Global Sports Betting Market

Global Sports Betting Market Size, Share, Growth Analysis, By Platform(online and offline), By betting type(Fixed Odds Wagering, Exchange Betting) - Industry Forecast 2024-2031

Report ID: SQMIG25N2002 | Region: Global | Published Date: April, 2024
Pages: 223 | Tables: 64 | Figures: 75

Global Sports Betting Market Dynamics

Sports Betting Market Drivers

Development of Digital Infrastructure to Bolster Market Growth

  • There are various places where people participate in internet gambling, particularly sports betting, which mostly draws young people. It is accessible in many nations where sports betting is allowed or prohibited and reaches even those people who do not follow sports. An online sports bettor is typically 38 years old, but a land-based sports bettor is often 45 years old. The population's growing interest in sports betting is anticipated to fuel the market's expansion.
  • The expansion of wireless connection and digital infrastructure are anticipated to fuel the market's rate of expansion. The increased use of smartphones has altered how consumers conduct their activities, particularly sports betting. Around 6.3 billion people use smartphones worldwide, and this figure is growing annually, which is the key factor driving the growth of the sports betting sector.

Sports Betting Market Restraints

Stringent Regulations to Hinder Market Growth

  • The key market restraints that will slow the growth of the sports betting sector are rigorous governmental regulations pertaining to sports. Throughout the forecast period, worries regarding illicit sports betting are expected to be a challenge to the business.
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FAQs

Sports Betting Market size was valued at USD 66.21 billion in 2021 and is poised to grow from USD 83.65 billion in 2022 to USD 182.12 billion by 2030, growing at a CAGR of 10.3% in the forecast period (2023-2030).

Due to the significant presence of regional and international competitors, the market under study is characterised by fierce rivalry and is highly fragmented. Major companies like Bet365, GVC Holdings PLC, The Stars Group, 888 Holdings PLC, and William Hill PLC dominate the market. The competition between major firms is based on a number of variables, including offers, user experience, brand equity, customised rewards, and access to other platforms. 'William Hill plc (UK)', 'GVC Holdings plc (UK)', 'Paddy Power Betfair plc (Ireland)', 'Bet365 Group Ltd (UK)', 'Kindred Group plc (Malta)', '888 Holdings plc (Gibraltar)', 'Stars Group Inc. (Canada)', 'Betsson AB (Sweden)', 'Ladbrokes Coral Group plc (UK)', 'Flutter Entertainment plc (Ireland)', 'DraftKings Inc. (US)', 'FanDuel Group Inc. (US)', 'Betway Group (Malta)', 'Smarkets (UK)', 'Mansion Group (Gibraltar)', 'Interwetten (Austria)', 'Sky Betting & Gaming (UK)', 'Betfred (UK)', 'NordicBet (Malta)', '10Bet Ltd. (Malta)'

There are various places where people participate in internet gambling, particularly sports betting, which mostly draws young people. It is accessible in many nations where sports betting is allowed or prohibited and reaches even those people who do not follow sports. An online sports bettor is typically 38 years old, but a land-based sports bettor is often 45 years old. The population's growing interest in sports betting is anticipated to fuel the market's expansion.

The demand for the sports betting business is growing along with the number of sports leagues and events. As new professional sports leagues are developed around the world, customers can increase the amount they wager. The result is that the world's sports leagues and tournaments are supporting an exponential growth in the sports betting industry.

In 2021, Europe accounted for the lion's share—roughly 50%—of the world market for sports betting. Football, motor racing, rugby, and tennis are just a few of the popular sports in Europe that have sizable, devoted fan bases who actively partake in sports betting. Furthermore, the installation of strict betting laws and guidelines has considerably decreased fraud in the area, which has benefited the expansion of the European sports betting market. Sports betting also attracts a sizable customer base in North America and Asia-Pacific.

Global Sports Betting Market size was valued at USD 83.65 billion in 2022 and is poised to grow from USD 92.27 billion in 2023 to USD 202.14 billion by 2031, at a CAGR of 10.3% during the forecast period (2024-2031).

Due to the significant presence of regional and international competitors, the market under study is characterised by fierce rivalry and is highly fragmented. Major companies like Bet365, GVC Holdings PLC, The Stars Group, 888 Holdings PLC, and William Hill PLC dominate the market. The competition between major firms is based on a number of variables, including offers, user experience, brand equity, customised rewards, and access to other platforms. 'William Hill plc (UK)', 'GVC Holdings plc (UK)', 'Paddy Power Betfair plc (Ireland)', 'Bet365 Group Ltd (UK)', 'Kindred Group plc (Malta)', '888 Holdings plc (Gibraltar)', 'Stars Group Inc. (Canada)', 'Betsson AB (Sweden)', 'Ladbrokes Coral Group plc (UK)', 'Flutter Entertainment plc (Ireland)', 'DraftKings Inc. (US)', 'FanDuel Group Inc. (US)', 'Betway Group (Malta)', 'Smarkets (UK)', 'Mansion Group (Gibraltar)', 'Interwetten (Austria)', 'Sky Betting & Gaming (UK)', 'Betfred (UK)', 'NordicBet (Malta)', '10Bet Ltd. (Malta)'

There are various places where people participate in internet gambling, particularly sports betting, which mostly draws young people. It is accessible in many nations where sports betting is allowed or prohibited and reaches even those people who do not follow sports. An online sports bettor is typically 38 years old, but a land-based sports bettor is often 45 years old. The population's growing interest in sports betting is anticipated to fuel the market's expansion.

The demand for the sports betting business is growing along with the number of sports leagues and events. As new professional sports leagues are developed around the world, customers can increase the amount they wager. The result is that the world's sports leagues and tournaments are supporting an exponential growth in the sports betting industry.

In 2021, Europe accounted for the lion's share—roughly 50%—of the world market for sports betting. Football, motor racing, rugby, and tennis are just a few of the popular sports in Europe that have sizable, devoted fan bases who actively partake in sports betting. Furthermore, the installation of strict betting laws and guidelines has considerably decreased fraud in the area, which has benefited the expansion of the European sports betting market. Sports betting also attracts a sizable customer base in North America and Asia-Pacific.

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