Sports Betting Market Forecasts from 2023 to 2028

The sports betting market is estimated to grow at a CAGR of 10.98% to reach US$230.699 billion in 2028 from US$111.258 billion in 2021.

The significant change in the global gambling industry's legal environment, the prevalence of connected devices, and the growth of the digital infrastructure are all influencing the demand for sports betting. The rise of eSports and other comparable types of betting helped online sports betting to become more well-known throughout the epidemic. Additionally, the widespread availability and accessibility of sports betting because of rising smartphone usage have propelled the worldwide business.

Governments all over the world are likely to loosen the restrictions on betting and gaming, which will present profitable prospects for both betting operators and customers. For instance, according to the American Gaming Association, the trade group for the gambling business in the United States sports betting is permitted in 36 states as of January 2023, up from 32 in 2021.

Increasing online sports betting platforms

The global expansion of smartphones and improved internet infrastructure are the key drivers for the expansion of online sports betting platforms. Additionally, the worldwide trend of digitization and technology improvements has had an impact on people's lifestyles throughout the world, which has helped the online platform flourish.

Since New York legalized online gambling in January 2022, a record-breaking $1.6 billion in online sports wagers have been placed. This amount beats Arizona's previous record for the highest opening sports betting handle (the total amount wagered over a given period) and tops the one-month mark set by neighbouring New Jersey ($1.3 billion in October) from the previous year (New York State Gaming Commission).

Furthermore, a recent poll by Uplatform, a sports betting and casino operating platform, found that in 2020, roughly 70% of online betting income came from mobile devices. The market participants are spreading out across nations while adhering to favorable regulatory requirements. For instance, in May 2022, through the company's partner Bingo Filar, Betway received a license to conduct business in the city of Buenos Aires. The business will use this license to offer sports, casino, and e-sports services. Customers will have access to these services both online and through the Betway app.

Sports betting market for the football segment

Football players like Lionel Messi, Cristiano Ronaldo, Neymar, and Robert Lewandowski have helped this market grow as the sport is well-liked and has a huge following around the world. Further, the popularity of football is also being fuelled by a growing number of competitions and online betting platforms, such as the UEFA European Championship, FIFA World Cup, the FA Cup, Copa America, the UEFA European League, and the UEFA Champions League. For instance, in November 2022, the BetDEX Exchange went live on the Solana mainnet in accordance with the start of the 2022 World Cup. The platform took real-money football bets as the first blockchain-based sports betting exchange with a complete license. Additionally, these factors encourage players to place larger bets frequently. For instance, as per the 2022 report by FIFA and Sportradar, US$136 billion was bet internationally on various teams throughout the 2018 FIFA World Cup competition.

The United States in North America is an Expected Dominant Market

The U.S. sports betting industry has been rapidly growing since the ruling of the Professional and Amateur Sports Protection Act of 1992 by the Supreme Court on May 2018. The Act had restricted regulated sports betting for 26 years. After the act was overturned, 18 U.S. states now have regulated sports betting markets, with the District of Columbia, Washington, and North Carolina among others passed legislation and 16 additional states with active sports betting bills, according to the American Gaming Association.

Moreover, twelve states have also approved full-scale online sports betting including Virginia and Tennessee which offer online wagering only. As different U.S. states are moving towards the legalization of sports betting, the market is poised to grow substantially during the projected period. This is attracting many sports betting market players to expand their reach across the country.

The relaxation in betting and gambling activities by the government of the United States across the country is aiding the market to grow. For instance, the ‘American Sports Association’ has removed a ban on gambling and batting. As of January 2023, the restriction from gambling and betting was removed from 36 states in the US up from 32 states in 2021, and the legal batting worth in the first ten months of 2022 was 73 billion dollars in the United States.

Key Developments

• In December 2021, the international esports betting & entertainment media company Unikrn Inc. debuted its betting platform in Canada and Brazil.
• In October 2022, for the expansion of its operations in North America, Kindred Group plc joined forces with the Swinomish Tribe, at the Swinomish Casino & Lodge in Anacortes, Washington. Both businesses opted to open the Swinomish Casino & Lodge as the Unibet & Swinomish Sportsbook's debut location.
• In September 2022, the principles for responsible gaming had been launched in partnership with Bally's Corporation, BetMGM, DraftKings FanDuel, and MGM Resorts International. This enhances the organization's global brand image.
• On April 25, 2022, FanDuel extended its affiliation to become the New York Yankees' official sports betting partner. Through the deal, FanDuel would be able to use New York Yankees' trademarks. At Yankee Stadium, there will also be first-rate VIP hospitality suites.

Segmentation:

By Platform

• Online
• Offline

By Sport

• Cricket
• Football
• Horse Racing
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Italy
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others