Global Sports Betting Market – Industry Trends and Forecast to 2031

Global Sports Betting Market, By Type (Line-In-Play, Fixed Old Betting, Exchange Betting, Daily Fantasy, Spread Betting, E-Sports, and Pari Mutuel), Platform (Online and Offline), Sports (Racing and Non Racing Sports), Operator (Casinos, Bingo Halls, Card Rooms, Bookmakers, Coin-Operated Gambling Device, Concession Operators, Video Gaming Terminals, Lotteries Operator, Off-Track Sports Betting, and Others), Age Group (GEN Z, GEN Y/MILLENIALS, GEN X, and Baby Boomers) - Industry Trends and Forecast to 2031.

Sports Betting Market Analysis and Size

Soccer (football) is widely considered the most popular sport for betting globally. It is prevalent in many countries worldwide, particularly in Europe, South America, and parts of Asia and Africa. The popularity of soccer as a betting sport can be attributed to several factors, including its global appeal, the frequency of matches, and the wide range of betting markets available for each game. Major soccer events such as the FIFA World Cup, UEFA Champions League, and domestic leagues such as the English Premier League and La Liga attract significant betting activity.

Data Bridge Market Research analyzes that the global sports betting market was valued at USD 160.73 billion in 2023 and is expected to reach USD 325 billion by 2031, registering a CAGR of 9.2% during the forecast period of 2023-2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behavior.

Report Scope and Market Segmentation

Market Definition

Sports betting involves placing a wager or bet on the outcome of a sporting event. This can include various sports, such as football, basketball, baseball, soccer, horse racing, and more. In sports betting, individuals predict the outcome of a particular event and place a bet with a bookmaker or through an online platform. If the prediction is correct, the bettor wins and receives a payout based on the odds set by the bookmaker.

Global Sports Betting Market Dynamics

Drivers

• Legalization and Regulation

The increasing legalization and regulation of sports betting in various countries and regions worldwide have been significant drivers for the market. As more governments legalize and regulate sports betting, it becomes more accessible to a larger population, increasing the overall market size. Legalization also helps reduce the prevalence of illegal betting activities, ensuring a safer and more transparent betting environment.

• Growing Popularity of Sports

The growing popularity of sports, especially major events like the FIFA World Cup, UEFA Champions League, NFL Super Bowl, and NBA Finals, has significantly contributed to the market's growth. These events attract a massive global audience and generate a lot of betting activity, driving up the overall market size. The increasing availability of sports content through various media channels has also helped fuel interest in sports betting.

• Increasing Disposable Income

The rise in disposable income levels in many countries has increased discretionary spending, including on activities such as sports betting. As people have more money to spend, they are more likely to participate in sports betting as entertainment or hobby. This trend is particularly evident in emerging economies where the middle class is expanding rapidly.

Opportunities

• Expansion of Online and Mobile Betting

The increasing adoption of online and mobile betting platforms creates new opportunities for the global sports betting market. These platforms offer greater convenience and accessibility, allowing bettors to place wagers from anywhere at any time. The expansion of online and mobile betting is also driving innovation in the market, with operators introducing new features and betting options to attract customers, which is expected to create an opportunity for market growth.

• Integration of Sports Betting with Media and Entertainment

Integrating sports betting with media and entertainment platforms is creating new opportunities for the global sports betting market. Partnerships between sports leagues, media companies, and betting operators are leading to the development of new betting products and experiences that appeal to a broader audience. This integration is also helping to increase the visibility and popularity of sports betting, which is expected to create an opportunity for market growth.

Restraints/Challenges

• Regulatory Challenges

One of the significant challenges for the market is the complex and evolving regulatory landscape. Different countries have varying regulations regarding sports betting, with some jurisdictions imposing strict restrictions or outright bans. These regulatory challenges can hinder the market's growth by limiting the availability of legal betting options and creating uncertainty for operators and bettors alike.

