Sports Betting Market: Global Industry Analysis and Forecast (2024-2030)

The Sports Betting Market size was valued at USD 93.62 Billion in 2023 and the total Sports Betting revenue is expected to grow at a CAGR of 10.78% from 2024 to 2030, reaching nearly USD 190.48 Billion by 2030.

In recent years, the sports betting industry has witnessed a notable shift all across the world. Evolving regulations and the growth of online platforms have ushered in a new era for both avid enthusiasts and casual gamblers. With the industry set up for unprecedented growth, it has become imperative for stakeholders to navigate this evolution armed with practical insights.
Sports Betting Market Overview:
Sports betting is gradually proving to be another source of revenue for the sports industry; billions of dollars are spent on various athletic performances every year. The legalization of sports betting in many countries has created new opportunities for collaboration between sports bodies and betting companies, which has led to increased revenues. Therefore, the sports betting sector contributed a large portion of its global revenue slice of the sports market. It has also promoted engagement and passion for sports among fans as those who are watching the games stand to benefit from the outcome financially. Nevertheless, some possible ethical issues and other adverse effects have been voiced concerning sports betting, including the tendency for match-fixing and gambling disorders, which have become an obstacle to the development of the sports betting market.

However, the future growth of the sports betting market depends on legislation, the development of technologies, and changes in people’s perception of the legalization of betting. It is also important to find a middle ground between the advantages and disadvantages of the growth of the revenues in the industry so that it does not harm the principles of integrity and sustainability. These challenges have to be met by the industry with the understanding that technologies are evolving at a fast rate and consumers’ behaviors as well. Modern technological innovations such as online platforms, mobile applications, and social media platforms have also altered how the bets are placed and how information is conveyed meaning new opportunities and risks for the sportsbooks the bettors, and the sports media Royal. This also applies to the legal structure since the Supreme Court nullified the federal law on the banning of betting in sports in 2018 which opened the search for the regulation in states.

MMR Key Findings in the Sports Betting Market:

1. In 2024, the number of registered sports betting businesses all across the world is 24,244.
2. Bet365 is a top sports betting company with a brand value of $4.02 billion, and next is Genting ($3.62 billion).
3. Europe and the United States are leading markets in the sports betting industry.

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Sports Betting Market Dynamics:
Expansion Of Legalized Sports Gambling In The Sports Betting Industry.

The global expansion of legalized sports gambling is expected to be the major factor driving the sports betting market growth. Countries such as Canada, Germany, the Netherlands, Australia, and Ireland have all seen changes in their regulatory landscape, with more markets opening up to licensed operators. This expansion has led to increased competition among operators, driving innovation and growth in the industry.
In the United States, the 2018 Supreme Court decision striking down the Professional and Amateur Sports Protection Act (PASPA) has paved the way for states to legalize sports betting individually. As of the time of writing, sports betting is legal in 36 U.S. states, and live in 30 of them. Currently, 6 states (Hawaii, Minnesota, Missouri, South Carolina, Texas, and Vermont) have active legislation and/or ballot initiatives introduced for legalization that allow sports betting in 2023. This has led to a rapid increase in the popularity of sports betting, with many states seeing significant tax revenue from the activity.

In the UK, the sports betting landscape has undergone significant changes, particularly during the COVID-19 pandemic, leading to a surge in eSports betting due to increased digital engagement. The sector, which ranked just below online casinos in revenue generation as per the UK Gambling Commission (UKGC), faced regulatory changes on 12 September 2022 to protect vulnerable bettors. These changes aimed to curb impulsive gambling habits and required betting companies to modify their marketing approaches while ensuring adherence to stricter guidelines. Despite these regulatory adjustments, the UK sports betting market is expected to continue to experience stable growth, with enhanced public trust in the regulated environment bolstering the industry during the forecast period.

The Convergence of Sports Betting and Media

The convergence of sports betting and media is expected to be the key trend in the global sports betting market. As legal sports betting gains more traction, there is an emerging tendency to target the synergy between the sports betting sector and the media industry. Therefore, betting providers have partnerships with sports leagues, teams, and media groups. For instance, DraftKings have entered into agreements with the Chicago Cubs for the running of a retail sportsbook on the Wrigley Field site while FanDuel has partnered with the New York Yankees to provide VIP hospitality at Yankee Stadium. In the United Kingdom, William Hill paid for Sky Sports News to televise the 2021/22 and 2022/23 football premierships and Ladbrokes a three year sponsorship deal was made with PGA Australia in 2017. Therefore, this convergence has gone further and sports networks such as ESPN and Sportsnet have introduced programs and features on betting. This trend is expected to increase as sports betting is integrated into the fan experience.
Sports Betting Market Segment Analysis:
Based on the Platform segment, the Online Platform sub-segment dominated the global sports betting industry. Thanks to the changing customer preferences, emerging trends, and local special circumstances, the online segment held the highest revenue share of 62.70% in 2023. The segment is further expected to grow at a substantial CAGR and offer lucrative growth opportunities for the sports betting market players during the forecast period. The convenience and accessibility of online platforms have made it easier for customers to place bets on their favorite sports events from the comfort of their homes, leading to an increase in participation. The integration of advanced technologies, such as live streaming and in-play betting, has enhanced the overall betting experience for customers. The rising adoption of mobile devices for online betting is also driving the segment's growth, as customers can now place bets anytime and anywhere.



In addition, the rise of eSports betting, which involves wagering on competitive video gaming events, is also expected to boost the sports betting market size. Local special circumstances in different countries and regions also shape the online sports betting market. Legalization and regulation in some countries have created a favorable environment for operators and customers, leading to increased competition and improved services. However, in countries where online sports betting is restricted or prohibited, customers may turn to illegal or unregulated platforms, posing challenges for both the industry and authorities. Underlying macroeconomic factors, such as economic growth, disposable income levels, and consumer confidence, are key drivers of customer spending on leisure activities, including online sports betting. Countries with a strong economy and high disposable income are more likely to engage in online sports betting as a form of entertainment.
Sports Betting Market Regional Insights:
The United States led the North America sports betting market with the highest revenue share of 78.45% in 2023 and the United States sports betting market is expected to grow at a CAGR of 8.12% during the forecast period. According to the MMR analysis, there has been substantial growth and financial influence of the sports betting industry in the United States in recent years. The total United States tax revenue, from sports betting, has exceeded USD 5 billion, achieved in less than six years since its legalization beyond Nevada's borders in 2018. In 2023, over 40% of the total tax revenue, worth USD 2.15 billion was generated from sports betting, indicating a prosperous year for sportsbook operators. The known hold on total sports betting income remained at 9.1%, significantly above the industry average of 7% in 2022.

Moreover, legalized sports betting is a booming business across various US countries, and the tax income it generates contributes to various state resources, such as roads and highways, public schools, law enforcement, and gambling addiction programs. According to the study, it is expected that tax revenue, from sports betting in the United States, is expected to continue to soar, reaching an estimated USD 18 billion by the end of 2030. This growth is attributed to the rising popularity of mobile betting platforms and the growth of legalized sports betting across states. As a result, the sports betting market is expected to witness a proliferation of new betting companies, technological innovations, and a broader consumer base. Additionally, state governments will benefit from increased tax revenues, which could be allocated to public services and infrastructure, further stimulating economic growth.

In terms of sports betting tax revenue, the top five states in the United States are New York, New Jersey, Illinois, Pennsylvania, and Tennessee. New York led the United States sports betting market in 2023 and generated the highest tax revenue from sports betting since legalizing it in June 2019. New Jersey has been a powerhouse, with sportsbooks raking in total revenue of 3.27 billion since 2018. Illinois has generated 366.3 million in tax revenue from sports betting. Its tax rate stands at 15%. Meanwhile, Pennsylvania has seen substantial success, with sportsbooks accumulating 537.9 million in revenue since 2018. Tennessee rounds out the top five, contributing 212.2 million in tax revenue. The region’s unique tax structure is based on a percentage of the handle.

In addition, Governments across the country are increasingly embracing sports betting. As of January 2023, 36 states have legalized sports betting, with more expected to follow suit. The relaxation of regulatory frameworks has created opportunities for both operators and customers. The sports betting industry is on an upward trajectory, fueled by technological advancements, changing regulations, and an insatiable appetite for excitement. Online platforms dominate the United States sports betting market in 2023, accounting for over 90% of sports betting activity. Mobile apps and user-friendly interfaces have revolutionized the industry, making it accessible to a broader audience. As smartphones become ubiquitous, the convenience of placing bets from anywhere has driven exponential growth.

As the sports betting industry is expected to continue to thrive, the competition for the highest revenue share intensifies among established gambling giants and relative newcomers. This factor has boosted the sports betting market size.

Top Sports Betting Apps Worldwide



App Name
Description


FanDuel
The most popular sports betting app in the United States, which rode the fantasy sports hype and the expansion of gambling in the late 2010s.


DraftKings
Similar to FanDuel, DraftKings' main feature was fantasy sports before it shifted to sportsbooks and other gambling services.


bet365
The United Kingdom’s most popular sports betting app, with a growing audience in Spain and the United States.


BetMGM
A partnership between MGM Resorts and European betting giant Entain Holdings that offers sportsbook and gambling services in the United States.


Caesars Sportsbook
A major provider of betting services in the United Kingdom, launched by media conglomerate Sky, which has since divested its stake.


Sky Bet
A major provider of betting services in the United Kingdom, launched by media conglomerate Sky, which has since divested its stake.


