Sports Betting Market Size, Share, Growth Analysis, By Platform(online and offline), By betting type(Fixed Odds Wagering, Exchange Betting, Live/In Play Betting, Pari-mutuel), By Region - Industry Forecast 2025-2032


Report ID: SQMIG25N2002 | Region: Global | Published Date: April, 2024
Pages: 223 |Tables: 64 |Figures: 75

Sports Betting Market Insights

Sports Betting Market size was valued at USD 92.27 Billion in 2023 and is poised to grow from USD 101.77 Billion in 2024 to USD 222.96 Billion by 2032, growing at a CAGR of 10.3% during the forecast period (2025-2032).

The growing popularity of connected devices, the prevalence of sports betting, and the evolving digital infrastructure all contribute to the demand for sports betting. Due to restrictions on sports in most of the world, the COVID-19 epidemic had a significant impact on the sports industry. However, eSports betting caused online sports betting to grow in popularity throughout the world. Every industry was significantly impacted by technology.

The gambling business, however, was most negatively damaged, and the main sports betting organisations are working hard to make their platforms simple and enjoyable. Therefore, the market's online segment, which will experience considerable expansion in the forecast period, is projected to be impacted by the growing requirement for digitalization.

US Sports Betting Market  is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2025-2032

Global Market Size

USD 83.65 billion

Largest Segment

Online

Fastest Growth

Online

Growth Rate

10.3% CAGR

Global Sports Betting Market, 2022-2030($Bn)
Country Share for Europe Region- 2022 (%)

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Sports Betting Market Segmental Analysis

The sports betting market is segmented on the basis of platform and betting type. On the basis of platform Sports Betting Market is segmented into online and offline. betting type is segmented into Fixed Odds Wagering, Exchange Betting, Live/In Play Betting, Pari-mutuel, eSports Betting, Others. Based on Region Sports Betting Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Sports Betting Market Analysis by Platform

The online platform category led the market in terms of platforms, and it is anticipated that it will continue to lead the market at the conclusion of the forecast period, growing at a CAGR of 12.6%. The worldwide rise in smartphone and internet usage is to be blamed for the predicted development. The lifestyle of the world's people has been impacted by technological advancement and digitization. Financial development, a rise in living standards, and an increase in discretionary income are codependent elements.

Sports Betting Market Analysis by Betting Type

While the eSports betting segment is predicted to develop at the quickest CAGR of 14.8% throughout the projection period, the fixed odds wagering segment held a market share of over 25% in 2021. DataReportal estimates that 60.0% of people worldwide have an internet connection. The majority of clients partake in leisure pursuits like sports betting and are also looking for additional revenue. The kids are also becoming more interested in interactive games. While a sizable portion of the public participates in competitive games for amusement, money, and hobbies, eSports events draw significant crowds. As a result, the industry has started to capitalize on the possibility through eSports betting.

Global Sports Betting Market size by platform, 2022(%)

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Sports Betting Market Regional Insights

In 2021, Europe accounted for the lion's share—roughly 50%—of the world market for sports betting. Football, motor racing, rugby, and tennis are just a few of the popular sports in Europe that have sizable, devoted fan bases who actively partake in sports betting. Furthermore, the installation of strict betting laws and guidelines has considerably decreased fraud in the area, which has benefited the expansion of the European sports betting market. Sports betting also attracts a sizable customer base in North America and Asia-Pacific.

The growth of cricket betting in nations like India, Australia, Pakistan, and Sri Lanka is anticipated to fuel the Asia Pacific sports betting market. Furthermore, attractive promotions such as free deposit amounts and bonuses through promo codes are offered by popular legal U.S. sports betting applications like DraftKings, Outlast, and FanDuel. The North American sports betting market is expected to grow as a result of the availability of such offerings. Comparing the Middle East and Africa to South America, the client base is greater. In spite of this, the Middle East and Africa market is anticipated to expand more quickly over the coming few years.

Global Sports Betting Market size by geography 2022-2030($Bn)
  • Largest
  • Fastest

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Sports Betting Market Dynamics

Sports Betting Market Drivers

Development of Digital Infrastructure to Bolster Market Growth

  • There are various places where people participate in internet gambling, particularly sports betting, which mostly draws young people. It is accessible in many nations where sports betting is allowed or prohibited and reaches even those people who do not follow sports. An online sports bettor is typically 38 years old, but a land-based sports bettor is often 45 years old. The population's growing interest in sports betting is anticipated to fuel the market's expansion.
  • The expansion of wireless connection and digital infrastructure are anticipated to fuel the market's rate of expansion. The increased use of smartphones has altered how consumers conduct their activities, particularly sports betting. Around 6.3 billion people use smartphones worldwide, and this figure is growing annually, which is the key factor driving the growth of the sports betting sector.

Sports Betting Market Restraints

Stringent Regulations to Hinder Market Growth

  • The key market restraints that will slow the growth of the sports betting sector are rigorous governmental regulations pertaining to sports. Throughout the forecast period, worries regarding illicit sports betting are expected to be a challenge to the business.

