Online Sports Betting Market Size
| 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 Market Trends
Increasing Popularity of Online Gambling
The football segment of the international online sports betting market records a high betting volume, with a growing number of bets. It is especially prevalent in European countries such as Italy, France, and Spain, where football is more popular. The online betting segment is predominantly applied in sports, especially in football events like the Fédération Internationale de Football Association (FIFA) World Cup and European Championships. Moreover, the increased penetration of smartphones is leading to an increase in several mobile application-based lottery games. The end-user has the convenience and comfort of gambling within the comfort of their own space, which is one of the primary drivers of the segment. Casino gambling has been one of the rapidly growing gambling categories, owing to the convenience of usage and optimal user experience. Also, the rising adoption of online payment gateways has made payment options convenient for players. Online payment provides a safe and secure mode of transaction, boosting the growth of the online sports betting market.
Europe Dominates the Market
The market records a high demand from European betting consumers, who bet across multiple leagues, pre-match, and in-play. The market generates a significant portion of its revenue from the United Kingdom, Spain, Germany, and other European countries, as most companies are expanding into regulated markets to generate sustainable revenues. As online sports betting is predominantly applied in events such as the FIFA World Cup, the Wimbledon Championship, and the European Championships, the online sports betting market in Europe has grown significantly in the last few years. Companies are expanding their presence in the region based on various factors, including offerings, user experience, brand equity, personalized payoffs, and access to multiple platforms. For instance, in September 2023, global gaming operator Betsson entered the French online betting market. Betsson’s entrance into the French market results from collaborating with a local partner. It strategically aims to bring the company closer to the French sports betting arena. In the fourth quarter of 2023, the official launch of Betsson’s flagship brand took place.
Online Sports Betting Industry Overview
The market studied is fragmented due to the strong presence of regional and global players. Key players dominate the market, including Bet365, 888 Holdings PLC, Flutter Entertainment PLC, Entain PLC, and The Stars Group. Key players compete on various factors, including offerings, user experience, brand equity, personalized payoffs, and access to multiple platforms. The key strategies adopted by the players in the market are expansions, innovations, and product launches to maintain competitiveness in the market. They also focus on mergers to increase their market stake and improve profit margins.
Online Sports Betting Market Leaders
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Entain PLC
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The Stars Group
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888 holdings PLC
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BET 365
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Flutter Entertainment PLC
*Disclaimer: Major Players sorted in no particular order
Online Sports Betting Market News
- December 2023: Betsson collaborated with Racing Club de Avellaneda for the upcoming 2023/2024 season. Starting May 19, the Swedish brand logo would be featured on the upper back of the men’s and women’s First Division football teams’ shirts for local and international matches.
- September 2023: Betsson was awarded a license to offer online sports betting on the locally regulated market in France. The operations in France would run in collaboration with a local partner. The launch in the country took place during the fourth quarter of 2023 under the Betsson brand.
- March 2023: OpenBet, a multinational company that provides sports betting entertainment, expanded its presence in the United States with a day-one launch in Massachusetts.
Online Sports Betting Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Increasing Popularity of Online Gambling
4.1.2 Advancement In Security, Encryption, and Streaming Technology
4.2 Market Restraints
4.2.1 Regulatory Uncertainty And Compliance
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitutes
4.3.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Sport Type
5.1.1 Football
5.1.2 Basketball
5.1.3 Horse Racing
5.1.4 Baseball
5.1.5 Tennis
5.1.6 Other Sport Types
5.2 End User
5.2.1 Desktop
5.2.2 Mobile
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Spain
5.3.2.2 United Kingdom
5.3.2.3 Germany
5.3.2.4 France
5.3.2.5 Italy
5.3.2.6 Sweden
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 Oceanic Countries
5.3.3.2 Rest of Asia-Pacific
5.3.4 Rest Of The World
5.3.4.1 South America
5.3.4.2 Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 888 holdings PLC
6.3.2 Entain PLC
6.3.3 BET 365
6.3.4 Betsson AB
6.3.5 Flutter Entertainment PLC
6.3.6 Draftkings Inc.
6.3.7 Kindred Group PLC
6.3.8 1XBET
6.3.9 22BET
6.3.10 Sportpesa
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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 |
| Geography | |||||||||
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Online Sports Betting Market Research 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.
Who are the key players in Online Sports Betting Market?
Entain PLC, The Stars Group, 888 holdings PLC, BET 365 and Flutter Entertainment PLC are the major companies operating in the Online Sports Betting Market.
Which is the fastest growing region in Online Sports Betting Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Online Sports Betting Market?
In 2024, the Europe accounts for the largest market share in Online Sports Betting Market.
What years does this Online Sports Betting Market cover, and what was the market size in 2023?
In 2023, the Online Sports Betting Market size was estimated at USD 42.56 billion. The report covers the Online Sports Betting Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Online Sports Betting Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key regional trends shaping Online Sports Betting?
The increasing growth in emerging markets like Asia Pacific and Latin America, alongside regulations evolving in established markets are the key regional trends shaping Online Sports Betting.
What are the emerging technologies shaping the future of Online Sports Betting?
The emerging technologies shaping the future of Online Sports Betting are a) AI-powered personalization b) Virtual reality experiences as potential game-changers
Online Sports Betting Industry Report
The online sports betting market is undergoing significant transformations driven by technological advancements. Leading firms are enhancing their platforms with features like cashless transactions, which are expected to boost market share. Increased female participation is also anticipated to contribute to market growth. The sector's expansion is further propelled by the integration of virtual reality and blockchain technologies, enhancing the market size.
Digital sports betting has gained popularity in major events like the FIFA World Cup and European Championships, as well as in sports such as horse racing and tennis. The convenience of remote sports betting and secure transaction methods are key drivers of the global market. The market is segmented by sports type, device, and location, with football, basketball, horse racing, and cricket being the most popular sports for betting.
The market is highly competitive and fragmented, with companies adopting strategies like expansions, innovations, and new product launches to maintain their competitiveness. The rapid adoption of internet-connected devices like smartphones and tablets is significantly contributing to the market growth. High-speed internet services and the growing acceptance of online gambling, particularly in football-loving nations like Italy, France, and Spain, are also driving the market forward.
Despite challenges such as the negative effects on mental health and restrictions on online gambling in several countries, the growth of live e-sports coverage platforms is anticipated to create lucrative opportunities for the market. Industry analysis and industry statistics indicate that football and line-in-play segments hold the highest market shares.
The market forecast and market outlook suggest continued growth, supported by industry reports and market data. The industry research highlights the importance of market segmentation and market trends in understanding the market value. The industry size and industry sales are crucial metrics for assessing the market overview and market predictions.
As the market continues to evolve, industry information and industry reports will play a vital role in providing insights into market leaders and market review. The market forecast and market growth will be closely monitored by research companies to understand the market outlook and industry trends. The market segmentation and market value will be key factors in shaping the future of the online sports betting market.
The report example and report pdf provide a comprehensive view of the market's current state and future prospects. The market leaders are expected to continue driving innovations and expansions to maintain their competitive edge in this rapidly growing industry.
