Sports Betting Market size is set to grow by USD 189.3 billion from 2024-2028, Digital revolution boost the market, Technavio

NEW YORK, July 15, 2024 /PRNewswire/ -- The global sports betting market size is estimated to grow by USD 189.3 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 12.02% during the forecast period. Digital revolution is driving market growth, with a trend towards emergence of machine learning in sports betting. However, stringent government regulations and restrictions poses a challenge. Key market players include 888 Holdings Plc, Bet365 Group Ltd., BetOnline, Betsson AB, Abudantia BV, Caesars Entertainment Inc., Chancier BV, Churchill Downs Inc., DraftKings Inc., Entain Plc, Flutter Entertainment Plc, Kindred Group Plc, LeoVegas AB, Parimatch, Penn Entertainment Inc., Sportech Plc, SportsBetting.ag, The Betway Group, The Hong Kong Jockey Club, and Webis Holdings Plc.

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Market Driver

The global sports betting market is experiencing significant growth due to the integration of advanced technologies such as blockchain, virtual reality, and AI, particularly machine learning tools. Machine learning models and algorithms are increasingly being used by major vendors to analyze vast amounts of historical and real-time data from various sources, including player performance, weather, and fan sentiment, to make accurate predictions. These models can process data in real-time and are often more accurate than human experts. The use of machine learning is expected to increase the predictability of sports event outcomes and will likely lead to the dominance of automated tools and robots in the market. As consumers become more familiar with these technologies, they will be able to use them to increase their betting efficiency. The future of the sports betting market will be shaped by tech companies with access to large volumes of data and cutting-edge technologies. 

The sports betting market is experiencing significant growth, with popular sports types like Baseball, Basketball, Cricket, Football, and Tennis leading the way. Betting sites are expanding their reach through Cashless Transactions and Casino Gambling, providing greater Convenience for users. ESports betting and Virtual Reality are emerging trends, attracting younger demographics. Leading firms like Pure Win and Uplatform are investing in Digital infrastructure and Wireless connectivity to cater to Smartphone users. NFL, EFL, FIFA World Cup, and FA Cup are among the top athletic events driving online betting. Horse Racing, Tennis, and Cricket are also gaining traction. Mobile devices, especially Smartphones and Connected devices, are the preferred choice for users, with an increasing number of Smartphone users opting for Video streaming and Smartphone apps. The market is expected to continue growing with the advent of 5G networks and Internet penetration. Sports betting operators are continuously improving their Betting software to offer a seamless experience.

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Market Challenges

• Strict government regulations pose significant challenges to the global sports betting market. In various countries, betting on sports is regulated through regulatory acts, legislation, and specific laws. For instance, in Canada, the Criminal Code of 1892/1910 permits only pari-mutuel betting, with profits used for charitable or religious purposes. In most APAC countries, sports betting is highly restricted or illegal, resulting in monopolies. Europe is the largest online sports betting market, with regulations at the national or state level. Some countries, like Norway, Poland, Slovakia, Sweden, and Switzerland, grant licenses to a single entity, while others limit the number of licenses. Strict regulations include high tax rates and geographic restrictions. Countries such as Indonesia, Brazil, Iran, Qatar, Saudi Arabia, and Alabama ban or restrict all forms of gambling, resulting in lost revenue for operators and platform providers. These regulations are expected to hinder the growth of the global sports betting market during the forecast period.
• The sports betting market is experiencing significant growth, with leading firms like Pure Win and Uplatform capitalizing on the trend of online betting through mobile devices. NFL, Tennis, and Horse racing are popular sports types attracting a large user base. Virtual Reality and video streaming add to the immersive experience for smartphone users. With the increasing use of connected devices and the rollout of 5G networks, internet penetration and smartphone use in betting are on the rise. Sports betting operators are investing in digital infrastructure and wireless connectivity to provide seamless betting experiences. The FA Cup and football clubs are leveraging the power of the internet and betting software to engage fans and offer new revenue streams. Lifestyle changes and the convenience of smartphone apps make online betting an integral part of modern athletic events and leagues.

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Segment Overview 

This sports betting market report extensively covers market segmentation by

1. Platform 
• 1.1 Online
• 1.2 Offline
2. Type 
• 2.1 Basketball
• 2.2 Horse riding
• 2.3 Football
• 2.4 Others
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Online- The online sports betting market is experiencing substantial growth, driven by technological advancements in online betting and favorable regulatory changes. Key factors fueling this growth include the expansion of the overall betting market due to continuous product development and innovation in online channels, the growing penetration of the Internet and smartphones increasing the availability of mobile platforms, and structural migration of customers from retail to online in emerging markets. Additionally, strategic alliances, such as DraftKings' acquisition of Golden Nugget Online and Caesars Entertainment's acquisition of William Hill, are driving growth in the segment. Favorable regulatory and compliance standards, like the new State Treaty on Gambling in Germany, also contribute to the market's expansion. Despite some markets lacking proper regulation, the increasing penetration and use of mobile devices, improved Internet connectivity, and positive regulatory changes are anticipated to drive the online sports betting market's growth during the forecast period.

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Learn and explore more about Technavio's in-depth research reports

The global gambling market is experiencing significant growth, driven by technological advancements and increased internet penetration. Online gambling, including sports betting and casino games, is expanding rapidly, attracting a diverse audience. Key players are leveraging innovative platforms and mobile applications to enhance user experience. Regulatory changes in various regions are also contributing to market expansion. Asia-Pacific and Europe are leading markets, with substantial investments in online and offline gambling infrastructure. The industry is projected to continue its upward trajectory, offering lucrative opportunities for stakeholders.

Research Analysis

The sports betting market is experiencing significant growth, fueled by the convenience of betting sites on mobile devices. Baseball, Basketball, Cricket, Football (NFL), Horse Racing, Tennis, and other sports types attract millions of bettors worldwide. According to DataReportal, over 50% of the global population now uses the internet, and an increasing number of these users are accessing betting platforms on their smartphones. Online betting on leading firms' websites and Uplatforms offers virtual reality experiences, enhancing the excitement of the game. Digital infrastructure and wireless connectivity have made betting accessible to a wider audience, with an estimated 2.3 billion smartphone users expected by 2023. The sports betting market is poised for continued expansion, offering a dynamic and engaging experience for bettors.

Market Research Overview

The sports betting market is experiencing significant growth, fueled by the increasing popularity of athletic events and the convenience of online betting. With the rise of mobile devices and connected devices, betting sites have become accessible to millions of smartphone users worldwide. Cashless transactions have become the norm, making betting more seamless and efficient. Sports types such as Baseball, Basketball, Cricket, Football (EFL, NFL, FA Cup), Basketball, Tennis, Horse Racing, and even eSports are attracting a large following in the digital arena. Leading firms are expanding their platforms to include virtual reality and video streaming, providing immersive experiences for users. The advent of 5G networks and internet penetration have made online betting more accessible than ever before. Sports betting operators are investing in advanced betting software and digital infrastructure to cater to the changing lifestyle of consumers. Overall, the sports betting market is poised for continued growth in the coming years. DataReportal estimates that there will be over 3.8 billion smartphone users by 2021, providing a vast potential customer base for online sports betting.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Platform
• Online
• Offline
• Type
• Basketball
• Horse Riding
• Football
• Others
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio