Market Size of Online Sports Betting Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 48.17 Billion |
| Market Size (2029) | USD 83.58 Billion |
| CAGR (2024 - 2029) | 11.65 % |
| Fastest Growing Market | North America |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
Online Sports Betting Market Analysis
The Online Sports Betting Market size is estimated at USD 48.17 billion in 2024, and is expected to reach USD 83.58 billion by 2029, growing at a CAGR of 11.65% during the forecast period (2024-2029).
Sports betting involves gambling by predicting the outcome of a game and placing a wager. It is popular in various sports, including cricket, football, and horse racing. The proliferation of the internet is expected to drive advancements in the sports betting industry. European football generates the most revenue in online betting sports, with baseball trailing closely behind. The increasing popularity of online sports has revolutionized the methods of sports betting. However, numerous countries prohibit sports betting, which significantly hinders the expansion of the sports betting market. However, relaxation in the regulation framework of betting and gambling activities by governments worldwide is anticipated to provide favorable opportunities for betting operators. For instance, in 2023, as per the American Gaming Association in the United States, sports betting was legally permitted in 36 states, an increase from 32 in 2021. Within the first ten months of 2022, sports bettors in the United States legally wagered approximately USD 73 billion.
Online Sports Betting Industry Segmentation
Sports betting is predicting sports results and placing a wager on the outcome. The frequency of sports bets varies by culture, with the vast majority placed on football, basketball, horse racing, cricket, and others. The online sports betting market is segmented by sports type, end user, and geography. Based on sports type, the market is segmented into football, basketball, horse racing, baseball, tennis, and other sports types. Based on end users, the market is segmented into desktop and mobile. Moreover, an analysis has been done based on emerging and established regions, including North America, Europe, Asia-Pacific, and the Rest of the World. The market sizing and forecasts have been done for each segment based on value (USD).
| Sport Type | |
| Football | |
| Basketball | |
| Horse Racing | |
| Baseball | |
| Tennis | |
| Other Sport Types |
| End User | |
| Desktop | |
| Mobile |
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Online Sports Betting Market Size Summary
The online sports betting market is poised for significant growth, driven by the increasing popularity of sports betting across various platforms and the proliferation of internet access. This market involves predicting game outcomes and placing wagers, with football and cricket being particularly popular. The European football scene, in particular, generates substantial revenue, with countries like Italy, France, and Spain leading in betting volume. The convenience of online and mobile betting applications, coupled with the rise of online payment gateways, has made sports betting more accessible and secure for users. Despite regulatory challenges in some regions, the relaxation of betting and gambling regulations by governments worldwide is expected to create favorable conditions for market expansion.
The market is characterized by a fragmented landscape with both regional and global players such as Bet365, 888 Holdings PLC, Flutter Entertainment PLC, Entain PLC, and The Stars Group dominating the scene. These companies compete on various fronts, including user experience, brand equity, and access to multiple platforms, and they often engage in expansions, innovations, and strategic partnerships to enhance their market position. The European market, in particular, has seen significant growth, with companies like Betsson expanding their presence through collaborations and local partnerships. The market's growth is further supported by high demand from European consumers and the increasing adoption of mobile and online betting platforms, which offer users the convenience of betting from anywhere.
Online Sports Betting Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Increasing Popularity of Online Gambling
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1.1.2 Advancement In Security, Encryption, and Streaming Technology
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1.2 Market Restraints
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1.2.1 Regulatory Uncertainty And Compliance
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitutes
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1.3.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Sport Type
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2.1.1 Football
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2.1.2 Basketball
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2.1.3 Horse Racing
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2.1.4 Baseball
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2.1.5 Tennis
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2.1.6 Other Sport Types
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2.2 End User
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2.2.1 Desktop
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2.2.2 Mobile
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 Spain
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2.3.2.2 United Kingdom
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2.3.2.3 Germany
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2.3.2.4 France
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2.3.2.5 Italy
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2.3.2.6 Sweden
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 Oceanic Countries
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2.3.3.2 Rest of Asia-Pacific
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2.3.4 Rest Of The World
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2.3.4.1 South America
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2.3.4.2 Middle East & Africa
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Online Sports Betting Market Size FAQs
How big is the Online Sports Betting Market?
The Online Sports Betting Market size is expected to reach USD 48.17 billion in 2024 and grow at a CAGR of 11.65% to reach USD 83.58 billion by 2029.
What is the current Online Sports Betting Market size?
In 2024, the Online Sports Betting Market size is expected to reach USD 48.17 billion.
