Menu

About Us Industry Report Services Press Release Careers Contact Us

Sports Betting Market by Platform (Offline and Online), Betting (Fixed Odds Wagering, Exchange Betting, Live/In-Play Betting, eSports Betting, and Others), Sports (Football, Basketball, Baseball, Horse Racing, Cricket, Hockey, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2023-2032

CO23119063

Pages: 240

Oct 2023

Sports Betting Overview

Sports betting is a form of gambling that entails placing a wager, also known as a bet, on the outcome of a sporting event. The primary intent of sports betting is to win additional money. With the exception of spread betting, ‘draw no bet’ wagers, and a few other examples, a bet will have two possible outcomes. Either you win a profit based on the bookmaker's odds, or you lose your wager.

While sports betting obviously incorporates wagers on sports like rugby and tennis, it also includes betting on entertainment, such as the winners of dancing shows, and in finance, such as interest rate changes.

Global Sports Betting Market Analysis

The global sports betting market size was $xx million in xx and is predicted to grow with a CAGR of xx, by generating a revenue of $xx million by xx.

COVID-19 Impact on Global Sports Betting Market

The pandemic led to widespread cancellation and postponement of sporting events around the world. This resulted in a significant reduction in the number of available betting opportunities since most major sports leagues were on a hiatus. With fewer sports events to bet on, sportsbooks and betting operators faced a substantial drop in revenue. Many operators had to offer alternative betting options, such as esports and virtual sports, to mitigate the revenue loss. Brick-and-mortar betting shops and casinos were forced to close due to lockdowns and social distancing measures. This led to a shift towards online sports betting, as bettors turned to digital platforms to continue placing bets. With traditional sports on hold, there was an increased focus on in-play (live) betting and esports betting. Esports tournaments continued to take place in an online format, providing a betting alternative for enthusiasts.

As sports leagues resumed their operations, the betting market began to recover. However, the return was gradual, and some leagues continued to operate under restricted conditions, affecting the overall betting landscape. The pandemic accelerated the adoption of digital platforms for sports betting. Many bettors who shifted to online betting during the lockdowns continued to use digital platforms even after the return of traditional sports. The trend toward mobile betting continued to grow, as more bettors preferred the convenience of placing bets through mobile apps. Operators invested in improving their mobile platforms to cater to this demand.

Growing Shift Towards Online and Mobile Betting Platforms to Drive the Market Growth

The shift towards online and mobile betting platforms has expanded the market's accessibility and convenience for bettors. The ongoing legalization of sports betting in various jurisdictions creates new markets and opportunities for operators. Innovations like live betting, virtual sports, and AI-powered analytics enhance the overall betting experience. Sports betting deepens fan engagement by giving spectators a personal stake in the outcomes of games and matches. Expansion beyond traditional sports to include esports, virtual sports, and niche markets attracts a broader range of bettors. Major sporting events like the Olympics and World Cup drive spikes in betting activity and revenue. Collaborations between betting operators and sports teams/leagues boost visibility and engagement. Mobile apps allow bettors to wager anytime, anywhere, contributing to market growth.

Stringent Regulations Associated with Sports Betting to Restrain Market Growth

Stringent and evolving regulations in different jurisdictions can create barriers for operators to offer their services legally and efficiently. Gambling, including sports betting, can be viewed negatively by certain segments of the population due to concerns about addiction, problem gambling, and its potential societal impact. This negative perception can lead to public pressure for stricter regulations and oversight. The risk of gambling and gambling addiction is a significant concern. Regulatory bodies and operators need to implement responsible gambling measures to prevent and address such issues, which can increase operational costs. The sports betting industry is susceptible to match-fixing and integrity issues, which can erode public trust and credibility. Operators must invest in monitoring and security measures to ensure fair play and prevent fraudulent activities. The reliance on technology for online and mobile betting platforms introduces the risk of technical glitches, security breaches, and data privacy concerns. Maintaining a secure and reliable technological infrastructure is crucial for the industry's success. Economic downturns and recessions can impact consumer disposable income, leading to reduced discretionary spending on activities like sports betting. This can result in decreased betting activity during challenging economic times.

Advancements in Traditional Sports to Drive Excellent Opportunities

The ongoing trend of legalizing sports betting in more regions presents a significant opportunity for market growth. As more jurisdictions legalize and regulate sports betting, new markets open up, attracting both operators and bettors. Introducing new and innovative betting formats can attract a broader range of bettors. Features such as in-play betting, live streaming, and customizable betting options can create exciting experiences. Esports betting continues to gain popularity, especially among younger audiences. Esports tournaments and leagues offer a unique opportunity for growth in the sports betting market. Virtual sports provide a way to offer betting opportunities even when traditional sports events are limited. High-quality virtual simulations of sports events can keep bettors engaged. Utilizing data analytics and AI-driven insights can help operators understand bettor behavior, identify trends, and personalize offerings. This can lead to better customer engagement and satisfaction.

Global Sports Betting Market Share, by Platform, 2022

Online betting sub-segment accounted for the highest share in 2022. Online betting allows you to place bets from the comfort of your home or anywhere with an internet connection. This convenience eliminates the need to travel to a physical betting shop or casino. Online betting platforms offer a wide range of sports events, leagues, and betting markets. You can choose from traditional sports to niche events and even non-sporting options like esports and virtual sports. Online betting platforms often cater to an international audience, giving you the opportunity to bet on sports events from around the world. Many online platforms provide tools for setting deposit limits, wager limits, and self-exclusion, promoting responsible gambling behavior. Online betting allows users to maintain their privacy and anonymity, which might be important to some bettors.

Global Sports Betting Market Share, by Betting Type, 2022

The fixed odds wagering sub-segment accounted for the highest share in 2022. Fixed odds betting offers bettors a clear understanding of the potential payout they can receive if their bet is successful. The odds are determined at the time of placing the bet and remain fixed regardless of subsequent changes in the market. Fixed odds betting is straightforward and easy to understand, making it accessible to both experienced and novice bettors. The odds indicate the potential return relative to the stake, making calculations simple. Fixed odds betting covers a wide range of betting options, including simple outcomes like match winners, point spreads, over/under totals, and more complex markets such as player statistics or halftime scores. Fixed odds betting can be applied to a broad spectrum of sports, from major leagues to niche events, allowing bettors to engage in their favourite sports and explore new ones. Bettors can control their level of risk by choosing bets with odds that match their confidence in the outcome. This control appeals to a wide range of bettors, from those seeking conservative bets to those aiming for higher potential returns.

Global Sports Betting Market Share, by Sports Type, 2022

Football sub-segment accounted for the highest share in 2022. Football enjoys a massive global fan base, making it one of the most watched and followed sports worldwide. The widespread popularity of football translates into a larger potential betting audience. Football has a dense schedule of matches, with numerous leagues, tournaments, and competitions taking place throughout the year. This frequent availability of matches provides a consistent stream of betting opportunities. Football offers a diverse range of betting markets beyond just match outcomes. Bettors can wager on elements like goal totals, player performances, halftime scores, and more, allowing for various betting strategies. Football receives extensive media coverage, including analysis, previews, and commentary. This coverage provides bettors with valuable information to make informed decisions. English Premier League, La Liga, Serie A, Bundesliga, and FIFA World Cup are just a few of the prestigious leagues in football. Worldwide, these events capture the attention of bettors.

Global Sports Betting Market Share, by Region, 2022

The Europe region accounted for the highest share of the global market in 2022. Betting has a long history in many European countries, often dating back centuries. This cultural acceptance and familiarity with betting have contributed to its strong presence in the region. Soccer (football) is one of the most popular sports in Europe, but there is also rugby, cricket, tennis, basketball, and more. This diversity provides ample opportunities for sports betting across different interests. European countries frequently host international sports events, such as the UEFA Champions League, FIFA World Cup, Wimbledon, and the Olympics. These events attract global attention and betting activity.

Competitive Scenario in the Global Sports Betting Market

There are several major players functioning in the highly competitive global sports betting market. In order to increase their market presence and boost their product portfolios operators set odds that reflect the perceived likelihood of different outcomes in a sports event. Effective odds-setting involves considering factors such as team/player performance, historical data, and public sentiment. Line managers adjust odds in real-time to balance betting activity and manage risk.

Some of the leading sports betting market players are 888 Holdings Plc, Bet365, Betsson AB, Churchill Downs Incorporated, Entain plc, Flutter Entertainment Plc, IGT, Kindred Group Plc, Sportech Plc, and William Hill Plc.

Aspect

Particulars

Historical Market Estimations

2021

Base Year for Market Estimation

2022

Forecast Timeline for Market Projection

2023-2032

Geographical Scope

North America, Europe, Asia-Pacific, and LAMEA

Segmentation by Platform

  • Offline
  • Online

Segmentation by Betting Time

  • Fixed Odds Wagering - Dominant
  • Exchange Betting
  • Live/In-Play Betting
  • eSports Betting
  • Others

Segmentation by Sport

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

Key Companies Profiled

  • 888 Holdings Plc
  • Bet365
  • Betsson AB
  • Churchill Downs Incorporated
  • Entain plc
  • Flutter Entertainment Plc
  • IGT
  • Kindred Group Plc
  • Sportech Plc
  • William Hill Plc

 

Purchase Full Report of
Sports Betting Market

PURCHASE OPTIONS

  

* Taxes/Fees, If applicable will be added during checkout. All prices in USD.

Have a question ?

Enquire To Buy

Need to add more ?

Request Customization

Customers Also Viewed