Global Sports Betting Market, By Type (Line-In-Play, Fixed Old Betting, Exchange Betting, Daily Fantasy, Spread Betting, E-Sports, and Pari Mutuel), Platform (Online and Offline), Sports (Racing and Non Racing Sports), Operator (Casinos, Bingo Halls, Card Rooms, Bookmakers, Coin-Operated Gambling Device, Concession Operators, Video Gaming Terminals, Lotteries Operator, Off-Track Sports Betting, and Others), Age Group (GEN Z, GEN Y/MILLENIALS, GEN X, and Baby Boomers) – Industry Trends and Forecast to 2031.
Sports Betting Market Analysis and Size
Soccer, known as football in many regions, stands as the premier sport for global betting, boasting widespread popularity across Europe, South America, and key segments of Asia and Africa. Its immense appeal stems from diverse factors including broad international viewership, frequent match schedules, and a plethora of available betting markets. Major tournaments such as the FIFA World Cup, UEFA Champions League, and prestigious domestic leagues such as the English Premier League and La Liga serve as pivotal drivers for substantial betting engagement, offering lucrative opportunities for businesses operating in the sports betting industry.
Global sports betting market size was valued at USD 160.73 billion in 2023 and is projected to reach USD 325 billion by 2031, with a CAGR of 9.2% during the forecast period of 2024 to 2031. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behaviour.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024-2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Line-In-Play, Fixed Old Betting, Exchange Betting, Daily Fantasy, Spread Betting, E-Sports, and Pari Mutuel), Platform (Online and Offline), Sports (Racing and Non Racing Sports), Operator (Casinos, Bingo Halls, Card Rooms, Bookmakers, Coin-Operated Gambling Device, Concession Operators, Video Gaming Terminals, Lotteries Operator, Off-Track Sports Betting, and Others), Age Group (GEN Z, GEN Y/MILLENIALS, GEN X, and Baby Boomers)
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America
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Market Players Covered
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BETSSON AB (Sweden), FORTUNA ENTERTAINMENT GROUP (Czech Republic), LAS VEGAS SANDS CORPORATION (U.S.), Flutter Entertainment plc (Ireland), 888 Holdings Plc (U.K.), Entain (U.K.), Kindred Group plc (Sweden), MGM Resorts International (U.S.), Wynn Resorts Holdings LLC. (U.S.), NOVIBET (Greece), Galaxy Entertainment Group Limited (Hong Kong), Resorts World at Sentosa Pte. Ltd. (Singapore), Sun International (South Africa), RTSmunity a.s. (Slovakia), Sky Infotech. (India), Peermont Global Proprietary Limited (South Africa), SJM Holdings Limited (Macau), Sportradar AG (Switzerland), FanUp Inc. (U.S.), Rivalry Ltd. (Canada), EveryMatrix (Malta), Kairos Group (U.K.), BETAMERICA (U.S.), Scientific Game (U.S.), ComeOn Group (Malta)
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Market Opportunities
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Market Definition
Sports betting entails individuals placing wagers on the outcome of sporting events, spanning diverse disciplines such as football, basketball, and horse racing. Bettors predict event outcomes and place bets with bookmakers or via online platforms. Successful predictions yield payouts determined by preset odds, forming a dynamic market within the broader gambling industry, driven by consumer demand for entertainment and the allure of potential financial gains.
Sports Betting Market Dynamics
Drivers
- Growing Popularity of Worldwide Sports Increases the Demand for Sports Betting
As more people engage with sporting events across the globe, the demand for wagering on outcomes increases. This trend is fueled by factors such as the widespread availability of worldwide sports coverage through television and digital platforms, the rise of fantasy sports leagues, and the integration of sports betting into mainstream culture. Furthermore, the globalization of sports has widened the pool of worldwide events available for betting, attracting a diverse range of enthusiasts. The symbiotic relationship between the popularity of worldwide sports and the sports betting market underscores a mutually beneficial dynamic, driving continuous growth and innovation within the industry.
- Legalization of Sports Betting Fosters an Accessible Marketplace
With regulations in place, barriers to entry are lowered, allowing more operators to participate and compete. This increased accessibility attracts a broader customer base, including both seasoned bettors and newcomers. Moreover, legalization fosters consumer trust and confidence in the industry, leading to higher levels of engagement and participation. As a result, the market experiences heightened activity, driving growth in revenue, innovation, and market penetration. Legalization acts as a pivotal driver, discovering the full potential of the sports betting market.
Opportunities
- Rise in Disposable Income Expands the Customer Base for Sports Betting
As individuals have more discretionary funds, they are more inclined to engage in leisure activities, including sports betting. With increased purchasing power, people are more willing to allocate funds for entertainment purposes, such as worldwide wagering on sporting events. This trend expands the customer base for sports betting operators, driving revenue growth. Moreover, higher disposable income levels often correlate with a greater appetite for risk-taking and investment, further stimulating participation in sports betting activities. Overall, increasing disposable income fuels demand within the sports betting market, contributing to its sustained expansion.
- Integration of Sports Betting With Media Enhances Viewer Experience
Media platforms leverage their extensive reach and audience engagement to promote and facilitate betting activities, creating synergies between sports content and gambling opportunities. Through strategic partnerships and innovative content offerings, media outlets capitalize on the growing popularity of sports betting, enhancing viewer experiences and driving user participation. This integration expands the market's reach and cultivates a seamless user journey, encouraging increased bet placements and revenue generation for both media and betting entities.
