Global Sports Betting Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Global Sports Betting Market Overview

The sports betting market development is being fuelled by the increasing e-sports viewership and the growing popularity of games like Dota 2, Fortnite, and League of Legends. E-sports fans are increasingly preferring live betting events, such as the objective, next kill, and round win. The increasing integration of e-sports betting platforms with cryptocurrency and blockchain to reduce the risk of chargebacks and frauds and provide a more transparent and secure betting environment is aiding the market.

Cryptocurrency and blockchain technology are transforming the sports betting market landscape. Blockchain-based platforms record every payment, bet, and transaction on a public ledger, enable bettors to verify the fairness of bets and games through smart contracts, and make it easier for them to resolve disputes. Cryptocurrency, meanwhile, empowers bettors to make low-cost and instant transactions, eliminating delays and high fees associated with international payments.

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Global Sports Betting Market Trends

Increasing Legalisation of Sports Betting

Evolving regulatory environments are significantly shaping the sports betting market trends and dynamics. Various countries are increasingly recognising the economic benefits of legalising and regulating sports betting, providing users with a trustworthy and secure platform for their betting activities. Since May 2018, 38 states in the United States legalised some form of sports betting, with Vermont being the latest state to legalise it. In Q3 2023, sports betting in the United States generated sales tax and gross receipts of USD 505.96 million, a year-on-year increase of 20.5%. Moreover, consumers are increasingly demanding regulated and safer sports betting platforms that offer protection against underage gambling, match-fixing, unfair practices, and fraud, prompting countries to legalise the practice to ensure fairness, transparency, and accountability.

Global Sports Betting Market Outlook

The Rise of Mobile and Online Betting

The rise of mobile and online betting, driven by evolving consumer behaviour, regulatory shifts, and technological advancements, is boosting the sports betting market revenue. The high smartphone penetration in both developing and developed countries is driving the popularity of online and mobile sports betting platforms, enabling customers to place bets anytime and anywhere. As per the GSMA’s annual State of Mobile Internet Connectivity Report 2023 (SOMIC), nearly 54% of the global population (4.3 billion individuals) owned a smartphone in 2023. The launch of innovative sports betting apps and websites is aiding the sports betting demand forecast. For instance, in January 2024, FanDuel launched its FanDuel Sportsbook app for iOS and Android or play via desktop across Vermont. The app offers live streaming of online events, safe and secure banking, an online betting guide, and in-app tools that enable customers to set time and deposit and wager limits.

Global Sports Betting Market Drivers

Integration of AI and AR/VR in Sports Betting

There is an increasing integration of advanced technologies such as machine learning and artificial intelligence (AI) in sports betting apps to analyse a plethora of data and provide bettors with tailored recommendations, insights, and odds. Such technologies can also adjust odds in real time based on live event data, helping operators remain competitive and mitigate risks. With growing concerns regarding fraud and match-fixing, AI can detect suspicious betting activities by identifying potential fraud. In July 2024, SportsBetting.Ai introduced SportsBetFunding.ai., an AI tool for sports betting, amid the growing demand for risk-free betting activities. Besides, the integration of augmented and virtual reality (AR/VR) to provide immersive betting experiences with realistic sounds and sights is further providing lucrative sports betting market opportunities. In October 2022, SB22 introduced VR22, its virtual reality-based betting platform offering a highly immersive experience and combining 360-degree live game streaming with intuitive betting capabilities.

Market News

October 2024

Philadelphia-based sports betting operator, Sporttrade, announced the launch of its Sporttrade iOS App in Virginia, offering premium in-play betting experiences to bettors. The platform is also live in New Jersey, Colorado, and Iowa.

December 2023

Fanatics Betting and Gaming launched retail and online sports betting, Fanatics Sportsbook, in Connecticut. Sports fans in Connecticut can either download the Fanatics Sportsbook on Android and iOS or visit any of the ten retail sports betting locations to begin their Fanatics experience.

