Online Sports Betting Market Size and Forecast (2018-2028)

Executive Summary

In the recent years Global Online Sports Betting market is experiencing a rapid growth driven by the increasing legalization of sports betting across various jurisdictions and rising popularity of online sports watching. Countries and regions which have recently embraced online sports betting like the United Sates, are witnessing rapid market growth and are able to attract a larger consumer base in a short period of time, which signals towards the growing market popularity. Growth has also been fueled by technological advancements, strategic partnerships between the players, and a shift in consumer behavior towards sports betting platforms.

Europe stands as the largest market globally in sports betting, with most European countries boasting well-regulated regulatory environments. Following closely, North America emerges as the fastest-growing market in the online sports betting realm. However, in the APAC region, East Asia enforces strict betting regulations, although esports betting is gaining traction. Meanwhile, Southeast Asia remains largely untapped. Similarly, in South America, the market is experiencing rapid growth as major countries continually strive to legalize betting activities.

The rising trend of live betting presents operators with opportunities to diversify their offerings, as real-time wagering during live sports events. This enhances user engagement and provides a dynamic and interactive betting experience, appealing to a broader audience.

As the market continues to grow, it also faces significant obstacles due to numerous countries prohibiting any form of gambling and sports betting with some countries specifically banning online form of betting. Several countries enforce stringent taxation policies on different forms of gambling and betting activities, which hinder the market from reaching its maximum potential.

However, the current trend towards legalizing and regulating online sports betting across various nations is poised to serve as a catalyst for market growth. This movement is anticipated to unlock new markets and opportunities for operators, thus facilitating the expansion of the market. As governments increasingly recognize the potential economic benefits and seek to address consumer demand, the landscape for online sports betting is evolving rapidly. This shift towards regulation not only enhances consumer protection but also fosters a more transparent and sustainable industry ecosystem. As a result, stakeholders are positioned to capitalize on emerging markets and navigate the evolving regulatory landscape more effectively, driving continued growth and innovation in the online sports betting sector

Overall the Global online sports betting market demonstrates dynamic growth, driven by technological advancements, rapid legalizations of sports betting, and ongoing shift in consumers preferences. Although well-established, both the European and North American betting markets hold considerable untapped potential in the online realm. Meanwhile, the Asia Pacific and South American markets remain largely untapped, presenting significant opportunities. Companies that prioritize innovation, cater to the evolving preferences of younger consumers, and establish strategic partnerships are well-positioned to seize emerging opportunities and flourish in this ever-evolving market environment.

Historically, the online betting market had shown strong performance, but the onset of COVID-19 opened new avenues for market growth, with gross gaming revenue surpassed USD 40 billion in 2020. Amid the pandemic, the online betting sector witnessed heightened momentum, particularly in sports betting, which emerged as the preferred betting product globally. This trend was fuelled by an uptick in sports interest and online viewership. The market continued to show resilience post pandemic as well and the online betting market demonstrated sustained expansion, boasting a Compound Annual Growth Rate (CAGR) of 15.59% from 2018 to 2023.

By 2023, more than 5 billion people, representing over 65% of the world's population, were utilizing the Internet. The widespread adoption of the Internet has had a profound impact on the market. It has facilitated broader access to online betting platforms, reaching a larger audience worldwide. With more individuals connected to the Internet, the online betting market has experienced significant growth, as it becomes increasingly convenient and accessible for people to engage in betting activities from the comfort of their own devices.

In the United States, most legal betting states set the minimum age for sports gambling at 21, although some jurisdictions allow individuals aged 18 and above. Alongside sports betting, a handful of states have also legalized online casino gambling. For online sports betting, patrons must be physically present within the state or jurisdiction to place bets on state-sanctioned platforms, with residency not being a requirement.

While each European country forms its own gambling laws, there is closer cooperation between many nations than on other continents. The European Betting and Gaming Association (EBGA), serving over 20 nations, provides guidelines for operators.

In 2022, Casino activities accounted for more than 47% of the combined online GGR, while sports betting contributed to more than 40% share. Pre-match betting is emerging as the predominant form of sports betting by Gross Gambling Revenue (GGR) in the recent years.

Online Sports Betting Market Competition by Revenue

The online sports betting market is experiencing intense competition among key players, each striving to capture a greater share in this dynamic sector. Industry leaders like Flutter Entertainment, Entain Group PLC, Bet365, 888 Holdings, and Betsson are at the forefront of this competition, employing innovative strategies and expanding their presence to adapt to the evolving demands of diverse betting platforms and consumers.

Furthermore, within the online sports betting market, mergers, acquisitions, and strategic investments among major players are reshaping the competitive landscape. Numerous mergers and acquisitions have taken place among leading companies, while new startups are attracting substantial funding to compete in the market. These alliances are designed to leverage each other's strengths, expand market capabilities, and provide comprehensive end-to-end solutions to consumers. Companies that can adapt to these evolving demands are poised to gain a competitive edge.

