The global sports betting market reached a value of nearly USD 98.26 Billion in 2023. The market is assessed to grow at a CAGR of 9.30% during the forecast period of 2024-2032 to attain a value of around USD 218.76 Billion by 2032. The market growth can be attributed to the increasing viewership of e-sports, the evolving legal framework of sports betting, the growing emphasis on responsible betting, the emergence of mobile and online betting, and technological advancements and innovations.
Base Year
Historical Year
Forecast Year
| Global Sports Betting Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 98.26 |
| Market Size 2032 | USD Billion | 218.76 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 9.3% |
| CAGR 2024-2032 - Market by Region | Asia Pacific | 10.7% |
| CAGR 2024-2032 - Market by Country | India | 12.3% |
| CAGR 2024-2032 - Market by Country | China | 10.3% |
| CAGR 2024-2032 - Market by Betting Type | Live In/Play Betting | 10.5% |
| CAGR 2024-2032 - Market by Platform | Online | 16.7% |
| Market Share by Country 2023 | Germany | 4.5% |
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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The increasing popularity of virtual sporting events such as virtual horse racing, virtual football, and virtual basketball, powered by sophisticated algorithms and software, is driving the sports betting market development. Virtual events offer bettors an immersive experience 24/7 and attract a broader audience, particularly in regions with limited live sports availability. With virtual sports becoming more realistic and immersive, the demand for virtual sports betting is likely to surge in the forecast period.
Value in USD Billion
2024-2032
Sports Betting Market Outlook
*this image is indicative*
Operators are increasingly attempting to create custom betting solutions that enable users to bet on specific or niche outcomes, including team performance in specific scenarios, individual player stats, and other unique events. This shift towards niche betting provides users with the opportunity to bet on events that directly align with their interests and knowledge. In addition, the surging trend of live and in-play betting is surging the demand for customised betting solutions, encouraging repeat visits and higher engagement.
Increasing legalisation of sports betting; growing emphasis on responsible betting; the rise of mobile and online betting; and the increasing integration of AI and AR/VR in sports betting are favouring the sports betting market expansion.
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.
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.
The growing emphasis on responsible betting, driven by the rising concerns regarding the financial and social impact of gambling, is shaping the sports betting market landscape. Operators and regulators are introducing features such as reality checks, self-exclusion tools, and deposit limits to help users to manage their betting behaviours. Governments, especially in Europe, are also implementing stringent regulations requiring operators to implement safe gambling practices such as identity checks, age verifications, and limits on gambling spending. Furthermore, sports betting operators are integrating AI-based algorithms and machine learning tools to detect patterns of problematic gambling behaviour, triggering interventions such as alerts or account restrictions.
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.
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.
The mainstreaming of e-sports tournaments such as The International (Dota 2), League of Legends Worlds, and Fortnite World Cup is significantly shaping the sports betting market development. Betting operators are increasingly integrating e-sports into their offerings and offering innovative options like fantasy leagues, live betting, and in-game betting to add an interactive element to the betting experience
Cryptocurrencies and blockchain technology are gaining momentum in sports betting platforms as they offer benefits such as enhanced security, transparency, and instant transactions. With an increasing number of users demanding privacy and efficiency in their betting experiences, the adoption of crypto-based platforms is anticipated to grow in the forecast period.
Sports betting platforms are investing in gamification by offering features such as rewards, loyalty programmes, leaderboards, and interactive betting experiences to improve customer retention and engagement and encourage users to place more bets and stay engaged on the platform longer.
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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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
Market Breakup by Sports Type
Market Breakup by Platform
Market Breakup by Region
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. Conversely, the increasing popularity of competitive gaming as well as the rise of streaming platforms and online communities promoting e-sports are driving the trend of e-sports betting.
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.
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.
Cricket is one of the most popular sports in the United Kingdom, Australia, and Southeast Asia. The increasing number of cricket events such as the ICC World Cup and the Indian Premier League (IPL) is expanding the popularity of cricket as a fastest-growing sports for betting. Meanwhile, the rise of hockey national leagues such as NHL and international events like the Olympics and World Cup are surging interest in hockey betting.
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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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.
| CAGR 2024-2032 - Market by | Country |
| India | 12.3% |
| China | 10.3% |
| USA | 8.3% |
| Germany | 7.7% |
| Italy | 6.5% |
| Canada | XX% |
| UK | XX% |
| France | XX% |
| Japan | 6.4% |
| Australia | XX% |
| Saudi Arabia | XX% |
| Brazil | XX% |
| Mexico | XX% |
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%.
Latin America Sports Betting Market Outlook
Various Latin American countries are legalising sports betting, creating a more regulated and structured market. While sports betting was legalised in Brazil in 2018, the Colombian government legalised Colombia's sports betting sites in 2016. Moreover, the high popularity of sports such as football in countries like Brazil, Argentina, and Mexico is surging interest in sports betting. The Latin America sports betting market development is also positively influenced by the increasing smartphone adoption and the rise of mobile sports betting in the region.
Middle East and Africa Sports Betting Market Drivers
The sports betting market demand forecast in the Middle East and Africa is being driven by the well-established sports betting framework in countries such as South Africa. The National Gambling Board of South Africa reported that ZAR 815.1 billion was wagered in the South Africa gambling industry at the end of FY2022/23. In addition, the rising popularity of e-sports betting among the tech-savvy and young demographics, coupled with the emergence of virtual sports betting, is fuelling the market expansion. With countries such as Saudi Arabia and Qatar becoming hubs for international sporting events, engagement with sports betting platforms in the region is anticipated to rise in the coming years.
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. Sports betting companies are also using technologies like AI and data-driven insights to provide personalised experiences to players.
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 is a sports betting company that was established in 2016 and is headquartered in New...
William Hill PLC is a gambling company that was founded in 1934 and is based in London, United Kingdom. Its pr...
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
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.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market reached an approximate value of USD 98.26 Billion.
The sports betting market is assessed to grow at a CAGR of 9.30% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 218.76 Billion by 2032.
The major market drivers include rising legalisation of sports betting and increasing online accessibility.
The key trends fuelling the growth of the market include introduction of mobile betting, widespread fan following of various sports, and increasing entertainment appeal of sports betting.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The significant sports type in the market for sports betting include football, basketball, baseball, horse racing, cricket, and hockey, among others.
The key players in the sports betting market, according to the report, are International Game Technology, GVC Holdings, Bet365, Scientific Games, Flutter Entertainment plc, William Hill PLC, Playtech plc, Kindred Group, 888 Holdings Plc, and Betsson AB, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Betting Type |
|
| Breakup by Sports Type |
|
| Breakup by Platform |
|
| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City,1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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