Pune, Sept. 04, 2024 (GLOBE NEWSWIRE) -- “According to SNS Insider the global Sports Betting Market was valued at USD 92.0 billion in 2023 and is projected to grow to USD 221.4 billion by 2032, registering a CAGR of 10.2% over the forecast period from 2024 to 2032.”
Sports Betting Market Size Analysis:
Increased Adoption of Advanced Analytics for Precise Betting Outcomes
A major driver of the sports betting market has been the increase in government regulations designed to control illegal betting-related activities. Recent data from the National Gambling Commission have revealed that governments across the globe have been increasingly attending to the matter of sports betting as a result of the concern that this activity is linked with illegal gambling. For example, in the U.S. the introduction of sports betting regulations in 2023 has resulted in a 20 percent increase in sports betting activity. As a result, the market has become more legitimate, transparent, and secure a process that has increased consumer trust in advanced sports betting technologies. Thanks to these new regulations, sports betting has been afforded an environment in which it could thrive alongside other technologies, such as AI-driven models. Sports betting enthusiasts have already been quick to adopt the new form of betting, which is directly responsible for market growth.
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Major Players Analysis Listed in this Report are:
- Bet 365 Group Ltd.
- GVC Holding plc.
- The Stars Group
- Paddy Power Betfair plc.
- William Hill plc.
- Fortuna Entertainment Group
- Betfred Ltd.
- mybet Holding
- Hong Kong
- Jockey Club
- Kindred Group
Sports Betting Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 92.0 Billion |
| Market Size by 2032 | US$ 221.4 Billion |
| CAGR | CAGR 10.2% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • The increasing legalization of sports betting in various regions, particularly in the United States and Europe, is driving market growth. • The development of mobile apps and online platforms has made sports betting more accessible, contributing to market expansion. |
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Segment Analysis
- The online platform segment dominated the market by Platform with over 65% of the total sports betting market share. The largest share can be explained by the rise of online betting platforms, which allow users to place bets at any place and time. The trend is expanded by the increased development of smartphones and fast-speed internet solutions that allow these platforms to develop an algorithm and analyze real-time data for better. Another factor that adds to the lead of online betting platforms is that these instruments of betting have been encouraged by many authorities to replace outdated systems through the process of digitalization. As a result, there is a much higher likelihood of finding a modern better using online betting rather than the other types.
- Fixed Odds Wagering held the largest market share by Betting Type. The reason is simple this type of betting is present across virtually all the established sports. Many betters argue that this type of betting is the “safest.” It also should be mentioned that eSports Betting is the most rapidly developing Betting Type. This fact is directly connected with the increasing interest in these disciplines, which is driven greatly by the younger generation that finds this kind of sport to be more competitive.
Key Segments:
By Platform
- Offline
- Online
By Betting Type
- Fixed Odds Wagering
- Exchange Betting
- Live/In-Play Betting
- eSports Betting
- Others
By Sports Type
- Football
- Basketball
- Baseball
- Horse Racing
- Cricket
- Hockey
- Others
Regional Analysis
As of 2023, Europe led the global sports betting market with a 37% share, driven by a strong tradition of sports betting, robust regulatory frameworks, and major sports leagues. The region's well-established gambling regulations, particularly in the UK, have fostered transparency and trust, encouraging widespread participation. Europe's advanced betting infrastructure, bolstered by high internet penetration, further cements its dominance. The combination of government support, minimal fraud, and consumer confidence in the regulated system has made Europe the largest and most stable market for sports betting globally.
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Recent News
- In February 2024, DraftKings, a prominent player in the sports betting market, announced the inclusion of a new AI-based analytics platform, which will allow the company to maximize the accuracy of its betting services, thus reinforcing its market position even further.
- In June 2023, FanDuel unveiled a real-time sports data analytics tool that offers users the opportunity to make well-informed decisions when embarking on betting. The tool has already caused tremendous growth in the company’s customer base.
- In February 2023, DraftKings released a new feature for its mobile app intended to provide live sports betting, thereby, boosting user activity by supplying real-time data and allowing personalized bets.
Key Takeaways
- Government regulations are significantly boosting the sports betting market by reducing illegal activities.
- Online platforms are leading the market due to convenience and technological advancements.
- North America dominates the market, driven by favorable policies and a robust sports culture.
- Key players like DraftKings and FanDuel are innovating with advanced AI-driven tools to enhance betting precision.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Sports Betting Market Segmentation, by Platform
8. Sports Betting Market Segmentation, by Betting Type
9. Sports Betting Market Segmentation, by Sports Type
10. Regional Analysis
11. Company Profiles
12. Use Case and Best Practices
13. Conclusion
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