Sports Betting Market to grow by USD 221.1 Billion (2025-2029), driven by the digital revolution. Report with market evolution powered by AI - Technavio

NEW YORK, Jan. 29, 2025 /PRNewswire/ -- Report on how AI is driving market transformation - The global sports betting market size is estimated to grow by USD 221.1 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of  12.6%  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, Abudantia BV, Bet365 Group Ltd., BetOnline, Betsson AB, 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 sports betting market is experiencing significant growth, with popular sports types like Baseball, Basketball, Cricket, and Football leading the way. Betting sites are expanding their offerings to include eSports and Casino Gambling, catering to the convenience of users on Mobile devices and Smartphones. Cashless Transactions are becoming the norm, driven by the digital infrastructure and wireless connectivity of 5G networks. Leading firms like Pure Win and Uplatform are innovating with Virtual Reality and Video streaming to enhance the user experience. Sports types such as EFL, NFL, Tennis, and Horse Racing continue to attract large user bases. Internet penetration and Smartphone use are driving the shift towards Online Sports Betting, with platforms offering Betting software and apps for Football clubs and Athletic events like the FIFA World Cup and FA Cup. Overall, the market is witnessing expansions in Sports Type, Devices, and Convenience, making it an exciting space for growth. 

The global sports betting market is experiencing significant growth due to technological advancements, particularly in the areas of blockchain, virtual reality, and artificial intelligence (AI), specifically machine learning tools. Vendors in this sector are investing heavily in machine learning methods to enhance prediction capabilities. Machine learning algorithms and models can analyze real-time data from multiple sources, such as player statistics, weather conditions, and fan sentiment, to generate accurate predictions. This technology is revolutionizing the sports betting industry by providing improved efficiency and better-informed decisions for bettors. The market is expected to expand during the forecast period as a result of the increasing consumer demand for advanced betting experiences. 

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 Market Challenges

• The sports betting market is experiencing significant expansions with the rise of digital infrastructure and wireless connectivity. Baseball, Basketball, Cricket, Football, Tennis, and other popular sports types attract millions of bettors daily. Leading firms like Pure Win and Uplatform leverage mobile devices and smartphone apps to offer convenience to users. ESports betting and virtual reality are emerging trends. Cashless transactions are preferred for security and ease. Betting sites cater to various sports types, including EFL, NFL, and FIFA World Cup, as well as horse racing. With increasing internet penetration and smartphone use, online sports betting platforms are becoming a lifestyle choice for many. The challenge lies in providing reliable data reporting and ensuring seamless user experience on connected devices. As 5G networks roll out, we can expect more video streaming and real-time betting software to enhance the user experience. Sports betting operators must stay updated with these trends to remain competitive.
• The global sports betting market faces significant regulatory hurdles due to stringent government regulations. In various countries, sports betting is governed by specific laws, legislation, and regulatory acts. For instance, in Canada, the Criminal Code of 1892/1910 prohibits gambling, except for pari-mutuel betting, where authorities take their cut first. This law permits occasional games, provided the profits are used for charitable or religious purposes. In contrast, the US has legalized sports betting across several states. However, most countries have highly regulated betting in sports, allowing betting on specific sports, online betting, or permitting authorized entities to manage sports betting. Regulations vary widely, posing challenges for market growth.

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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 notable growth, fueled by technological advancements in online betting and favorable regulatory changes. Key factors driving this growth include the expansion of the overall betting market due to continuous innovation in online channels, the increasing availability of mobile platforms with the growing penetration of the Internet and smartphones, and the structural migration of customers from retail to online in various emerging markets. Additionally, the continuous improvement of betting applications provides a convenient user experience. Regions such as APAC and MEA offer significant growth potential due to extensive digitalization and rising smartphone penetration. Favorable regulatory frameworks, like the new State Treaty on Gambling in Germany, create uniform conditions for providers and increase safety for end-users, enabling vendors with scale and technological advantages to thrive. Despite some markets lacking proper regulation, the increasing use of mobile devices, improved Internet connectivity, and positive regulatory changes are expected to drive the growth of the online sports betting market.

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Research Analysis

The sports betting market is experiencing exponential growth, fueled by the convenience of betting sites and the increasing popularity of various sports types like Baseball, Basketball, Cricket, Football (NFL), Horse Racing, Tennis, and more. Digital infrastructure, including wireless connectivity and mobile devices, plays a crucial role in this trend. According to DataReportal, there are over 3.2 billion smartphone users worldwide, making mobile betting platforms a preferred choice for many. Leading firms in the industry are continually innovating, integrating features like Virtual Reality and Casino Gambling to enhance user experience. Online betting has become a go-to pastime for sports fans, offering a level of excitement and engagement that traditional methods cannot match.

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 wireless connectivity, betting sites have become accessible to millions of smartphone users, allowing them to place bets on their favorite sports types like Baseball, Basketball, Cricket, Football, Tennis, and even eSports, from anywhere at any time. The market is expected to expand further with the integration of digital infrastructure, Cashless Transactions, and Virtual Reality. The FIFA World Cup and NFL are among the leading leagues driving this growth, with horse racing and EFL also contributing. The use of smartphones and connected devices for online betting has become a lifestyle change for many, with the number of smartphone users continuing to increase. The sports betting industry is expected to undergo significant expansions in the coming years, with platforms like Uplatform, Pure Win, and others leading the way. DataReportal predicts that internet penetration will reach new heights, enabling more people to engage in online betting. The integration of 5G networks and the development of betting software will further enhance the user experience, making online betting more accessible and convenient than ever before.

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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Website: www.technavio.com/

SOURCE Infiniti Research, Inc.