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Sports Betting Market Competitive Landscape

Due to the significant presence of regional and international competitors, the market under study is characterised by fierce rivalry and is highly fragmented. Major companies like Bet365, GVC Holdings PLC, The Stars Group, 888 Holdings PLC, and William Hill PLC dominate the market. The competition between major firms is based on a number of variables, including offers, user experience, brand equity, customised rewards, and access to other platforms.

Sports Betting Market Top Player's Company Profiles

  • William Hill plc (UK)
  • GVC Holdings plc (UK)
  • Paddy Power Betfair plc (Ireland)
  • Bet365 Group Ltd (UK)
  • Kindred Group plc (Malta)
  • 888 Holdings plc (Gibraltar)
  • Stars Group Inc. (Canada)
  • Betsson AB (Sweden)
  • Ladbrokes Coral Group plc (UK)
  • Flutter Entertainment plc (Ireland)
  • DraftKings Inc. (US)
  • FanDuel Group Inc. (US)
  • Betway Group (Malta)
  • Smarkets (UK)
  • Mansion Group (Gibraltar)
  • Interwetten (Austria)
  • Sky Betting & Gaming (UK)
  • Betfred (UK)
  • NordicBet (Malta)
  • 10Bet Ltd. (Malta)

Sports Betting Market Recent Developments

  • The UK and Ireland divisions of Flutter Entertainment Plc said in December 2023 that they would dedicate up to USD 10.1 million to philanthropic efforts in 2023. Additionally, the company revealed new agreements for its three main brands, Paddy Power, Sky Betting & Gaming (SBG), and Betfair. Through fundraising activities, an additional USD 318,175 has been raised for its two Charities of the Year. 
  • Entain completes the acquisition of Angstrom Sports in October 2023. The gambling giant Entain has successfully acquired sports modeling, forecasting, and analytics specialist Angstrom Sports for up to £203.0 million. 
  • The Disney-owned ESPN will rename Penn Entertainment's betting app in August 2023, giving it the only right to use the ESPN name. Penn will manage the ESPN Bet app, and the sports broadcaster has promised to promote it on both its online and television platforms. Penn's rights are currently valid for ten years, with an additional ten years possible. In addition to the $1.5 billion licensing fee, Penn will give ESPN the option to purchase stock in the business for about $500 million. 
  • With a day-one launch in Massachusetts in March 2023, OpenBet, a global provider of entertainment related to sports betting, increased its footprint in the US.

Sports Betting Key Market Trends

  • The demand for the sports betting business is growing along with the number of sports leagues and events. As new professional sports leagues are developed around the world, customers can increase the amount they wager. The result is that the world's sports leagues and tournaments are supporting an exponential growth in the sports betting industry.
  • One of the most important trends in the international sports betting business is the expanding influence of technologies like blockchain, virtual reality, and AI, notably machine learning tools. The forecast year is expected to see an increase in the global sports betting industry due to rising consumer demand that is being driven by technology improvements.

Sports Betting Market SkyQuest Analysis

SkyQuest’s ABIRAWA (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis, The proliferation of wireless connectivity and the expansion of digital infrastructure are driving the sports betting sector. Consumer behaviour has altered as a result of the increased use of cellphones, including how people gamble on games. Around 6.3 billion people use smartphones worldwide, and this number is increasing yearly. Additionally, as there are more sporting competitions and leagues, there is a rising demand for the sports betting sector. Sports betting is a form of gambling that involves making predictions about sporting events and placing bets on the results. Sports betting is involved in non-athletic events like reality show contests, political elections, and non-human competitions like horse racing, greyhound racing, and illegal, underground cockfighting. Football, American football, baseball, hockey, basketball, and auto racing are some of the most popular sports for gambling on both amateur and professional levels. Usually, bets are placed through bookmakers. These are businesses that run both offline—in places like casinos or betting shops—and online.

Report Metric Details
Market size value in 2023 USD 92.27 Billion
Market size value in 2032 USD 222.96 Billion
Growth Rate 10.3%
Base year 2024
Forecast period 2025-2032
Forecast Unit (Value) USD Billion
Segments covered
  • Platform
    • online and offline
  • betting type
    • Fixed Odds Wagering, Exchange Betting, Live/In Play Betting, Pari-mutuel, eSports Betting, and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • William Hill plc (UK)
  • GVC Holdings plc (UK)
  • Paddy Power Betfair plc (Ireland)
  • Bet365 Group Ltd (UK)
  • Kindred Group plc (Malta)
  • 888 Holdings plc (Gibraltar)
  • Stars Group Inc. (Canada)
  • Betsson AB (Sweden)
  • Ladbrokes Coral Group plc (UK)
  • Flutter Entertainment plc (Ireland)
  • DraftKings Inc. (US)
  • FanDuel Group Inc. (US)
  • Betway Group (Malta)
  • Smarkets (UK)
  • Mansion Group (Gibraltar)
  • Interwetten (Austria)
  • Sky Betting & Gaming (UK)
  • Betfred (UK)
  • NordicBet (Malta)
  • 10Bet Ltd. (Malta)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Sports Betting Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Sports Betting Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Sports Betting Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Sports Betting Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Sports Betting Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Sports Betting Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Sports Betting Market size was valued at USD 66.21 billion in 2021 and is poised to grow from USD 83.65 billion in 2022 to USD 182.12 billion by 2030, growing at a CAGR of 10.3% in the forecast period (2023-2030).

