Sports Betting Market to Grow by USD 221.1 Billion from 2025-2029, Driven by Digital Revolution, Report on AI's Impact on Market Trends - Technavio

NEW YORK, Feb. 12, 2025 /PRNewswire/ -- Report on how AI is redefining market landscape - 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, Football (Soccer), Tennis, and Horse Racing leading the way. Betting sites are expanding their reach through Cashless Transactions and Casino Gambling, offering more convenience to users. ESports and eSports betting are also gaining traction. Leading firms like Pure Win and Uplatform are leveraging Digital Infrastructure and Wireless Connectivity to provide seamless Online Sports Betting experiences on Mobile Devices and Smartphones. With the rise of 5G networks and Internet Penetration, the use of Smartphones for betting on Athletic Events and Leagues like the NFL, EFL, FA Cup, and FIFA World Cup is becoming the norm. Betting software on Smartphones and Connected Devices allows for Virtual Reality and Video Streaming, enhancing the user experience. Sports betting operators are investing in Online Betting Platforms to cater to the increasing number of Smartphone users. Overall, the sports betting industry is evolving to meet the changing lifestyle and convenience demands of consumers. 

The global sports betting market is experiencing significant growth due to technological advancements, particularly in the areas of blockchain, virtual reality, and artificial intelligence. Vendors are investing heavily in machine learning tools to enhance prediction capabilities. Machine learning models and algorithms analyze real-time data from multiple sources, such as player statistics, weather conditions, and fan sentiment, to generate accurate predictions. This technology improves betting efficiency and caters to the increasing consumer demand for advanced betting experiences. 

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 Market Challenges

• The sports betting market is experiencing significant expansions in various sports types such as Baseball, Basketball, Cricket, Football (Soccer), NBA, NFL, Tennis, and even eSports. Leading firms like Pure Win and Uplatform are leveraging the convenience of mobile devices and cashless transactions to attract a growing number of smartphone users. The betting sites are integrating with digital infrastructure and wireless connectivity to provide seamless online betting experiences. DataReportal indicates that over 50% of the world's population now uses the internet, with a majority of these users accessing content via smartphones. This trend is driving the growth of online sports betting platforms, with virtual reality and video streaming adding to the excitement. Horse Racing, EFL, FA Cup, and FIFA World Cup are some of the popular athletic events and leagues that attract millions of bettors worldwide. Sports betting operators are investing in advanced betting software and internet infrastructure to cater to the changing lifestyle and increasing demand for convenience. The use of smartphones, connected devices, and 5G networks is revolutionizing the industry, making it more accessible than ever before. Casino gambling still exists but is gradually being overshadowed by the convenience and variety offered by online sports betting.
• The global sports betting market faces significant regulatory challenges due to various government restrictions. Governments regulate sports betting through acts, legislation, and specific laws. For instance, in the US, some states have legalized sports betting, while others maintain strict regulations. In Canada, the Criminal Code of 1892/1910 prohibits gambling, except for pari-mutuel betting, which allows authorized entities to manage the betting process for charitable or religious purposes. Elsewhere, betting on specific sports or online betting may be permitted. Regulations vary widely, making it essential for market participants to stay informed about the legal landscape in each jurisdiction.

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Segment Overview 

This sports betting market report extensively covers market segmentation by  

• Platform
• Online
• Offline
• Type
• Basketball
• Horse Riding
• Football
• Others
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa
• Betting Type
• Fixed Odds Wagering
• Exchange Betting
• Live/In-Play Betting
• ESports Betting

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 innovation, the increasing availability of mobile platforms with the spread of the Internet and smartphones, and the structural migration of customers from retail to online in emerging markets. Additionally, improvements in platform quality and user experience, as well as favorable regulatory frameworks, are creating a conducive environment for growth in mature markets like the US and the UK. Regions such as APAC and MEA, with extensive digitalization and rising smartphone penetration, offer significant growth potential. Despite some markets lacking proper regulation, the online sports betting market is expected to continue expanding due to these factors.

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Research Analysis

The sports betting market encompasses various types of sports, including Baseball, Basketball, Cricket, Football (NFL), Horse Racing, Tennis, and more, attracting millions of users worldwide. Betting sites have become increasingly convenient with the rise of mobile devices and wireless connectivity, allowing users to place bets on their favorite sports types from anywhere, anytime. Digital infrastructure and online platforms have revolutionized the industry, offering Virtual Reality experiences and real-time data for informed decision-making. Leading firms in the market are continually innovating, integrating advanced technologies such as Uplatform's virtual sports and Casino Gambling offerings, to cater to the growing demand from smartphone users. DataReportal reports that mobile devices accounted for over 50% of all internet traffic in 2020, making them a crucial device for the sports betting market's future growth.

Market Research Overview

The sports betting market is experiencing significant growth, driven by the increasing popularity of athletic events and the convenience of betting sites on mobile devices. With the rise of cashless transactions, digital infrastructure, and wireless connectivity, more smartphone users are turning to online betting platforms for eSports, baseball, basketball, cricket, soccer, tennis, and even horse racing. The market is expanding rapidly, with virtual reality and data-driven betting software becoming increasingly popular. The FIFA World Cup and NFL are among the leading sports types for betting, while the EFL and FA Cup attract significant attention in football clubs. The use of connected devices for video streaming and smartphone apps is fueling the trend, with 5G networks set to further accelerate growth. Lifestyle changes and the availability of betting software from sports betting operators are also contributing to the market's expansion.

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
• Betting Type
• Fixed Odds Wagering
• Exchange Betting
• Live/In-Play Betting
• ESports Betting

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