The latest report by IMARC Group, titled “Sports Betting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028. The global sports betting market size reached US$ 85.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 153.7 Billion by 2028, exhibiting a growth rate (CAGR) of 10.1% during 2023-2028.
Sports betting refers to the act of placing a wager or bet on the outcome of sporting events. It is a popular form of gambling that involves predicting the results of various sports such as football, basketball, baseball, and more. In this practice, individuals, or sometimes organizations, stake a certain amount of money on a specific outcome, such as which team will win a game, the total number of points scored, or other related aspects of the event. The appeal of sports betting lies in the excitement it adds to watching sports, as it allows individuals to become more engaged and emotionally invested in the outcome. Additionally, it offers an opportunity for financial gain if the bet placed aligns with the actual result. Sports betting can be done through various platforms, including physical sportsbooks, online betting websites, or mobile applications.
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Sports Betting Market Trends and Drivers:
The legalization of sports betting in various countries and states has been a pivotal driver. As more jurisdictions recognize the potential economic benefits, they have moved to regulate and legalize sports betting activities, opening up new markets. Additionally, the growing popularity of a wide range of sports, including eSports, has broadened the scope of the sports betting market. More diverse options for betting have attracted a larger and more varied customer base. Other than this, high-profile partnerships and sponsorships between sports betting companies and sports teams or events have elevated the visibility of the industry. This increased exposure has contributed to greater consumer awareness and participation. Besides this, the proliferation of mobile betting apps has made it incredibly convenient for users to place bets on the go. Mobile betting has become a dominant force in the market, catering to the preferences of tech-savvy consumers. Moreover, technological innovations, such as live streaming of sporting events and real-time data analytics, have enhanced the sports betting experience. These innovations provide bettors with up-to-the-minute information, increasing the appeal and engagement in sports betting.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Platform:
- Offline
- Online
Breakup by Betting Type:
- Fixed Odds Wagering
- Exchange Betting
- Live/In Play Betting
- Pari-Mutuel
- eSports Betting
- Others
Breakup by Sports Type:
- Football
- Basketball
- Baseball
- Horse Racing
- Cricket
- Hockey
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Bet365 Group Ltd.
- Bet-at-home.com AG (BetClic Everest Group S.A.S.)
- Betfred USA Sports
- Betsson AB
- DraftKings Inc.
- Entain plc
- Flutter Entertainment plc
- International Game Technology PLC
- Kindred Group plc
- Sportech PLC
- TwinSpires (Churchill Downs Incorporated).
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