable instant deposits and withdrawals on its proprietary online sportsbook in Colorado, in the U.S. which it launched under the brand name, Betsafe.
Impact of COVID 19 on Sport Betting Market
The epidemic of new coronavirus has disrupted numerous industrial sectors, including manufacturing, from raw material procurement to completed product distribution. To curb the spread of deadly, government entities throughout the world put prohibitions on certain athletic activities. The English Premier League, Serie A in Italy, La Liga in Spain, Super Lig in Turkey, and Major League Soccer in the United States were all cancelled or postponed owing to an increase in the number of COVID-19 cases worldwide. Some organisations choose to reschedule events in order to limit their losses on investments, like as the Belgian Cup final, which was originally scheduled for March 2020 but was postponed until August 1st.
Another example is the postponement of the African Nations Championship 2020 competition, which was scheduled for April 2020 and was to be held in Cameroon. Because governmental organisations instituted lockdowns to regulate and limit the spread of the fatal virus, a major portion of the workforce was told to stay inside, resulting in a rapid spike in demand for virtual entertainment and media. Microsoft, for example, claimed a significant rise in multiplayer participation in March and April 2020. Furthermore, since traditional venues stayed closed to prevent the spread, internet casino gambling and fantasy sports betting increased by more than 30 percent.
Years considered for this report
• Historical Years: 2021
• Base Year: 2021
• Forecast Period: 2022-2032
Sports Betting Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue (2022 – 2032)
• Data breakdown for every market segment (2022 – 2032)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Platform Analysis (Revenue, USD Billion, 2022 - 2032)
Betting Type Analysis (Revenue, USD Billion, 2022 - 2032)
• Fixed Odds Wagering
• Exchange Betting
• Live/In Play Betting
• eSports Betting
Sports Type Analysis (Revenue, USD Billion, 2022 - 2032)
• Horse Racing
Country Analysis (Revenue, USD Billion, 2022 – 2032)
• North America
• United States
• United Kingdom
• Rest of the Europe
• South Korea
• Rest of the APAC
• Rest of the World
• Middle East
• Latin America
Sports betting Market companies:
• 888 Holdings Plc
• Betsson AB
• Churchill Downs Incorporated
• Entain plc
• Flutter Entertainment Plc
• Kindred Group Plc
• Sportech Plc
• William Hill Plc
Available Versions of Solar Panel Cleaning Robot Market Report: -
United States Sports betting Market Research Report
Europe Sports betting Market Research Report
Asia Pacific Sports betting Market Research Report
India Sports betting Market Research Report
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