Due to the significant presence of regional and international competitors, the market under study is characterised by fierce rivalry and is highly fragmented. Major companies like Bet365, GVC Holdings PLC, The Stars Group, 888 Holdings PLC, and William Hill PLC dominate the market. The competition between major firms is based on a number of variables, including offers, user experience, brand equity, customised rewards, and access to other platforms. 'William Hill plc (UK)', 'GVC Holdings plc (UK)', 'Paddy Power Betfair plc (Ireland)', 'Bet365 Group Ltd (UK)', 'Kindred Group plc (Malta)', '888 Holdings plc (Gibraltar)', 'Stars Group Inc. (Canada)', 'Betsson AB (Sweden)', 'Ladbrokes Coral Group plc (UK)', 'Flutter Entertainment plc (Ireland)', 'DraftKings Inc. (US)', 'FanDuel Group Inc. (US)', 'Betway Group (Malta)', 'Smarkets (UK)', 'Mansion Group (Gibraltar)', 'Interwetten (Austria)', 'Sky Betting & Gaming (UK)', 'Betfred (UK)', 'NordicBet (Malta)', '10Bet Ltd. (Malta)'

There are various places where people participate in internet gambling, particularly sports betting, which mostly draws young people. It is accessible in many nations where sports betting is allowed or prohibited and reaches even those people who do not follow sports. An online sports bettor is typically 38 years old, but a land-based sports bettor is often 45 years old. The population's growing interest in sports betting is anticipated to fuel the market's expansion.

The demand for the sports betting business is growing along with the number of sports leagues and events. As new professional sports leagues are developed around the world, customers can increase the amount they wager. The result is that the world's sports leagues and tournaments are supporting an exponential growth in the sports betting industry.

In 2021, Europe accounted for the lion's share—roughly 50%—of the world market for sports betting. Football, motor racing, rugby, and tennis are just a few of the popular sports in Europe that have sizable, devoted fan bases who actively partake in sports betting. Furthermore, the installation of strict betting laws and guidelines has considerably decreased fraud in the area, which has benefited the expansion of the European sports betting market. Sports betting also attracts a sizable customer base in North America and Asia-Pacific.

Sports Betting Market size was valued at USD 92.27 Billion in 2023 and is poised to grow from USD 101.77 Billion in 2024 to USD 222.96 Billion by 2032, growing at a CAGR of 10.3% during the forecast period (2025-2032).

Due to the significant presence of regional and international competitors, the market under study is characterised by fierce rivalry and is highly fragmented. Major companies like Bet365, GVC Holdings PLC, The Stars Group, 888 Holdings PLC, and William Hill PLC dominate the market. The competition between major firms is based on a number of variables, including offers, user experience, brand equity, customised rewards, and access to other platforms. 'William Hill plc (UK)', 'GVC Holdings plc (UK)', 'Paddy Power Betfair plc (Ireland)', 'Bet365 Group Ltd (UK)', 'Kindred Group plc (Malta)', '888 Holdings plc (Gibraltar)', 'Stars Group Inc. (Canada)', 'Betsson AB (Sweden)', 'Ladbrokes Coral Group plc (UK)', 'Flutter Entertainment plc (Ireland)', 'DraftKings Inc. (US)', 'FanDuel Group Inc. (US)', 'Betway Group (Malta)', 'Smarkets (UK)', 'Mansion Group (Gibraltar)', 'Interwetten (Austria)', 'Sky Betting & Gaming (UK)', 'Betfred (UK)', 'NordicBet (Malta)', '10Bet Ltd. (Malta)'

There are various places where people participate in internet gambling, particularly sports betting, which mostly draws young people. It is accessible in many nations where sports betting is allowed or prohibited and reaches even those people who do not follow sports. An online sports bettor is typically 38 years old, but a land-based sports bettor is often 45 years old. The population's growing interest in sports betting is anticipated to fuel the market's expansion.

The demand for the sports betting business is growing along with the number of sports leagues and events. As new professional sports leagues are developed around the world, customers can increase the amount they wager. The result is that the world's sports leagues and tournaments are supporting an exponential growth in the sports betting industry.

In 2021, Europe accounted for the lion's share—roughly 50%—of the world market for sports betting. Football, motor racing, rugby, and tennis are just a few of the popular sports in Europe that have sizable, devoted fan bases who actively partake in sports betting. Furthermore, the installation of strict betting laws and guidelines has considerably decreased fraud in the area, which has benefited the expansion of the European sports betting market. Sports betting also attracts a sizable customer base in North America and Asia-Pacific.

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