Horse and Sports Betting Market Analysis Europe, APAC, North America, South America, Middle East and Africa - UK, US, Italy, China, Germany - Size and Forecast 2024-2028

Horse And Sports Betting Market Size 2024-2028 

The global horse and sports betting market size is estimated to grow by USD 221.4 million between 2023 and 2028 and exhibiting a CAGR of 11.06%. Market expansion hinges on several factors, notably the surge in digital connectivity, the recent legalization of horse and sports betting, and the rising disposable incomes among consumers. These elements collectively fuel demand and foster growth within the market. The proliferation of digital connectivity enables seamless access to betting platforms, attracting a broader audience of participants. Additionally, the legalization of horse and sports betting opens new avenues for revenue generation and market penetration. As disposable incomes rise, individuals have more spending power, leading to increased participation in betting activities. These factors synergize to create a conducive environment for market expansion, driving innovation and competition among industry players.

The market in Europe is fuelled by easy access to online betting sites has increased the popularity of online sports among the European population. Bet365 Group Ltd. offers horse and sports betting, such as UK racing and US horse racing. Also, the company provides a range of betting opportunities for various sports, including football, horse racing, tennis, cricket, and basketball, as well as casino, games, poker, and bingo rooms online.

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Market Dynamics

The market encompasses online wagering activities among smartphone users, leveraging digital infrastructure and wireless connectivity. This market caters to various athletic events, including horse racing and casino organization offerings. With the advent of 5G networks and advanced mobile devices, digitalization trends have predicated a significant increase in internet users engaging in horse racing wagering and fixed odds betting on sports such as basketball. Individuals make their betting choices based on past performance and track conditions, with predicated results influencing their decisions. The horse racing sector remains a significant contributor to this market, with eSports betting gaining traction among the younger demographic. Overall, the market continues to evolve, providing diverse betting opportunities for individuals worldwide.

Key Market Driver

Increasing digital connectivity is the key factor driving the growth of the global market. The digitalization trend has significantly transformed the landscape of athletic events such as horse racing and sports betting. According to DataReportal, approximately 4.9 billion Internet users worldwide have embraced online betting platforms, with smartphone users leading the charge. This digital infrastructure and wireless connectivity have facilitated the growth of the market.

Moreover, casino organizations have capitalized on this trend, offering fixed odds wagering, eSports betting, and other betting choices on various athletic events, including horse racing, football, basketball, baseball, and cricket. The football segment, in particular, has seen a surge in online betting activities. 5G networks have further enhanced the user experience, enabling real-time data processing and prediction of bets based on past performance and track conditions.This is driving the growth of the global market during the forecast period.

Significant Market Trends

The growing popularity of esports is the primary trend shaping the global market growth. In the dynamic betting market, horse and sports betting industries are witnessing significant advancements driven by online platforms and digital infrastructure. With an increasing number of smartphone users, wireless connectivity has become essential for accessing betting services. Athletic events, such as horse racing and football, basketball, cricket, and baseball, are popular choices for individuals placing bets.

Moreover, casino organizations are leveraging digitalization trends to offer fixed odds wagering, eSports betting, and other betting options to internet users. The adoption of advanced technologies like 5G networks enhances the user experience, enabling real-time data access for predicting results in horse races and sports events. Thus, the growing popularity of esports is expected to propel the growth of the global market during the forecast period.

Major Market Challenge

Negative socio-economic impact is a major challenge to the growth of the global market. The global market for horse and sports betting is governed by various regulatory acts and laws in numerous countries. In the digital age, online betting has emerged as a popular trend among smartphone users, requiring robust digital infrastructure and wireless connectivity. Athletic events, including horse racing, football, basketball, cricket, and others, attract a significant number of Internet users, driving the demand for casino organizations to offer betting services.

Moreover, safety legislation is crucial in this industry, with football clubs and other entities ensuring secure platforms such as Uplatform and Pure Win for fixed odds wagering and eSports betting. The increasing adoption of mobile devices and the digitalization trends have led to the expansion of betting choices, enabling individuals to place bets on predicted results of horse races based on past performance and track conditions.  For instance, countries such as South Korea, Japan, Norway, and Portugal have banned online betting activities to prevent addictive behavior among the public, which, in turn, is hampering the growth of the global market during the forecast period.

Market  Segmentation

By Platform

The market share growth by the offline betting segment will be significant during the forecast period. In countries such as the US, where casinos are widely prevalent and licenses are given by individual states, it is challenging for new companiess to penetrate the market and operate through the online channel. This is a key driver for the growth of the offline market segment during the forecast period.

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The offline betting segment was valued at USD 204.50 million in 2018. Offline betting is especially popular among people who are not comfortable with online platforms. Lack of technology adoption, the prevalence of government regulations that allow sports betting only through offline channels, and privacy issues related to online betting platforms have increased the adoption of offline betting for horse racing and other sports activities. Local bookies allow customers to bet on sports on credit through betting shops or betting agencies, which provides flexibility and convenience to customers to pay later. Such factors wil increase segment growth during the forecast period.

By Region

APAC is estimated to contribute 49% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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Another region that contribute significantly to the growth of the global market is Europe. In most European countries, the popularity of offline and online sports betting has grown over time. Online sports are becoming more popular among Europeans due to easy access to online betting sites. Sports betting has grown significantly in European countries due to increased internet connectivity and increased use of smartphones. The average percentage of Internet users in Europe is typically 50-60%. This has increased the acceptance of online gambling among people in European countries during the forecast period.

Market Customer Landscape

The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

• Platform Outlook 
  • Offline betting
  • Online betting

• Type Outlook 
  • Fixed odds wagering
  • Exchange betting
  • Live betting
  • Esports betting
  • Others

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

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Market Analyst Overview

The market encompasses various horse races and sports events where individuals place wagers on the outcome. Betting on horses and sports has been a popular pastime for centuries, with digital advancements making the process more accessible and convenient. Horse racing is a significant segment in this market, with events such as the Kentucky Derby and Royal Ascot attracting a large number of bettors. Other sports like football, basketball, and tennis also contribute to the market's growth. The use of technology, including mobile applications and live streaming, has transformed the betting experience, enabling real-time betting and analysis. Additionally, the increasing popularity of fantasy sports and eSports has expanded the market's scope. The market's success relies on factors like consumer preferences, regulatory frameworks, and technological innovations.

The Market is a dynamic landscape driven by various segments and factors. Within the betting arena, the Basketball segment and Cricket segment stand out as significant contributors, reflecting diverse interests among enthusiasts. In India, the Indian gambling site has emerged as a pivotal platform, catering to the country's avid betting community. However, it's the allure of Horse-racing and Horse betting that often takes center stage, where the Skill of the jockey and the reputation of Top-tier horses play crucial roles in influencing betting trends. The industry has witnessed a shift towards modernization with the rise of Off-track betting sites and Physical betting windows, providing convenience and accessibility to bettors. Meanwhile, Racetracks continue to be key venues for betting activities, offering live experiences for enthusiasts.

The market's growth is further fueled by the expansion into Emerging nations, attracting new participants and diversifying the betting landscape. As betting preferences vary, the market is segmented into Low volume and High-volume segments, Low volume segment and High-volume segment, accommodating different betting volumes and preferences. The recent Legalization of horse betting has significantly impacted the market, opening up new opportunities and driving increased betting volume across various segments. Overall, these dynamics highlight the evolving nature and vast potential of the Market.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the size of the market  size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across Europe, APAC, North America, South America, and Middle East and Africa
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market report analysis of factors that will challenge the growth of market companies

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