Sports Betting Market to be Worth $182.12 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Feb. 13, 2023 /PRNewswire/ -- The global sports betting market size is estimated to reach USD 182.12 billion by 2030, registering a CAGR of 10.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. This growth of the market is driven by the proliferation of internet infrastructure and evolving regulatory landscape of the entire gambling industry across the world. In addition, the increase in the number of sports events and leagues worldwide such as the NFL, FIFA World Cup, Carabao Cup, and UEFA Europa League has positively influenced the growth of the market. Furthermore, an increase in disposable income and the rising usage of AI and blockchain technologies to improve the prediction algorithms in betting software are likely to boost the growth of the market during the forecast period.

Key Industry Insights & Findings from the report:

• North America is expected to witness a CAGR of around 11% during the forecast period. The U.S. has legalized sports betting in 36 states as of January 2023, which is a promoting factor for the regional market growth.
• The online platform segment dominated the market in 2022 and is expected to showcase the highest CAGR during the forecast period.
• The fixed-odds wagering segment accounted for a significant market share in 2022. However, the eSports betting segment is likely to witness growth at the fastest CAGR during the forecast period owing to the surge in demand for interactive games.
• Football, also known as soccer, registered the highest market share in 2022. Horseracing, followed by football, is extremely popular and accounted for the second-highest market share.

Read 131 page market research report for more Insights, "Sports Betting Market Size, Share & Trends Analysis Report By Platform, By Betting Type (Fixed Odds Wagering, Exchange Betting, Live/In-Play Betting, eSports Betting), By Sports Type, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Sports Betting Market Growth & Trends

Esports, which is an organized, multiplayer video game competition, played by professional players, individuals, or teams, has gained massive popularity during the COVID-19 pandemic and witnessed a surge in the number of events worldwide. Market players are utilizing the increased number of esports events to offer an opportunity for their customers to bet on such esports competitions and earn extra income. The surge in online sports events backed up by a rise in the number of esports tournaments offers stable growth opportunities for the betting industry. For instance, according to the report by the U.K. Gambling Commission, there was a huge 2922% year-on-year rise in esports betting revenue from March 2019 to March 2020.

Major players in the global betting industry now operate via official websites and online platforms to cater to the increased demand for sports betting. Additionally, the market players are expanding their presence across countries with supportive regulatory compliance. For instance, in December 2021, Unikrn Inc., a global esports betting & entertainment media company introduced its betting platform in Canada and Brazil. In addition to this launch, the company has further announced to increase its presence across a greater number of regulated markets in 2023.

The lives of multiple households around the globe have been affected during the COVID-19 pandemic. In addition, this situation led to the cancellation of worldwide sports matches and the closure of land-based casinos and betting shops. However, the pandemic expanded the online sports betting industry due to the rise of esports and virtual sporting events. The popularity of online sports betting increased during the pandemic with an upsurge in the number of betting participants. For instance, according to a study conducted by Public Health England, online casino gambling had seen growth by nearly 9.0% during the pandemic. Furthermore, as per the GB Gambling Commission survey, betting habits among people have changed due to Covid-19, with mobile devices continuing to be the most popular medium for gambling. The survey also found a massive inclination towards esports betting across the globe.

Sports Betting Market Segmentation

Grand View Research has segmented the global sports betting market based on platform, betting type, sports type, and region:

Sports Betting Market - Platform Outlook (Revenue, USD Billion, 2018 - 2030)

• Offline
• Online

Sports Betting Market - Type Outlook (Revenue, USD Billion, 2018 - 2030)

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

Sports Betting Market - Sports Type Outlook (Revenue, USD Billion, 2018 - 2030)

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

Sports Betting Market - Region Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Philippines
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa

List of Key Players in the Sports Betting Market

• 888 Holdings Plc
• Bet365
• Betsson AB
• Churchill Downs Incorporated
• Entain plc
• Flutter Entertainment Plc
• IGT
• Kindred Group Plc
• Sportech Plc
• William Hill Plc

Check out more related studies published by Grand View Research:

• Online Gambling Market - The global online gambling market size is predicted to touch USD 153.57 billion by 2030, recording a CAGR of 11.7% from 2023 to 2030, based on a report by Grand View Research, Inc. The emergence of freemium modes of online gaming, following the trend of betting applications and websites, is expected to drive market growth. The freemium model generates revenue via users and integrated advertisements.
• Sports Technology Market - The global sports technology market size is estimated to reach USD 55.14 billion by 2030, registering a CAGR of 19.6% from 2022 to 2030, according to a new report by Grand View Research, Inc. In recent years, professional sports organizations have been using new technologies like smart stadiums, sports data analytics, wearable gadgets, and digital signage to engage spectators, improve team performance, and create smart infrastructures. The increase in the number of sporting events worldwide has made smart stadiums one of the most important global trends.
• Sports Analytics Market - The global sports analytics market size is expected to reach USD 6.34 billion by 2030, registering a compound annual growth rate (CAGR) of 27.1% from 2022 to 2030, according to a new report by Grand View Research, Inc. the increasing preference for data in decision making by various associations and organizations is expected to fuel the market growth. The managers and coaches use sports analytics solutions to gain multiple parameters, in-depth analysis, and the players' performance and design training sessions using collected insights. The solutions offer predictive analysis to study the physical parameters of players to prevent injuries that might happen in the future.

Browse through Grand View Research's  Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc