Analysts’ Viewpoint on Market Scenario
Growth in online betting and increase in in adoption of betting in various sports are expected to propel the sports betting market size during the forecast period. Online and live betting are gaining traction among users as they offer easy access to betting through smartphones and PCs.
However, rise in concerns regarding money laundering and unfavorable tax laws and advertising restrictions in many countries are projected to limit the sports betting market growth during the forecast period. Vendors in the global sports betting industry are collaborating with sports teams, leagues, and events to broaden their customer base. They are also expanding into new markets where demand for sports betting is growing.
Betting is the action of predicting an event by gambling money on the outcome of a race, game, or other unpredictable event. Parimutuel and fixed-odds are the two types of sports betting. Parimutuel betting, also known as pool betting, is a betting system in which all bets of a particular type are placed together in a pool. Instead of the bookmaker, the wager is placed against other bettors who have placed wagers on the same event. Fixed odds is a type of wagering against odds offered by a bookmaker or an individual or on a betting exchange. It involves betting on an event in which there is no fluctuation in the payout.
Sports betting has experienced massive growth after the introduction of internet. Previously, bettors had to go to an offline bookmaker to place bets. However, the number of bettors has increased significantly with the rise of online betting facilities and the ability to bet directly from home. Online betting and live streaming are gaining traction among gamblers as they offer the ability to place bets virtually on all types of sports in various countries. Hence, surge in online betting is propelling the sports betting market expansion.
Sports betting service providers are expanding their presence in many indoor and outdoor sports. Online bookmakers are offering various discounts, sign-up bonuses, and incentives for bettors. They are running regular promotions and providing live streaming services to increase their sports betting market share.
Increase in popularity of sports and surge in number of sports events are projected to boost demand for sports betting in the near future. Previously only a few sports, such as football and cricket, were the main sporting events that most people participated in. However, in recent years, other sports, including basketball, rugby, horse racing, boxing, hockey, and table tennis, are gaining popularity worldwide. The number of leagues in these sports, such as MLA, NBA, Premier League, and UEFA Championship, is increasing rapidly. Additionally, gambling is one of the fastest-growing industries worldwide. Most countries are legalizing sports betting. Technological advancements are further contributing to the sports betting market progress.
According to the latest sports betting market forecast, Asia Pacific is expected to hold largest share from 2023 to 2031. Rise in disposable income and surge in popularity of cricket and football are fueling the market dynamics of the region. Surge in adoption of smartphones and increase in penetration of internet are also boosting the sports betting market statistics in Asia Pacific.
The industry in North America, Europe, Middle East & Africa, and South Africa is anticipated to grow at a steady pace during the forecast period. Several sports betting companies are entering these markets through partnerships and sponsorships with sports teams, leagues, and events to broaden their market revenue.
Most firms are investing significantly in innovation along with blockchain and cryptocurrency integration to stay competitive in the market. They are also engaged in joint ventures and collaboration with different sports organizers and betting companies for business expansion. Major sports betting service providers are developing new sales channels through e-commerce websites to expand their market presence.
888 Holdings plc., Betfred Ltd., Betsson AB, Fortuna Entertainment Group, Entain Holdings plc., Kindred Group, Flutter Entertainment plc, The Betway Group, and William Hill plc are key players in the sports betting market. Each of these players has been profiled in the sports betting market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
| Attribute | Detail |
|---|---|
| Market Value in 2022 (Base Year) | US$ 302.3 Bn |
| Market Forecast Value in 2031 | US$ 664.0 Bn |
| Growth Rate (CAGR) | 9.1% |
| Forecast Period | 2023-2031 |
| Quantitative Units | US$ Bn for Value |
| Market Analysis | Global qualitative analysis includes drivers, restraints, opportunities, key trends, key market indicators, Porter’s Five Forces analysis, value chain analysis, SWOT analysis, etc. Furthermore, at the regional level, qualitative analysis includes key trends, price trends, and key supplier analysis. |
| Competition Landscape |
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| Regions Covered |
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| Market Segmentation |
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| Companies Profiled |
|
| Customization Scope | Available upon Request |
| Pricing | Available upon Request |
It was valued at US$ 302.3 Bn in 2022
It is projected to reach US$ 664.0 Bn by the end of 2031
Growth in online betting and rise in adoption of betting in various sports
The cybersport sports type segment held highest share in 2022
The region accounted for 34.0% market share in 2022
888 Holdings plc., Betfred Ltd., Betsson AB, Fortuna Entertainment Group, Entain Holdings plc., Kindred Group, Flutter Entertainment plc, The Betway Group, and William Hill plc
1. Preface
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions
3. Research Methodology
4. Executive Summary
5. Market Overview
5.1. Introduction
5.2. Market Dynamics
5.2.1. Drivers
5.2.2. Restraints
5.2.3. Opportunities
5.3. Key Trends Analysis
5.3.1. Demand Side Analysis
5.3.2. Supply Side Analysis
5.4. Key Market Indicators
5.4.1. Overall Betting Industry Overview
5.5. Porter’s Five Forces Analysis
5.6. Value Chain Analysis
5.7. Industry SWOT Analysis
5.8. Technological Overview
5.9. Global Sports Betting Market Analysis and Forecast, 2017 - 2031
5.9.1. Market Revenue Projection (US$ Bn)
6. Global Sports Betting Market Analysis and Forecast, By Sports Type
6.1. Global Sports Betting Market Size (US$ Bn) Forecast, By Sports Type, 2017 - 2031
6.1.1. Table Tennis
6.1.2. Cybersports
6.1.3. Football
6.1.4. Basketball
6.1.5. Baseball
6.1.6. Hockey
6.1.7. Cricket
6.1.8. Boxing
6.1.9. Others (Cycling, Auto Racing, etc.)
6.2. Incremental Opportunity, By Sports Type
7. Global Sports Betting Market Analysis and Forecast, By Betting Type
7.1. Global Sports Betting Market Size (US$ Bn) Forecast, By Betting Type, 2017 - 2031
7.1.1. Parimutuel
7.1.2. Fixed-odds
7.2. Incremental Opportunity, By Betting Type
8. Global Sports Betting Market Analysis and Forecast, By Sales Channel
8.1. Global Sports Betting Market Size (US$ Bn) Forecast, By Sales Channel, 2017 - 2031
8.1.1. Online
8.1.1.1. Desktops and Laptops
8.1.1.2. Tablets and Mobiles
8.1.2. Offline
8.2. Incremental Opportunity, By Sales Channel
9. Global Sports Betting Market Analysis and Forecast, by Region
9.1. Global Sports Betting Market Size (US$ Bn), by Region, 2017 - 2031
9.1.1. North America
9.1.2. Europe
9.1.3. Asia Pacific
9.1.4. Middle East and Africa
9.1.5. South America
9.2. Global Incremental Opportunity, by Region
10. North America Sports Betting Market Analysis and Forecast
10.1. Regional Snapshot
10.2. Key Trend Analysis
10.3. Demographic Overview
10.4. COVID-19 Impact Analysis
10.5. Brands Analysis
10.6. Consumer Buying Behavior Analysis
10.7. Sports Betting Market Size (US$ Bn) Forecast, By Sports Type, 2017 - 2031
10.7.1. Table Tennis
10.7.2. Cybersports
10.7.3. Football
10.7.4. Basketball
10.7.5. Baseball
10.7.6. Hockey
10.7.7. Cricket
10.7.8. Boxing
10.7.9. Others (Cycling, Auto Racing, etc.)
10.8. Sports Betting Market Size (US$ Bn) Forecast, By Betting Type, 2017 - 2031
10.8.1. Parimutuel
10.8.2. Fixed-odds
10.9. Sports Betting Market Size (US$ Bn) Forecast, By Sales Channel, 2017 - 2031
10.9.1. Online
10.9.1.1. Desktops and Laptops
10.9.1.2. Tablets and Mobiles
10.9.2. Offline
10.10. Sports Betting Market Size (US$ Bn), by Country, 2017 - 2031
10.10.1. U.S.
10.10.2. Canada
10.10.3. Rest of North America
10.11. Incremental Opportunity Analysis
11. Europe Sports Betting Market Analysis and Forecast
11.1. Regional Snapshot
11.2. Key Trend Analysis
11.3. Demographic Overview
11.4. COVID-19 Impact Analysis
11.5. Brands Analysis
11.6. Consumer Buying Behavior Analysis
11.7. Sports Betting Market Size (US$ Bn) Forecast, By Sports Type, 2017 - 2031
11.7.1. Table Tennis
11.7.2. Cybersports
11.7.3. Football
11.7.4. Basketball
11.7.5. Baseball
11.7.6. Hockey
11.7.7. Cricket
11.7.8. Boxing
11.7.9. Others (Cycling, Auto Racing, etc.)
11.8. Sports Betting Market Size (US$ Bn) Forecast, By Betting Type, 2017 - 2031
11.8.1. Parimutuel
11.8.2. Fixed-odds
11.9. Sports Betting Market Size (US$ Bn) Forecast, By Sales Channel, 2017 - 2031
11.9.1. Online
11.9.1.1. Desktops and Laptops
11.9.1.2. Tablets and Mobiles
11.9.2. Offline
11.10. Sports Betting Market Size (US$ Bn), by Country, 2017 - 2031
11.10.1. Germany
11.10.2. France
11.10.3. U.K.
11.10.4. Rest of Europe
11.11. Incremental Opportunity Analysis
12. Asia Pacific Sports Betting Market Analysis and Forecast
12.1. Regional Snapshot
12.2. Key Trend Analysis
12.3. Demographic Overview
12.4. COVID-19 Impact Analysis
12.5. Brands Analysis
12.6. Consumer Buying Behavior Analysis
12.7. Sports Betting Market Size (US$ Bn) Forecast, By Sports Type, 2017 - 2031
12.7.1. Table Tennis
12.7.2. Cybersports
12.7.3. Football
12.7.4. Basketball
12.7.5. Baseball
12.7.6. Hockey
12.7.7. Cricket
12.7.8. Boxing
12.7.9. Others (Cycling, Auto Racing, etc.)
12.8. Sports Betting Market Size (US$ Bn) Forecast, By Betting Type, 2017 - 2031
12.8.1. Parimutuel
12.8.2. Fixed-odds
12.9. Sports Betting Market Size (US$ Bn) Forecast, By Sales Channel, 2017 - 2031
12.9.1. Online
12.9.1.1. Desktops and Laptops
12.9.1.2. Tablets and Mobiles
12.9.2. Offline
12.10. Sports Betting Market Size (US$ Bn), by Country, 2017 - 2031
12.10.1. China
12.10.2. India
12.10.3. Japan
12.10.4. Southeast Asia
12.10.5. Rest of Asia Pacific
12.11. Incremental Opportunity Analysis
13. Middle East & Africa Sports Betting Market Analysis and Forecast
13.1. Regional Snapshot
13.2. Key Trend Analysis
13.3. Demographic Overview
13.4. COVID-19 Impact Analysis
13.5. Brands Analysis
13.6. Consumer Buying Behavior Analysis
13.7. Sports Betting Market Size (US$ Bn) Forecast, By Sports Type, 2017 - 2031
13.7.1. Table Tennis
13.7.2. Cybersports
13.7.3. Football
13.7.4. Basketball
13.7.5. Baseball
13.7.6. Hockey
13.7.7. Cricket
13.7.8. Boxing
13.7.9. Others (Cycling, Auto Racing, etc.)
13.8. Sports Betting Market Size (US$ Bn) Forecast, By Betting Type, 2017 - 2031
13.8.1. Parimutuel
13.8.2. Fixed-odds
13.9. Sports Betting Market Size (US$ Bn) Forecast, By Sales Channel, 2017 - 2031
13.9.1. Online
13.9.1.1. Desktops and Laptops
13.9.1.2. Tablets and Mobiles
13.9.2. Offline
13.10. Sports Betting Market Size (US$ Bn), by Country, 2017 - 2031
13.10.1. GCC
13.10.2. South Africa
13.10.3. Rest of Middle East & Africa
13.11. Incremental Opportunity Analysis
14. South America Sports Betting Market Analysis and Forecast
14.1. Regional Snapshot
14.2. Key Trend Analysis
14.3. Demographic Overview
14.4. COVID-19 Impact Analysis
14.5. Brands Analysis
14.6. Consumer Buying Behavior Analysis
14.7. Sports Betting Market Size (US$ Bn) Forecast, By Sports Type, 2017 - 2031
14.7.1. Table Tennis
14.7.2. Cybersports
14.7.3. Football
14.7.4. Basketball
14.7.5. Baseball
14.7.6. Hockey
14.7.7. Cricket
14.7.8. Boxing
14.7.9. Others (Cycling, Auto Racing, etc.)
14.8. Sports Betting Market Size (US$ Bn) Forecast, By Betting Type, 2017 - 2031
14.8.1. Parimutuel
14.8.2. Fixed-odds
14.9. Sports Betting Market Size (US$ Bn) Forecast, By Sales Channel, 2017 - 2031
14.9.1. Online
14.9.1.1. Desktops and Laptops
14.9.1.2. Tablets and Mobiles
14.9.2. Offline
14.10. Sports Betting Market Size (US$ Bn), by Country, 2017 - 2031
14.10.1. Brazil
14.10.2. Rest of South America
14.11. Incremental Opportunity Analysis
15. Competition Landscape
15.1. Market Player – Competition Dashboard
15.2. Market Revenue Share Analysis (%), (2020)
15.3. Company Profiles (Details – Company Overview, Sales Area/Geographical Presence, Revenue, Strategy & Business Overview)
15.3.1. 888 Holdings plc.
15.3.1.1. Company Overview
15.3.1.2. Sales Area/Geographical Presence
15.3.1.3. Revenue
15.3.1.4. Strategy & Business Overview
15.3.2. Betfred Ltd.
15.3.2.1. Company Overview
15.3.2.2. Sales Area/Geographical Presence
15.3.2.3. Revenue
15.3.2.4. Strategy & Business Overview
15.3.3. BETSSON AB
15.3.3.1. Company Overview
15.3.3.2. Sales Area/Geographical Presence
15.3.3.3. Revenue
15.3.3.4. Strategy & Business Overview
15.3.4. Fortuna Entertainment Group
15.3.4.1. Company Overview
15.3.4.2. Sales Area/Geographical Presence
15.3.4.3. Revenue
15.3.4.4. Strategy & Business Overview
15.3.5. Entain plc
15.3.5.1. Company Overview
15.3.5.2. Sales Area/Geographical Presence
15.3.5.3. Revenue
15.3.5.4. Strategy & Business Overview
15.3.6. Kindred Group
15.3.6.1. Company Overview
15.3.6.2. Sales Area/Geographical Presence
15.3.6.3. Revenue
15.3.6.4. Strategy & Business Overview
15.3.7. Flutter Entertainment plc
15.3.7.1. Company Overview
15.3.7.2. Sales Area/Geographical Presence
15.3.7.3. Revenue
15.3.7.4. Strategy & Business Overview
15.3.8. The Betway Group
15.3.8.1. Company Overview
15.3.8.2. Sales Area/Geographical Presence
15.3.8.3. Revenue
15.3.8.4. Strategy & Business Overview
15.3.9. William Hill plc
15.3.9.1. Company Overview
15.3.9.2. Sales Area/Geographical Presence
15.3.9.3. Revenue
15.3.9.4. Strategy & Business Overview
16. Key Takeaways
16.1. Identification of Potential Market Spaces
16.1.1. By Sports Type
16.1.2. By Betting Type
16.1.3. By Sales Channel
16.1.4. By Region
16.2. Understanding Buying Process of Customers
16.3. Preferred Sales & Marketing Strategy
16.4. Prevailing Market Risk
List of Tables
Table 1: Global Sports Betting Market, By Sports Type, US$ Bn, 2017-2031
Table 2: Global Sports Betting Market, By Betting Type, US$ Bn, 2017-2031
Table 3: Global Sports Betting Market, By Sales Channel, US$ Bn, 2017-2031
Table 4: Global Sports Betting Market, By Region, US$ Bn, 2017-2031
Table 5: North America Sports Betting Market, By Sports Type, US$ Bn, 2017-2031
Table 6: North America Sports Betting Market, By Betting Type, US$ Bn, 2017-2031
Table 7: North America Sports Betting Market, By Sales Channel, US$ Bn, 2017-2031
Table 8: North America Sports Betting Market, By Country, US$ Bn, 2017-2031
Table 9: Europe Sports Betting Market, By Sports Type, US$ Bn, 2017-2031
Table 10: Europe Sports Betting Market, By Betting Type, US$ Bn, 2017-2031
Table 11: Europe Sports Betting Market, By Sales Channel, US$ Bn, 2017-2031
Table 12: Europe Sports Betting Market, By Country, US$ Bn, 2017-2031
Table 13: Asia Pacific Sports Betting Market, By Sports Type, US$ Bn, 2017-2031
Table 14: Asia Pacific Sports Betting Market, By Betting Type, US$ Bn, 2017-2031
Table 15: Asia Pacific Sports Betting Market, By Sales Channel, US$ Bn, 2017-2031
Table 16: Asia Pacific Sports Betting Market, By Country, US$ Bn, 2017-2031
Table 17: Middle East & Africa Sports Betting Market, By Sports Type, US$ Bn, 2017-2031
Table 18: Middle East & Africa Sports Betting Market, By Betting Type, US$ Bn, 2017-2031
Table 19: Middle East & Africa Sports Betting Market, By Sales Channel, US$ Bn, 2017-2031
Table 20: Middle East & Africa Sports Betting Market, By Country, US$ Bn, 2017-2031
Table 21: South America Sports Betting Market, By Sports Type, US$ Bn, 2017-2031
Table 22: South America Sports Betting Market, By Betting Type, US$ Bn, 2017-2031
Table 23: South America Sports Betting Market, By Sales Channel, US$ Bn, 2017-2031
Table 24: South America Sports Betting Market, By Country, US$ Bn, 2017-2031
List of Figures
Figure 1: Global Sports Betting Market Projections by Sports Type, US$ Bn, 2017-2031
Figure 2: Global Sports Betting Market, Incremental Opportunity, by Sports Type, US$ Bn, 2017-2031
Figure 3: Global Sports Betting Market Projections by Betting Type, US$ Bn, 2017-2031
Figure 4: Global Sports Betting Market, Incremental Opportunity, by Betting Type, US$ Bn, 2017-2031
Figure 5: Global Sports Betting Market Projections by Sales Channel, US$ Bn, 2017-2031
Figure 6: Global Sports Betting Market, Incremental Opportunity, by Sales Channel, US$ Bn, 2017-2031
Figure 7: Global Sports Betting Market Projections by Region, US$ Bn, 2017-2031
Figure 8: Global Sports Betting Market, Incremental Opportunity, by Region, US$ Bn, 2017-2031
Figure 9: North America Sports Betting Market Projections by Sports Type, US$ Bn, 2017-2031
Figure 10: North America Sports Betting Market, Incremental Opportunity, by Sports Type, US$ Bn, 2017-2031
Figure 11: North America Sports Betting Market Projections by Betting Type, US$ Bn, 2017-2031
Figure 12: North America Sports Betting Market, Incremental Opportunity, by Betting Type, US$ Bn, 2017-2031
Figure 13: North America Sports Betting Market Projections by Sales Channel, US$ Bn, 2017-2031
Figure 14: North America Sports Betting Market, Incremental Opportunity, by Sales Channel, US$ Bn, 2017-2031
Figure 15: North America Sports Betting Market Projections by Country, US$ Bn, 2017-2031
Figure 16: North America Sports Betting Market, Incremental Opportunity, by Country, US$ Bn, 2017-2031
Figure 17: Europe Sports Betting Market Projections by Sports Type, US$ Bn, 2017-2031
Figure 18: Europe Sports Betting Market, Incremental Opportunity, by Sports Type, US$ Bn, 2017-2031
Figure 19: Europe Sports Betting Market Projections by Betting Type, US$ Bn, 2017-2031
Figure 20: Europe Sports Betting Market, Incremental Opportunity, by Betting Type, US$ Bn, 2017-2031
Figure 21: Europe Sports Betting Market Projections by Sales Channel, US$ Bn, 2017-2031
Figure 22: Europe Sports Betting Market, Incremental Opportunity, by Sales Channel, US$ Bn, 2017-2031
Figure 23: Europe Sports Betting Market Projections by Country, US$ Bn, 2017-2031
Figure 24: Europe Sports Betting Market, Incremental Opportunity, by Country, US$ Bn, 2017-2031
Figure 25: Asia Pacific Sports Betting Market Projections by Sports Type, US$ Bn, 2017-2031
Figure 26: Asia Pacific Sports Betting Market, Incremental Opportunity, by Sports Type, US$ Bn, 2017-2031
Figure 27: Asia Pacific Sports Betting Market Projections by Betting Type, US$ Bn, 2017-2031
Figure 28: Asia Pacific Sports Betting Market, Incremental Opportunity, by Betting Type, US$ Bn, 2017-2031
Figure 29: Asia Pacific Sports Betting Market Projections by Sales Channel, US$ Bn, 2017-2031
Figure 30: Asia Pacific Sports Betting Market, Incremental Opportunity, by Sales Channel, US$ Bn, 2017-2031
Figure 31: Asia Pacific Sports Betting Market Projections by Country, US$ Bn, 2017-2031
Figure 32: Asia Pacific Sports Betting Market, Incremental Opportunity, by Country, US$ Bn, 2017-2031
Figure 33: Middle East & Africa Sports Betting Market Projections by Sports Type, US$ Bn, 2017-2031
Figure 34: Middle East & Africa Sports Betting Market, Incremental Opportunity, by Sports Type, US$ Bn, 2017-2031
Figure 35: Middle East & Africa Sports Betting Market Projections by Betting Type, US$ Bn, 2017-2031
Figure 36: Middle East & Africa Sports Betting Market, Incremental Opportunity, by Betting Type, US$ Bn, 2017-2031
Figure 37: Middle East & Africa Sports Betting Market Projections by Sales Channel, US$ Bn, 2017-2031
Figure 38: Middle East & Africa Sports Betting Market, Incremental Opportunity, by Sales Channel, US$ Bn, 2017-2031
Figure 39: Middle East & Africa Sports Betting Market Projections by Country, US$ Bn, 2017-2031
Figure 40: Middle East & Africa Sports Betting Market, Incremental Opportunity, by Country, US$ Bn, 2017-2031
Figure 41: South America Sports Betting Market Projections by Sports Type, US$ Bn, 2017-2031
Figure 42: South America Sports Betting Market, Incremental Opportunity, by Sports Type, US$ Bn, 2017-2031
Figure 43: South America Sports Betting Market Projections by Betting Type, US$ Bn, 2017-2031
Figure 44: South America Sports Betting Market, Incremental Opportunity, by Betting Type, US$ Bn, 2017-2031
Figure 45: South America Sports Betting Market Projections by Sales Channel, US$ Bn, 2017-2031
Figure 46: South America Sports Betting Market, Incremental Opportunity, by Sales Channel, US$ Bn, 2017-2031
Figure 47: South America Sports Betting Market Projections by Country, US$ Bn, 2017-2031
Figure 48: South America Sports Betting Market, Incremental Opportunity, by Country, US$ Bn, 2017-2031
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Sports Betting Market
*86 figures and 60 tables includes