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The Global Sports Betting Market size is estimated to grow by USD 143.73 billion exhibiting a positive CAGR of 10.68% between 2023 and 2027.
Our report offers in-depth analysis of sports betting market drivers, trends, opportunities, challenges, and restraints, with 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). Additionally, Technavio provides valuable insights through value chain analysis, parent market analysis, Porter’s Five analysis, vendor analysis, and COVID-19 impact data. The report also includes a thorough analysis of historical market data from 2017 to 2022.
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The sports betting market faced setbacks in 2020 due to the COVID-19 outbreak, leading to widespread event cancellations and postponements. For example, international tennis tournaments in China were canceled, the Tokyo 2020 Olympics were postponed to 2021, and the Maybank Championship in golf was delayed. These disruptions had a detrimental effect on the market in the region during 2020. However, with the onset of vaccination campaigns and the reopening of the venues, the market experienced a resurgence in the first half of 2021. Additionally, the growing demand for online services is anticipated to drive online sports betting market growth in the forecast period.
The digital revolution is a key factor driving the market growth. In 2021, the global Internet penetration rate was over 63%, with APAC being the leader in terms of the volume of Internet users. With the recent global digital revolution, cloud platforms are being preferred for storing data, and there has been a burgeoning increase in online transactions and payments among commercial as well as retail users. Also, there has been a significant increase in the consumption of digital content in the last five years, with the growing Internet speed.
With extensive digitalization, the sports betting landscape has fundamentally changed, and the global sports betting market has shifted toward online or virtual applications and platforms. Modern consumers can easily engage in sports betting and conveniently connect with sportsbooks due to easy access to the Internet and the availability of various mobile apps and online platforms. Also, online and virtual sports betting platforms are equipped with advanced statistics and innovative graphics that attract end-users. Therefore, the digital revolution is expected to increase the popularity of sports betting and eventually drive the global online sports betting market during the forecast period.
The emergence of machine learning is one of the major sports betting market trends. A key trend in the global market is the growing impact of technology, particularly blockchain, virtual reality, and AI, including machine learning. Major vendors are investing in machine learning for predictive algorithms to enhance betting efficiency. With machine learning, sports event outcomes are increasingly predictable. The future may see automated tools and robots dominating the market, driven by massive data analysis. This shift is expected to benefit the market.
Scandals and illegal practices in betting is a key factor hindering the growth of the sports betting market. The recent legalization of sports betting in the US has led to a focus on preventing corruption. Match-fixing scandals have arisen, leading to efforts to identify and prevent fraud. Sportradar's Universal Fraud Detection System (UFDS) helps monitor sports integrity, with football being the most susceptible. The illegal betting market also poses a challenge to the global sports betting industry. Security and credibility issues in online sports betting, including a lack of dispute resolution frameworks, transparency, and responsible gaming standards, further hinder market growth. Cybersecurity vulnerabilities in online platforms are also a concern, making security and credibility key issues for the online sports betting market's future.
The basketball segment is estimated to witness significant growth during the forecast period. Basketball betting is the process of making predictions about the outcome of basketball games. Basketball betting can be done in many ways, including straight-up bets, point spreads, and over/under bets through online and offline channels. There are various other types of basketball betting, such as betting on popular teams, betting on underdogs, and betting on basketball totals.
Sports Betting Market
By Type
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The basketball segment was the largest segment and was valued at USD 50.17 billion in 2017. The rising number of events by sports events by the National Basketball Association (NBA) and others is driving the growth of the basketball segment. Basketball betting is mainly done through online channels as it provides huge discounts and bonuses. Also, the availability of a number of betting sites such as DraftKings, FanDuel, PointsBet, BetRivers, BetMGM, Caesars, Bet365, Unibet, and WynnBET in legalized sports betting is driving the demand for basketball betting. Thus, owing to an increase in the demand for basketball betting is expected to propel the online sports betting market growth.
APAC is estimated to contribute 42% 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.
Sports Betting Market
By APAC
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In emerging countries of APAC, betting is done on various sports, including cricket, horse racing, and soccer. The regulations differ from country to country. For instance, there are many forms of betting in China, including sports betting, lottery, and casino games. Chinese Sports Lottery has a monopoly on all sports betting in Mainland China, and all non-approved betting sites are forbidden. Hong Kong permits certain forms of gambling, such as betting on horse racing and soccer matches, as well as lotteries, but they are allowed only if managed by the government-sponsored Hong Kong Jockey Club (HKJC).
On the other hand, gambling is banned in Singapore. In developed countries such as Japan, online gambling is not allowed, and gambling is strongly restricted and controlled. However, online access to foreign sites is available. Horse racing and lotteries are the only fully legal gambling activities. Furthermore, in countries such as India, while betting is still not legal, the growing penetration of fantasy sports platforms such as Dream 11 is estimated to be a key driving factor for the online sports betting market in focus.
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.
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 2018 to 2028.
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Sports Betting Market Scope |
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2022 |
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Historic period |
2018 - 2022 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.68% |
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Market growth 2023-2027 |
USD 143.73 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
10.2 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 42% |
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Key countries |
US, China, Australia, Germany, and Italy |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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 |
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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 forecast period |
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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.
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
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