William Hill
One of the oldest bookmakers in the United Kingdom, established in 1934. It was sold in 2022 to 888 Holdings for £2.2 billion.



Europe accounted for the highest market share of 33.60% in 2023. Thanks to the favorable regulations across European countries regarding the sports betting/ gambling industry, the region is expected to grow at a CAGR of 9.75% during the forecast period and dominate the global sports betting market by 2030. Europe is home to the major sports, leagues, players, and horse races. The growing popularity of European leagues and international events such as the UEFA Champions League enhances fan interest and their willingness to gamble on match outcomes. Thus, the growing number of Europeans’ gambling addiction is expected to be a key driver of industry growth.

The online sports betting market witnessed significant growth in Europe in recent years. The widespread availability of online games and the ease of access offered by online gambling in comparison to traditional alternatives are some of the factors driving the online sports betting market growth in Europe. EU legislation is evolving rapidly, and various countries are revising online gambling rules and regulations. European betting sites are likewise expanding rapidly, with new operators establishing themselves across the continent. This has further boosted the segment growth.

European countries including France, Italy, the United Kingdom, Spain, the Netherlands, and Finland have seen tremendous growth in the remote gambling market in recent years. The outbreak of the COVID-19 pandemic contributes to the restriction of land-based betting across European countries as well as remains the prime factor that is expected to drive the Europe sports betting market growth. By analyzing this, it is clear that online sports betting is responsible for the majority of internet GGR (gross gambling revenue) in all of Europe. Nonetheless, the increasing tendency of the online gambling sector segment is represented inconsistently among European countries. This may be attributed to differences in how European countries apply and regulate betting on sports and online gambling. While Europe is seen as a single economic bloc, every country has the authority to pass its legislation and regulate its gaming services.

However, each country's legislation has to comply with the fundamental liberty standards. This is done under the TFEU or the Treaty on the Functioning of the European Union as recognized by the European Court of Justice. The environment in the region influences the sports betting industry in specific countries since different countries in the European Union lack general laws regarding sports betting or online gambling industries. Some countries have a well-established structure for regulating sports betting. Germany and Spain, for example, have state and local rules in place to regulate internet sports betting. Similarly, sports betting websites in the Netherlands are overseen by the Dutch Gaming Authority. However, no regulatory frameworks have been established in Ireland yet.
Global Sports Betting Market Scope: Inquire before buying



Global Sports Betting Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 93.62 Bn.


Forecast Period 2024 to 2030 CAGR:
10.78%
Market Size in 2030:
US $ 190.48 Bn.


 Segments Covered:
by Platform
Online
Offline


by Game Type
Football
Baseball
Basketball
Hockey
Cricket
Boxing
Horse racing
Other


by Betting Type
Fixed Odds Wagering
Exchange Betting
Live/In-Play Betting
eSports Betting
Others



Global Sports Betting Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Leading Sports Betting Market, Key Players:
1. Betson AB
2. Flutter Entertainment PLC
3. DraftKings Co., Ltd.
4. Kindred Group PLC
5. 1XBET
6. 22BET
7. Sports Pesa
8. FORTUNA ENTERTAINMENT GROUP
9. LAS VEGAS SANDS CORPORATION (U.S.),
10. Entain (U.K.),
11. MGM Resorts International
12. Wynn Resorts Holdings LLC.
13. NOVIBET (Greece)
14. Galaxy Entertainment Group Limited
15. Resorts World at Sentosa Pte. Ltd.
16. Sun International
17. RTSmunity a.s.
18. Sky Infotech
19. Peermont Global Proprietary Limited
20. SJM Holdings Limited
21. Sportradar AG
22. FanUp Inc.
23. Rivalry Ltd.
24. EveryMatrix
25. Kairos Group

FAQs:
1. What are the growth drivers for the Sports Betting market?
Ans. The legalization of sports betting in various regions, technological advancements, increased sports events and viewership, mobile betting apps, and a growing inclination toward online gambling are expected to be the major drivers for the Sports Betting market.

2. What are the factors restraining the global Sports Betting market growth during the forecast period?
Ans. legal complexities, the risk of gambling addiction, concerns over match-fixings are expected to be the major factors restraining the global Sports Betting market growth during the forecast period.

3. Which region is expected to lead the global Sports Betting market during the forecast period?
Ans. North America and Europe is expected to lead the global Sports Betting market during the forecast period.

4. What is the projected market size and growth rate of the Sports Betting Market?
Ans. The Sports Betting Market size was valued at USD 93.62 Billion in 2023 and the total Sports Betting revenue is expected to grow at a CAGR of 10.78% from 2024 to 2030, reaching nearly USD 190.48 Billion by 2030.

5. What segments are covered in the Sports Betting Market report?
Ans. The segments covered in the Sports Betting market report are Platform, Game Type, Betting Type, and Region.