Global Online Sports Betting Market trends

• The surge in online betting activity is propelled by the widespread adoption of the internet and devices like smartphones and tablets. The convenience and accessibility of online sports betting cater to evolving lifestyles, particularly among a younger, tech-savvy demographic, resulting in heightened market participation.
• The ongoing evolution of regulatory frameworks for online sports betting across various countries serves as a key driver as the governments are increasingly accepting and regulating the industry and providing a stable and legally supported environment thus fostering market expansion.
• Changing cultural attitudes towards online sports betting, alongside a robust sports culture, also contribute to market growth. The enthusiasm for sports events, combined with a growing acceptance of betting as entertainment, fuels increased participation.
• Furthermore, there's a noticeable rise in interest in women's sports, presenting significant future market opportunities.
• Asia Pacific and South America are emerging as new markets for online sports betting. In Asia, major countries have yet to legalize sports betting due to cultural and social boundaries. However, the growing popularity of sports in the region, particularly for games like cricket and football, is driving market growth. Legalization remains an ongoing issue in many countries despite the booming demand.

Future Growth Outlook

The global online sports betting market is poised for substantial expansion, driven by the technological advancements and rapid legalization of the sports betting across various regions. Along with increasing smartphone adoption and internet usage, the market is also projected to become more regulated. While Europe and North America remain prominent players, Asia Pacific and South America are anticipated to emerge as new markets. As attitudes toward sports betting shift alongside the growing popularity of online sports viewing, the market is forecasted to experience rapid growth, with a compound annual growth rate (CAGR) of 10.67% expected from 2024 to 2028.

Scope of Global Online Sports Betting Market Report

Makreo Research has released a detailed analysis titled " Global Online Sports Betting Market Report “, presenting an extensive overview of the global online sports betting market. The report explores the influence of various global economic, political, technological, and demographic factors on the market. It scrutinizes industry value across different metrics and evaluates market competitors. Furthermore, it investigates the historical and current market performance on both global and regional scales, encompassing Market Gross Gaming Revenue, gross win, and market turnover across various regional markets. The report encompasses diverse market segmentation, including types of sports, betting methods, device types, and demographic preferences. Detailed regional analyses cover critical market aspects across major continents and their countries.

The report also emphasizes key market players, offering a comprehensive examination of their activities, such as mergers and acquisitions, funding timeline, and detailed profiles. Moreover, it provides a thorough evaluation of the competitive landscape in the online sports betting market, furnishing valuable insights into established companies and their financial operations. This comprehensive analysis equips stakeholders and industry experts with profound insights into the evolving dynamics of this rapidly expanding sector.

Period of Study

• 2018 - 2023: Past and Present Scenario
• 2023 – Base year of study
• 2024 - 2028: Future Outlook of the industry

Market Segmentation

• By Sports
• By Demographics Preferences
• By Type of Betting
• By Type of Device
• By Regions

Regions/Continents covered

• North America
• Europe
• Asia Pacific
• South America

Countries Covered in various regions/continents

North America

• United States
• Canada
• Mexico

Europe

• United Kingdom
• France
• Italy
• Spain
• Poland
• Denmark
• Germany
• Sweden
• Ireland

Asia Pacific

• Australia
• New Zealand
• South Korea
• China
• Japan
• India
• Thailand
• Singapore
• Philippines
• Vietnam

South America

• Brazil
• Argentina
• Colombia
• Chile
• Guyana
• Peru

Competitive Landscape

• Mergers and Acquisitions
• Funding Timeline
• Company Profiles
• Competitive Rankings

Companies Covered

• 888 Holdings Plc
• Bet365 Group Ltd.
• William Hill Ltd.
• Betsson AB
• Churchill Downs Incorporated
• Entain PLC
• Flutter Entertainment PLC
• Kindred Group
• Sportech Limited
• Ladbrokes Coral Group
• Paddy Power Betfair PLC
• Sky Betting & Gaming
• DraftKings Inc.
• 1xBet
• 22BET

Key Questions Answered

1. How has the Global online sports betting market performed historically, and what is the current scenario?

2. Which regions/countries emerge as dominant players in the Global Online Sports Betting Market?

3. Which sports are most favoured for betting in various regions?

4. What are the demographic preferences for online sports betting across different regions considering various parameters?

5. What is the current performance of the North American market for online sports betting and how has the market performed in the past?

6. What is the current and historical performance of the European market for online sports betting?

7. How has the Asia Pacific market for online sports betting performed in the past and what is its current scenario?

8. What is the performance of the South American market for online sports betting?

9. What significant mergers and acquisitions have occurred in the history of the online sports betting market?

10. What are the diverse challenges linked with the global online sports betting market?

11. What opportunities are associated with the online sports betting market?

12. What does the future hold for the online sports betting? Show more