The global sports betting market size is expected to reach USD 140.26 billion by 2028, according to a new report by the publisher The market is expected to expand at a CAGR of 10.1% from 2021 to 2028. The growing digital infrastructure and the penetration of connected devices are the key factors driving the market. Additionally, the increase in the number of sports events and leagues is driving the demand for sports betting platforms.
Sports betting is an activity of foretelling sports results and placing a bet on the result. Most bets are placed on sports, such as football, baseball, basketball, hockey, cricket, boxing, and auto racing. However, sports betting also extends to non-athletic events, such as horse racing and eSports.
The COVID-19 pandemic led to the cancellation of sports events, which reduced sports betting opportunities. However, the sports betting industry is expected to witness lesser financial damage compared to other industries. As a result of the lockdown of land-based betting facilities, many customers/bettors shifted to online betting platforms. During lockdowns, the online sports betting industry witnessed an increase in participation as users had more time to spare on their phones and desktop computers, making it convenient for them to place bets.
The market has also benefitted from the growth in internet penetration, which is driving increased investments in online sports betting platforms. For instance, according to Global Social Media Overview April 2021 by DataReportal, there are more than 4.8 billion internet users across the world. Participation in online betting permits players to monitor betting activities in real-time through internet-connected devices.
Sports betting platform providers are investing in research & development activities to introduce innovations in the market and offer a better experience to users. Additionally, the growing competition is driving innovations in the sports market.
Sports Betting Market Report Highlights
By platform, the online segment accounted for the largest revenue share in 2020 and is expected to retain its lead over the forecast period. This can be attributed to the increase in the penetration of smartphones and connected devices across the world. The segment is anticipated to expand at the highest CAGR over the forecast period
In terms of sports type, the football segment accounted for the largest revenue share in 2020 and is expected to retain its lead over the forecast period. Additionally, this segment is likely to register the highest CAGR over the forecast period
Europe dominated the market in 2020 and is expected to retain its position over the forecast period. This can be attributed to factors such as safety laws and regulations for sports betting, popularity and large fan base of football, and the presence of many market players in the region
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends, and Scope 3.1 Market Lineage Outlook 3.1.1 Parent market outlook 3.2 Penetration and Growth Prospect Mapping 3.3 Market Dynamics 3.3.1 Market driver analysis 220.127.116.11 Growing digital infrastructure and penetration of connected devices 18.104.22.168 Increase in number of sports events and leagues 3.3.2 Market restraint/challenges analysis 22.214.171.124 Stringent government regulations 3.3.3 Market opportunity analysis 126.96.36.199 Application of AI and blockchain technology 3.4 Porter's Five Forces Analysis 3.5 PEST Analysis 3.6 COVID-19 Impact on Sports Betting Market