Global Sports Betting Market Dynamics

The increasing legalisation of sports betting is transforming global markets, with more countries recognising its economic benefits. Since 2018, 38 U.S. states have legalised sports betting, generating significant tax revenues, such as USD 505.96 million in Q3 2023, a 20.5% year-on-year increase. Legalisation ensures safer platforms, protecting users from fraud and match-fixing. Mobile and online betting, fuelled by smartphone penetration and technological advancements, further boosts the sports betting market. By 2023, 54% of the global population owned smartphones, enabling on-the-go betting. In January 2024, FanDuel launched its app in Vermont, featuring live streaming and secure betting tools. Additionally, AI and AR/VR integration is enhancing user experiences. AI is used for real-time odds adjustments and fraud detection, while VR creates immersive, realistic betting experiences. For example, SB22’s VR22 platform offers 360-degree live streaming, combining virtual reality with intuitive betting features.

Global Sports Betting Market Restraints

The growth of the sports betting industry can be challenged by the complex legal frameworks of sports betting and the strict prohibition against sports betting in China, India, and the Middle East. With growing concerns regarding gambling addictions, operators face high pressure to implement responsible gambling measures such as self-exclusion tools and setting betting limits. The potential of corruption in sports and match-fixing also limits the market expansion, especially in less-regulated regions. Moreover, the market is highly competitive, leading to intense price wars, excessive bonus offerings, and a focus on customer acquisition, making it difficult for new entrants and small players.

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Global Sports Betting Industry Segmentation

The EMR’s report titled “Global Sports Betting Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Betting Type

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

Market Breakup by Sports Type

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

Market Breakup by Platform

• Online
• Offline

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Global Sports Betting Market Share

By Betting Type Insights

Fixed odds wagering accounts for a major portion of the sports betting market as it offers clear odds and payout structures and is easy for bettors to understand. It is available across nearly every sport, ranging from basketball and football to niche sports like horse racing and tennis.

Exchange betting, variously known as peer-to-peer betting, enables enhanced flexibility and is highly dependent on market liquidity. The bookmarker margin is typically much lower than in fixed odds betting, and exchange betting is gaining traction among experienced bettors seeking better odds and enhanced transparency.

Meanwhile, live or in-play betting enables bettors to place wagers during a sporting event, and the odds are adjusted based on real-time events like points accumulated, goals scored, and player performance. Advancements in live streaming, mobile apps, and real-time data feeds aimed at making live betting more accessible and engaging to bettors are shaping the sports betting market landscape.

By Sports Type Insights

The high popularity of football globally and the growing fan base of international tournaments such as the UEFA Champions League and FIFA World Cup are driving the growth of the sports betting market. Football offers betting options such as first goalscorer, match result, in-play/live betting, and over/under goals.

Due to basketball’s high scoring, fast pace, and frequent match-ups, it is gaining popularity among both serious and recreational bettors. The frequent scoring and momentum shift throughout a basketball game is boosting the popularity of in-play betting. In March 2023, Major League Baseball (MLB) announced a multi-year partnership with FanDuel Group as an Authorised Gaming Operator of the league, offering fans viewing and wagering experiences.

Meanwhile, the high popularity of Major League Baseball (MLB), KBO, and Nippon Professional Baseball in countries like Japan, the United States, and South Korea is driving the sports betting market development. Conversely, horse racing is one of the oldest and most established betting sports, with a massive fan following in the United Kingdom, Japan, and Hong Kong. In May 2024, Stake.com launched a new sports racing betting service, where users can bet on worldwide and domestic racing.

By Platform Insights

As per the sports betting market analysis, online sports betting platforms enable bettors to place wagers anytime and from anywhere and are more convenient than their offline counterparts. Such platforms also offer global reach and multiple payment options, including e-wallets, cryptocurrency, and debit/credit cards, among others, hence expanding the customer base for operators. They are designed for ease of usage and are increasingly integrating advanced technologies to improve customer experiences.

