The global sports betting market was worth up to $102.4 billion in 2023 and is estimated to reach $265.5 billion in 2034 at a 10% CAGR, according to a Fact.MR report. Several factors contribute to this considerable growth, from technological advancements to competitive punters. In this article, I will dive into the size and increase of the global sports betting market in recent years. I will explore the dynamics, trends, and key companies driving the industry’s growth.
Europe
is the leading revenue share contributor to the global sports betting market. Different studies project this will still remain so in the coming years. This is because many countries in the region have favorable legislation and regulations. For example, sports betting has been legalized in the UK since as far back as 1960. Another reason for Europe’s domination on the scene is its well-developed sports industry. It is home to some of the biggest sports teams, leagues, and competitions.
The Asia-Pacific region
is another significant contributor to the sports betting market growth. A major contributor to this growth is the region’s evolving legislative landscape. An increasing number of people in the region are also taking an interest in bets. Another influence on this growth trend is the rising rate of internet and mobile proliferation within the region. This has made sports betting accessible to more people.
The North American region
, especially the US, also has a growing sports betting sector. Many expect the growth to become even more massive in the coming years. In fact, the country’s online sports betting market share is projected to reach $23.80 billion by 2029.
Football (soccer) accounts for the largest share of the global sports betting market size. After all, the sport’s popularity and massive fanbase draw in bets from every corner of the world.
The age-old classic horse racing accounts for the second-largest share in sports betting. Other major sports like basketball, baseball, and hockey also attract a significant number of bets. This also contributes immensely to the world sports betting market size.
The pivotal growth driving factor in these sports is traceable to their popular seasonal and annual events. Top leagues like the UEFA Champions League, NFL, MLB, IPL, EFL, and NBA get attention from millions of fans. As such, they attract massive betting action, resulting in the market’s expansion.
A leading driver of the growing market width in sports betting is the companies and organizations behind its operations. These market players are doing their best to expand and dominate the market. To achieve that goal, most are adopting various strategies. This includes unique product development, new market expansion, brand acquisition, and much more. Some are also harnessing technology to improve their functionality and enhance the betting experience.
A prime example of these trends is bet365’s recent expansion into the US sports betting market in 2023. Another example is Betsson AB’s acquisition of Belgium-based Betfirst in the same year. These moves allowed both companies to enter a new market. It also increased the availability of secure online betting sites in both countries.
A few other top key players in the sports betting market include:
The international sports betting market size has two broad categories based on platforms: online and offline. The offline brick-and-mortar option remains a classic that still contributes a significant share of the total market share value.
However, online betting has received massive attention in recent years. This is due to rapid advances in the internet and smartphone proliferation worldwide. Different studies have shown that the largest percentage of bets placed are made online via smartphones. This has also a significant amount to the growing market share.
Another way to look at the global market share for sports betting is by the popular bet types. The betting scene has a wide range of different bet markets.
These are grouped into the following broad categories:
Out of all these segments, fixed odds wagering, which involves placing pre-match bets, contributes the most to the sportsbook market share. According to Grandview Research, this bet type accounted for 27.7% of the 2023 sports betting revenue share.
Right behind fixed wagering is exchange betting, live/in-play wagering, and other bet types. While the Esports segment currently has a small share of the market, Grandview Research reports that it is poised to experience the fastest growth in the coming years. After all, more people are getting involved in the competitive video gaming scene.
Another primary driver that has contributed to the significant sports gambling market share size is the industry’s continuous development. For example, the emergence of online sports betting revolutionized the scene. Not only did it make betting easier and more convenient for punters, but it also increased the revenue generated from the industry.
A more recent game-changing development that will no doubt influence future trends in the industry is the adoption of blockchain and cryptocurrencies. From its decentralized nature to greater security and anonymity, different studies have shown the benefits of this recent development for operators and bettors alike.
The rapid growth of the global sports betting industry over the last decade is nothing short of astounding. As I have covered in this article, various factors are responsible for this surge. This includes technological advancements, regulatory changes, and the growing popularity of sports, among others.
Do you need help as a beginner or experienced bettor? Bet Zillion offers expert insights to enhance your betting experience. Explore our resources for valuable tips and advice.
