Enjoy complimentary customisation on priority with our Enterprise License!
The Global Sports Betting Market size is estimated to grow at a CAGR of 10.09% between 2022 and 2027. The market size is forecast to increase by USD 139.26 billion. The growth of the market depends on several factors, including the digital revolution, the increasing commercialization of sports events, and the legalization of sports betting.
This sports betting market report extensively covers market segmentation by platform (online and offline), type (basketball, horse riding, football, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, Request Free Sample
Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Market growth is notably being driven by the legalization of sports betting. Several countries, including a few US states, the UK, France, Denmark, Italy, and various European nations, have legalized sports betting and online gambling. This legalization has opened up new opportunities for vendors in the market. To attract bettors, many vendors are actively making market developments and forming strategic partnerships.
Additionally, sports associations, clubs, and organizations are benefiting from the rise in sports event viewership due to the legalization of sports betting. They can charge higher prices for broadcast rights and generate substantial profits from ticket sales. As a result of global legalization, the sports betting market is expected to experience significant expansion during the forecast period.
The emerging trend of rising consolidation is shaping the sports betting industry. The global market is experiencing expansion and consolidation due to factors like regulatory pressures, intensifying competition, and the need for innovation. In response to the saturation in markets like the US, sports betting businesses are adopting inorganic growth strategies, leading to major vendors participating in consolidation activities.
For example, DraftKings completed the acquisition of Golden Nugget in May 2022, expanding their product offerings through a vertically integrated tech stack and the unique capabilities of Golden Nugget Online Gaming. Similarly, Penn National Gaming acquired Score Media and Gaming for USD 2 billion in cash and stock in October 2021. Such mergers and acquisitions are expected to enhance market vendors' demographic presence and increase their net profit, driving the growth of the global sports betting market during the forecast period.
The major challenge hindering the market growth is the socioeconomic impact of sports betting. This impact is particularly significant in nations like China and India, where sports betting can lead to severe financial stress, especially for low-income groups. Betting and gambling increase the risk of bad debts and bankruptcy, affecting the cost of credit in the economy.
The well-being of bettors, their families, and friends can be seriously harmed by gambling, leading to higher rates of suicide attempts. To address these socioeconomic effects, governments in countries like Japan, South Korea, Portugal, and Norway have implemented strict regulations, including outlawing online betting and gambling. As a result, these factors are expected to limit the growth of the global market during the forecast period.
The maarket 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.
Global Sports Betting Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
BetOnline - The key offerings of the company include online sports betting activity in which various sports matches are being played online by placing wagers on risk-based for the chance of winning money.
The betting industry report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the online segment will be significant during the forecast period. The technological development in online betting and the favourable regulatory changes are two important factors that are shaping the online segment, which is expanding significantly.
Get a glance at the market contribution of various segments View the PDF Sample
The online segment was valued at USD 85.88 billion in 2017 and continued to grow until 2021. There is expected to be a significant amount of space for growth for the online segment in regions like APAC and MEA due to extensive digitalization and rising smartphone penetration. One of the main forces behind the growth of the online sports betting industry is strategic alliances. For instance, Caesars Entertainment completed the acquisition of William Hill, a provider of sports betting, in April 2021. The online and physical properties of William Hill in the US will now be under the management of the casino-entertainment company. Furthermore, favorable legal and compliance requirements are another important factor in the segment's growth. New regulatory frameworks that are tailored specifically for online sports betting are being adopted by many jurisdictions. In exchange for a safer environment for end users, this may raise operating costs. However, vendors with scale and technological advantages, like 888 and William Hill, will be able to grow significantly. Therefore, owing to such factors the online segment is anticipated to grow during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 35% 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.
APAC is expected to be the largest market for sports betting during the forecast period. Due to the presence of more than 60% of the world's population in this region, APAC is one of the markets with the fastest growth rates. Additionally, the area is home to gambling hotspots like Macau, and the population's disposable income is also rising. Due to the adoption of online betting, the prevalence of important nations like China, and the ever-increasing presence of digital platforms, APAC currently controls the majority of the global market. The demand for online games and fantasy sports sites like Dream11, a brand of Sporta Technologies Pvt. Ltd., is rising, which also has a positive impact on the expansion of the regional market.
Betting is common in APAC's developing nations in a variety of sports, including soccer, horse racing, and cricket. The laws on betting differ from one nation to another. For instance, certain types of gambling are permitted in Hong Kong, including betting on horse races, soccer matches, and lotteries, but only if they are run by the government-sponsored Hong Kong Jockey Club (HKJC). However, on the other hand, gambling is not permitted at all in Singapore. Furthermore, despite the fact that gambling is still illegal in nations like India, the market is predicted to benefit greatly from the growing popularity of fantasy sports websites like Dream 11. The expansion of the sports betting industry in India is also being fueled by the rising popularity of a number of sporting events as well as the customers' increasing purchasing power. The expansion of the market in India as well as the market for the region as a whole is also aided by technological developments and the availability of web-based Internet gambling sites with a variety of bonuses and rewards. Hence, all of the abovementioned factors will fuel the market growth during the forecast period in APAC.
The outbreak of COVID-19 negatively impacted the growth of the market in the region in 2020. However, the initiation of vaccination drives across the region and the opening of sports betting venues revived the growth of the market in 2021. Moreover, the increasing demand for online sports betting services among countries in APAC is expected to fuel the growth of the regional market during the forecast period.
The sports betting market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the sports betting market as a part of the global casinos and gaming market within the overall global hotels, restaurants, and leisure market. The parent global casinos and gaming market covers products and companies engaged in casinos and gambling facilities and operations. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
|
Sports Betting Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
168 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 10.09% |
|
Market growth 2023-2027 |
USD 139.26 billion |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
9.76 |
|
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 35% |
|
Key countries |
US, China, Australia, Germany, and Italy |
|
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
888 Holdings Plc, Bet365 Group Ltd., BetOnline, Betsson AB, Bettilt, Caesars Entertainment Inc., Chancier BV, Churchill Downs Inc., DraftKings Inc., Entain Plc, Flutter Entertainment Plc, Kindred Group Plc, LeoVegas AB, Parimatch, Penn Entertainment Inc., Sportech Plc, SportsBetting.ag, The Betway Group, The Hong Kong Jockey Club, and Webis Holdings Plc |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Platform
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