Meanwhile, offline sports betting requires a physical presence at a casino or a sportsbook. Offline sportsbooks typically have set operating hours, offer traditional betting options, and provide an immersive experience with live event commentary and big-screen TVs. One of the major benefits of offline sports betting is the limited fraud risks due to the physical nature of transactions and the in-person supervision of transactions by staff.

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Global Sports Betting Market Regional Insights

North America Sports Betting Market Trends

The increasing legalisation of sports betting in the United States and Canada is supporting the North America sports betting market expansion. As of July 2024, there were 38 legal sports betting states, in addition to Puerto Rico and Washington, D.C., in the United States, whereas online sports betting was legal in 30 American states. In 2023, Americans spent nearly USD 119.84 billion on sports, a y-o-y increase of 27.5% from 2022. New York generated USD 260 million in sports betting taxes in Q4 2023, followed by Pennsylvania, (USD 55 million), Ohio (USD 47 million), Illinois (USD 46 million), and Indiana (USD 41 million). The growing popularity of virtual sports and e-sports digital horse racing and football simulation games is aiding the market.

Europe Sports Betting Market Overview

As per the sports betting market regional analysis, the rise of online sports betting in Europe amid the high smartphone and internet penetration is driving the market. In 2023, the share of internet users in Europe reached 93%, a surge from 67% in 2010. Countries in Europe are also introducing various regulations to ensure fair play, protect customers, and combat gambling addictions. As per the UK Gambling Commission’s Gambling Participation Survey 2022, 47% of adults in the United Kingdom engaged in some form of gambling, with 21% placing bets online. Similarly, the l'Autorité Nationale des Jeux (ANJ) reported that a total of EUR 5.2 billion was wagered on sports in H1 2024 in France.

Asia Pacific Sports Betting Market Dynamics

The sports betting demand growth in the Asia Pacific is being fuelled by the increasing legalisation of sports betting in countries such as Japan and Australia. The growing popularity of sports such as cricket and football and the rise of both traditional and online betting in countries like China and India are driving the market growth. In India, customer spending on sports betting surged to USD 121,000 in 2023 from USD 105,000 in 2022. In the Asia Pacific region, Singapore stands as one of the well-regulated and sophisticated sports betting markets, due to favourable government policies and the rise of online betting. As per the Singapore Pools annual report 2023/24, a total of USD 12.2 billion was spent by Singaporeans on lottery, sports betting, and horse racing in FY 2022-2023, a y-o-y surge of 7%.

Competitive Landscape

Key sports betting market players are heavily investing in upgrading their mobile platforms, expanding their online presence, and improving their user interface amid the growing interest towards online and mobile betting. They are also using technologies like AI and data-driven insights to provide personalised experiences to players.

Key Industry Players

International Game Technology

International Game Technology, founded in 1975 and based in London, United Kingdom, is a global leader in gaming. The company focuses on delivering responsible gaming experiences and entertainment for players across various channels.

Flutter Entertainment plc

Flutter Entertainment plc is a sports betting company that was established in 2016 and is headquartered in New York, United States. It is the parent company of various leading brands such as PokerStars, Tombola, Sportsbet, and Paddy Power.

William Hill PLC

William Hill PLC is a gambling company that was founded in 1934 and is based in London, United Kingdom. Its product offerings include online casinos, sports betting, online bingo, and online poker, among others.

Other major players in the sports betting market include GVC Holdings, Bet365, Scientific Games, Playtech plc, Kindred Group, 888 Holdings Plc, and Betsson AB, among others.

Recent Developments

October 2024

EasyGroup, in partnership with betting exchange Matchbook, launched a new online sports betting brand, EasyBet.net.

November 2023

ESPN launched ESPN BET, its new online sportsbook for fans, in the United States. ESPN BET is the rebranding of its existing sports betting app, Barstool Sportsbook. The website offers peer-to-peer betting to provide customers with fairer odds than traditional bookmakers.