Sports Betting Market Report and Forecast 2023-2028

According to the report, the global sports betting market reached a value of USD 89.9 billion in 2022. Aided by the burgeoning popularity of sports events, the pervasiveness of internet access, and growing legalisation of sports betting in several regions, the market is projected to further grow at a CAGR of 10.1% between 2023 and 2028 to reach a value of USD 153.28 billion by 2028.

Sports betting, an activity of predicting sports results and placing a wager on the outcome, has been gaining tremendous popularity among sports fans around the globe. It is not just confined to traditional sports but also extends to emerging e-sports leagues, thereby encompassing a broad spectrum of enthusiasts. Apart from serving as a source of entertainment, it can potentially offer lucrative returns, which adds to its allure for a vast number of individuals.

The global surge in interest towards sports, coupled with the rising number of sports events across various types such as football, basketball, cricket, and tennis, is significantly driving the sports betting market growth. As sports events stir excitement and anticipation among fans, it inherently magnifies the demand for betting on predicted outcomes.

Another significant driver for the global sports betting market is the burgeoning internet penetration and smartphone usage. With the internet making betting services accessible and the proliferation of betting apps on smartphones, placing a wager is merely a few taps away for most people. This ease of access has lowered the entry barrier for prospective bettors, thus, facilitating the market expansion.

Moreover, the growing trend of legalisation of sports betting in various regions, primarily driven by its potential as a significant source of revenue generation for governments, has given a substantial impetus to the sports betting market expansion. Countries like the United States, the United Kingdom, Australia, and more recently, several states in India, have been liberalising their regulations pertaining to sports betting, thereby opening new avenues for market growth.

An emerging trend in the sports betting market is the rise of e-sports betting. As competitive video gaming gains widespread acceptance and traditional sports clubs increasingly venture into e-sports leagues, the betting landscape is expanding to include this new domain. Furthermore, the implementation of advanced technologies such as AI and machine learning in predicting more accurate odds and outcomes is expected to propel the sports betting market growth. These technologies not only enhance the user experience but also elevate the overall fairness and integrity of sports betting.

Market Segmentation

The market can be divided based on betting type, sports type, platform, and region.

Market Breakup by Betting Type

• Fixed Odds Wagering
• Exchange Betting
• Live In/Play Betting
• E-Sports Betting
• Others

Market Breakup by Sports Type

• Football
• Basketball
• Baseball
• Horse Racing
• Cricket
• Hockey
• Others

Market Breakup by Platform

• Online
• Offline

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global sports betting companies.

Some of the major key players explored in the report are as follows:

• International Game Technology
• GVC Holdings
• Bet365
• Scientific Games
• Flutter Entertainment plc
• William Hill PLC
• Playtech plc
• Kindred Group
• 888 Holdings Plc
• Betsson AB
• Others

About the Analyst

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The analyst always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.