For instance, In September 2021, Endeavor Group Holdings Inc, an entertainment and sports company based in the U.S., acquired OpenBet from Scientific Games. This acquisition enhances Endeavor's position in the sports betting market, particularly through its subsidiary IMG ARENA. With OpenBet, a U.K.-based sports betting entertainment company, under its umbrella, Endeavor strengthens its foothold in the industry, expanding its offerings and capabilities in the global sports betting ecosystem.
Restraints/Challenges
- Financial Vulnerability Arising from Betting Outcomes Constrains Sports Betting Businesses
Sports betting businesses face inherent risks due to the uncertainty of game results, which can lead to substantial losses. This vulnerability impacts the stability and growth potential of these businesses, influencing their investment strategies and operational decisions. Inadequate risk management strategies can lead to significant losses, reputation damage, and regulatory scrutiny, limiting the growth and sustainability of sports betting businesses.
- Increased Match-Fixing Concerns Hampers the Expansion of Sports Betting Sector
Concerns over match-fixing deter bettors from participating, fearing unfair outcomes and potential financial losses. Public scandals and high-profile cases of match-fixing further tarnish the reputation of the industry, dissuading both casual and serious bettors from engaging in sports betting activities. Consequently, the specter of match-fixing hampers market growth and stunts the potential expansion of the sports betting sector.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In December 2023, Betsson, a prominent player in the sports betting market, strategically collaborated with Racing Club de Avellaneda. This collaboration, set for the 2023/2024 season, involved Betsson's logo being displayed on the upper back of both men's and women's First Division football teams' shirts for local and international matches, starting May 19. This partnership serve as a strategic move to increase brand visibility and engagement within the sports industry, leveraging football's widespread popularity to attract new customers and expand market reach
- In September 2023, Betsson secured a license to provide online sports betting in the regulated French market, in partnership with a local entity. The launch occurred in the fourth quarter of 2023, operating under the Betsson brand, expanding its reach into France's online betting landscape
- In September 2022, Bet365 launched its e-sports betting service in Colorado under Century Casinos' state master license, tapping into the growing demand for electronic sports betting in the region, leveraging its partnership to access the market effectively
- In September 2022, Entain Plc, in collaboration with Bally's Corporation, BetMGM, DraftKings FanDuel, and MGM Resorts International, announced a joint initiative promoting responsible gaming. This collective effort aims to enhance their global brand image by prioritizing and advocating for responsible gambling practices across their platforms
- In May 2022, William Hill launched its flagship brand in Latvia, revealing strategies to significantly boost revenue in the region. Leveraging existing media partnerships, William Hill plans to create tailored content aligned with the Brotherhood brand strategy, aiming to strengthen its market presence and engagement in Latvia's betting and online casino industry
Sports Betting Market Scope
The market is segmented on the basis of type, platform, operator, sports, and age group. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.
Type
- Line-In-Play
- Fixed Old Betting
- Exchange Betting
- Daily Fantasy
- Spread Betting
- E-Sports
- Pari Mutuel
- Others
Platform
- Online
- Offline
Sports
- Racing
- Non Racing Sports
Operator
- Food Grade
- Casinos
- Bingo Halls
- Card Rooms
- Bookmakers
- Coin-Operated Gambling Device
- Concession Operators
- Video Gaming Terminals
- Lotteries Operator
- Off-Track Sports Betting
- Others
Age Group
- Gen Z
- Gen Y/Millennials
- Gen X
- Baby Boomers
Sports Betting Market Regional Analysis/Insights
The market is analyzed and market size insights and trends are provided by type, platform, operator, sports, and age group as referenced above.
The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America.
Europe is expected to dominate the market due to favorable regulations governing the industry across multiple European countries. These regulations often prioritize consumer protection and responsible gambling measures, which resonate well with the populations they serve. The structured regulatory framework ensures a safer and more transparent betting environment, fostering trust and confidence among users. Consequently, Europe emerges as a key hub for both traditional and online betting activities, attracting significant investment and driving market growth within the region.
Asia-Pacific is expected for rapid growth in the market, driven by increasing participation in gambling activities and legalization efforts across multiple countries. This expansion is fueled by a growing population engaging in various forms of sports betting, attracting attention from international market players. The trend signifies a shift towards more open regulatory frameworks, creating opportunities for overseas operators to enter and capitalize on the burgeoning market. As legal barriers diminish and interest in sports betting rises, the Asia-Pacific region emerges as a key growth area for the global gambling industry.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Sports Betting Market Share Analysis
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.
Some of the major players operating in the market are:
- BETSSON AB (Sweden)
- Fortuna Entertainment Group (Czech Republic)
- Las Vegas Sands Corp (U.S.)
- bet365 (U.K.)
- Flutter Entertainment plc (Ireland)
- 888 Holdings Plc (U.K.)
- Entain (U.K.)
- Kindred Group plc (Sweden)
- MGM Resorts International (U.S.)
- Wynn Resorts Holdings (U.S.)
- NOVIBET (Greece)
- Galaxy Entertainment Group Limited (Hong Kong)
- Sun International (South Africa)
- RTSmunity a.s. (Slovakia)
- Sky Infotech. (India)
- Peermont Global Proprietary Limited (South Africa)
- SJM Holdings Limited (Macau)
- Sportradar AG (Switzerland)
- FanUp Inc. (U.S.)
- Rivalry Ltd. (Canada)
- EveryMatrix (Malta)
- Kairos Group (U.K.)
- BETAMERICA (U.S.)
- Scientific Game (U.S.)
- ComeOn Group (Malta)
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