New York, United States , Aug. 23, 2024 (GLOBE NEWSWIRE) -- The Global Online Sports Betting Market Size is to Grow from USD 56.59 Billion in 2023 to USD 162.92 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 11.15% during the projected period.
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Placing bets on the outcome of sports events through internet platforms is online sports betting. Due to its many options and convenience, it has become more and more well-liked. Bets on a variety of sports are available to the public, including less well-known sports like darts and athletics and well-known leagues like the NFL and Premier League. The demand for sports betting is being driven by several factors, such as the notable shift in the regulatory environment surrounding the online betting market, the growing usage of connected devices, and the development of digital infrastructure. The amount of online betting activity has increased significantly as a result of the rapid introduction of internet-connected devices including smartphones and tablets. Those who watch live betting have the chance to act quickly and, with wise wagering, potentially generate significant benefits. Thus, live betting streaming on smartphones and tablets will have an important effect on future sports betting activity. However, there a higher adverse impacts on mental health and limitations on internet gaming. Pathological gambling, also referred to as compulsive gambling, is another effect of a gambling issue.
Browse key industry insights spread across 223 pages with 115 Market data tables and figures & charts from the report on the “Global Online Sports Betting Market Size, Share, and COVID-19 Impact Analysis By Type (Fixed Odds Wagering, Exchange Betting, Line-In-Play Betting, eSports Betting, and Others), By Sports Type (Football, Basketball, Baseball, Horse Racing, Cricket, Hockey, and Others), By Platform (Website, Mobile, iOS, Android, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The line-in-play betting segment is anticipated to hold the largest share of the global online sports betting market during the projected timeframe.
On the basis of type, the global online sports betting market is divided into fixed odds wagering, exchange betting, line-in-play betting, esports betting, and others. Among these, the line-in-play betting segment is anticipated to hold the largest share of the global online sports betting market during the projected timeframe. Line-in-play betting, sometimes called in-play or live betting, is a kind of sports betting which allows participants to wager on a variety of outcomes as a sporting event is happening in real time.
The football segment is predicted to hold the greatest share of the global online sports betting market during the estimated period.
On the basis of sporting type, the global online sports betting market is divided into football, basketball, baseball, horse racing, cricket, hockey, and others. Among these, the football segment is predicted to hold the greatest share of the global online sports betting market during the estimated period. The National Football League (NFL), Canadian football, Manchester United Football Club, Premier League, Manchester City Football Club, Chelsea Football Club, and Juventus Football Club are a few of the teams that are well-liked in online football betting.
The mobile segment is anticipated to hold the greatest share of the global online sports betting market during the projected timeframe.
On the basis of platform, the global online sports betting market is divided into website, mobile, iOS, android, and others. Among these, the mobile segment is anticipated to hold the greatest share of the global online sports betting market during the projected timeframe. Mobile platforms are expanding quickly due to the growing popularity of smartphones and mobile applications.
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Europe is expected to hold the largest share of the global online sports betting market over the forecast period.
Europe is expected to hold the largest share of the global online sports betting market over the forecast period. The massive European Union market for online sports betting and the growing popularity of sports. Online sports betting is expected to witness a significant growth in use over the forecast time frame for businesses requiring to improve productivity, safety, and efficiency in their material handling and transportation operations.
Asia Pacific is predicted to grow at the fastest pace in the global online sports betting market during the projected timeframe. China and India are the two countries with the highest percentage of gambling. About 80 percent of Indians gamble once a year through sports betting, lotteries, casino games, or local organizations, based with the India Internet Player Society (IIPS).
North America is expected to hold a significant share of the global online sports betting market over the forecast period. Demand in North America is anticipated to be driven by an increase in digital and secure mobile services. Three US states have gambling laws that make sportsbooks and betting applications necessary: Nevada, Pennsylvania, and New Jersey.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global online sports betting market include Betr Holdings, Inc., DraftKings Inc., MGM Resorts, 888 Holdings Plc, Bet365, BK8, Betsson AB, Churchill Downs Incorporated, Entain plc, Flutter Entertainment Plc, Kindred Group Plc, Sportech Plc, William Hill Plc, Rabona, and other key companies.
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Recent Developments
- In January 2024, Betr Holdings, Inc. (Betr), a betting and media company based in Miami, announced fresh market entry agreements for online sportsbooks, casinos, and sportsbooks in Pennsylvania, as well as Colorado and Kentucky. Betr still intends to launch Sportsbook V1 ahead of the 2024 NFL season.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global online sports betting market based on the below-mentioned segments:
Global Online Sports Betting Market, By Type
- Fixed Odds Wagering
- Exchange Betting
- Line-In-Play Betting
- eSports Betting
- Others
Global Online Sports Betting Market, By Sports Type
- Football
- Basketball
- Baseball
- Horse Racing
- Cricket
- Hockey
- Others
Global Online Sports Betting Market, By Platform
- Website
- Mobile
- iOS
- Android
- Others
Global Online Sports Betting Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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