• Competition from Illegal Betting

Illegal betting operators, often operating outside the regulatory framework, pose a significant challenge to the market. These operators may offer better odds or a wider range of betting options, attracting bettors away from legal and regulated platforms. Illegal betting activities can also undermine the integrity of sports and pose risks to consumers, leading to concerns among regulators and stakeholders.

• Integrity and Match-Fixing Concerns

The integrity of sports and the prevention of match-fixing are critical issues for the market. Instances of match-fixing or corruption can erode public trust in sports and betting, leading to declining betting activity. Regulators and sports organizations are increasingly focused on combating match-fixing through monitoring betting patterns and educating athletes and officials about the risks.

• Social and Ethical Concerns

Sports betting is often associated with social and ethical concerns, including addiction, problem gambling, and the exploitation of vulnerable individuals. These concerns can lead to calls for tighter regulation and restrictions on sports betting, which can hinder the market's growth.

This sports betting market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the sports betting market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In September 2022, Bet365 launched its e-sports betting service in Colorado. Operating under one of Century Casinos' state master licenses, the sportsbook provider introduced its betting service to the market
• In September 2022, Entain Plc revealed a partnership with Bally's Corporation, BetMGM, DraftKings FanDuel, and MGM Resorts International to introduce principles for responsible gaming. This initiative aims to enhance the organizations' global brand image by promoting responsible gambling practices
• In May 2022, William Hill, a prominent sports betting and online casino operator, launched its flagship brand and unveiled strategies to increase its revenue in Latvia significantly. In addition, William Hill intends to leverage its existing media partnerships by creating customized content that aligns with the Brotherhood brand strategy

Global Sports Betting Market Scope

The sports betting market is segmented on the basis of type, platform, operator, sports, and age group. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.

Type

• Line-In-Play
• Fixed Old Betting
• Exchange Betting
• Daily Fantasy
• Spread Betting
• E-Sports
• Pari Mutuel
• Others

Platform

• Online
• Offline

Sports

• Racing
• Non Racing Sports

Operator

• Food Grade
• Casinos
• Bingo Halls
• Card Rooms
• Bookmakers
• Coin-Operated Gambling Device
• Concession Operators
• Video Gaming Terminals
• Lotteries Operator
• Off-Track Sports Betting
• Others

Age Group

• Gen Z
• Gen Y/Millennials
• Gen X
• Baby Boomers

Global Sports Betting Market Regional Analysis/Insights

The sports betting market is analyzed and market size insights and trends are provided by country, type, platform, operator, sports, and age group as referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America.

Europe is expected to dominate the market due to the regulations concerning the sports betting and gambling industry in various European countries, which are beneficial for their respective populations.

Asia-Pacific is expected to be the fastest growing region due to a rising number of people in the region participating in various forms of sports betting activities. This trend is supported by several countries in the region legalizing the gambling industry, attracting overseas market players.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Sports Betting Market Share Analysis

The sports betting market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to sports betting market.

Some of the major players operating in the sports betting market are:

• BETSSON AB, (Sweden)
• FORTUNA ENTERTAINMENT GROUP, (Czech Republic)
• LAS VEGAS SANDS CORPORATION, (U.S.)
• bet365, (U.K.)
• Flutter Entertainment plc, (Ireland)
• 888 Holdings Plc, (U.K.)
• Entain, (U.K.)
• Kindred Group plc, (Sweden)
• MGM Resorts International, (U.S.)
• Wynn Resorts Holdings, LLC., (U.S.)
• NOVIBET, (Greece)
• Galaxy Entertainment Group Limited, (Hong Kong)
• Resorts World at Sentosa Pte. Ltd., (Singapore)
• Sun International, (South Africa)
• RTSmunity a.s., (Slovakia)
• Sky Infotech., (India)
• Peermont Global Proprietary Limited, (South Africa)
• SJM Holdings Limited, (Macau)
• Sportradar AG, (Switzerland)
• FanUp, Inc., (U.S.)
• Rivalry Ltd., (Canada)
• EveryMatrix, (Malta)
• Kairos Group, (U.K.)
• BETAMERICA, (U.S.)
• Scientific Game, (U.S.)
• ComeOn Group, (Malta)