Sports Betting Market 2024 : Industry Analysis, Trends, Segmentation, Regional Overview And Forecast 2033

Posted by Amruta Pritam on March 8th, 2024

The Sports Betting by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Sports Betting, The sports betting market size has grown strongly in recent years. It will grow from 9.01 billion in 2023 to 4.68 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%.  The  growth in the historic period can be attributed to an increase in number of sports events, growth in millennial population, a rise in disposable income, and increasing access to smartphones and smart computing devices such as pcs, laptops..

The sports betting market size is expected to see steady growth in the next few years. It will grow to 7.48 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%.  The growth in the forecast period can be attributed to increasing focus of virtual sports betting, focus on product innovations, increasing adoption of 5g networks, increasing in mergers and acquisitions, urbanization, and an increase in internet penetration.. Major trends in the forecast period include focus on adoption of augmented reality and virtual reality, focus on providing mobile betting services, focus on implementation of artificial intelligence in betting platforms, focus on increasing investment, focus on entering into strategic partnerships, focus on the use of blockchain technology and focus on live streaming-integrated mobile sportsbook..

The increase in the number of sports leagues and events is expected to propel the growth of the sports betting market. A sports league or an event is a group of clubs, countries, associations, or people trying to compete with each other in a game for a championship or a title. These leagues are planned to happen in a particular schedule or during a particular season, in which all the teams or members are required to participate in naming an overall champion of the event or league. For instance, according to a study published by Wire, currently, more than 100 professional leagues in various sports are active across the globe. The establishment of new professional sports leagues across the globe is providing customers with the opportunity to diversify their betting expenditures. Therefore, the growing sports leagues and events are driving the growth of the sports betting market.

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The sports betting market covered in this report is segmented –

1) By Type: Live/In-Play, Fixed Odd Betting, Exchange Betting, Daily Fantasy, Spread Betting, Pari-Mutuel, Other Types

2) By Sports Type: Football, Basketball, Baseball, Horse Racing, Cricket, Hockey, E-Sports, American Football, Other Sports Types

3) By Platform: Online, Offline

Implementation of AI and blockchain in sports betting applications is a key trend gaining popularity in the sports betting services market. Sport betting applications are increasingly adopting blockchain technologies to accurately automate real-time data using smart contracts, which help sports betting in payment, bet confirmations, past event analytics, monitoring, and event recording. For instance, in May 2021, Bitgame, a Poland-based sports betting platform operator, launched a new website on a sports betting platform powered by blockchain technology. The new website merged blockchain-secured cryptocurrency with sports betting to provide a seamless and interactive experience to customers.

The sports betting market report table of contents includes:

1. Executive Summary

2. Sports Betting Market Characteristics

3. Sports Betting Market Trends And Strategies

4. Sports Betting Market - Macro Economic Scenario

5. Global Sports Betting Market Size and Growth

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32. Global Sports Betting Market Competitive Benchmarking

33. Global Sports Betting Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Sports Betting Market

35. Sports Betting Market Future Outlook and Potential Analysis

36. Appendix

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