The “Sports Betting Market Size, Share & Trends Analysis Report By Platform, By Betting Type (Fixed Odds Wagering, Exchange Betting, Live/In-Play Betting, eSports Betting), By Sports Type, By Region, And Segment Forecasts, 2023 – 2030” report has been added to ResearchAndMarkets’s offering.
The global sports betting market size is estimated to reach USD 182.12 billion by 2030, registering a CAGR of 10.3% from 2023 to 2030.
This growth of the market is driven by the proliferation of internet infrastructure and evolving regulatory landscape of the entire gambling industry across the world.
In addition, the increase in the number of sports events and leagues worldwide such as the NFL, FIFA World Cup, Carabao Cup, and UEFA Europa League has positively influenced the growth of the market.
Furthermore, an increase in disposable income and the rising usage of AI and blockchain technologies to improve the prediction algorithms in betting software are likely to boost the growth of the market during the forecast period.
Esports, which is an organized, multiplayer video game competition, played by professional players, individuals, or teams, has gained massive popularity during the COVID-19 pandemic and witnessed a surge in the number of events worldwide. Market players are utilizing the increased number of esports events to offer an opportunity for their customers to bet on such esports competitions and earn extra income.
The surge in online sports events backed up by a rise in the number of esports tournaments offers stable growth opportunities for the betting industry. For instance, according to the report by the U.K. Gambling Commission, there was a huge 2922% year-on-year rise in esports betting revenue from March 2019 to March 2020.
Major players in the global betting industry now operate via official websites and online platforms to cater to the increased demand for sports betting. Additionally, the market players are expanding their presence across countries with supportive regulatory compliance. For instance, in December 2021, Unikrn Inc., a global esports betting & entertainment media company introduced its betting platform in Canada and Brazil. In addition to this launch, the company has further announced to increase its presence across a greater number of regulated markets in 2023.
The lives of multiple households around the globe have been affected during the COVID-19 pandemic. In addition, this situation led to the cancellation of worldwide sports matches and the closure of land-based casinos and betting shops. However, the pandemic expanded the online sports betting industry due to the rise of esports and virtual sporting events. The popularity of online sports betting increased during the pandemic with an upsurge in the number of betting participants. For instance, according to a study conducted by Public Health England, online casino gambling had seen growth by nearly 9.0% during the pandemic. Furthermore, as per the GB Gambling Commission survey, betting habits among people have changed due to Covid-19, with mobile devices continuing to be the most popular medium for gambling. The survey also found a massive inclination towards esports betting across the globe.
Sports Betting Market Report Highlights
- North America is expected to witness a CAGR of around 11% during the forecast period. The U.S. has legalized sports betting in 36 states as of January 2023, which is a promoting factor for the regional market growth
- The online platform segment dominated the market in 2022 and is expected to showcase the highest CAGR during the forecast period
- The fixed-odds wagering segment accounted for a significant market share in 2022. However, the eSports betting segment is likely to witness growth at the fastest CAGR during the forecast period owing to the surge in demand for interactive games
- Football, also known as soccer, registered the highest market share in 2022. Horseracing, followed by football, is extremely popular and accounted for the second-highest market share
|No. of Pages||131|
|Forecast Period||2022 – 2030|
|Estimated Market Value (USD) in 2022||$83.65 Billion|
|Forecasted Market Value (USD) by 2030||$182.12 Billion|
|Compound Annual Growth Rate||10.3%|
Key Topics Covered:
Chapter 1 Methodology And Scope
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends & Scope
Chapter 4 Sports Betting Market: Platform Estimates & Trend Analysis
4.1 Market Size Estimates & Forecasts And Trend Analysis, 2018 – 2030 (USD Billion)
4.2 Platform Movement Analysis & Market Share, 2022 & 2030
Chapter 5 Sports Betting Market: Betting Type Estimates & Trend Analysis
5.1 Market Size Estimates & Forecasts And Trend Analysis, 2018 – 2030 (USD Billion)
5.2 Betting Type Movement Analysis & Market Share, 2022 & 2030
5.3 Fixed Odds Wagering
5.4 Exchange Betting
5.5 Live/In-Play Betting
5.6 Esports Betting
Chapter 6 Sports Type Estimates And Trend Analysis
6.1 Market Size Estimates & Forecasts And Trend Analysis, 2018 – 2030 (USD Billion)
6.2 Sports Type Movement Analysis & Market Share, 2022 & 2030
6.6 Horse Racing
Chapter 7 Regional Estimates & Trend Analysis
Chapter 8 Competitive Analysis
Chapter 9 Competitive Landscape
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- Betsson AB
- Churchill Downs Incorporated
- Entain plc
- Flutter Entertainment Plc
- Kindred Group Plc
- Sportech Plc
- William Hill Plc
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Bally’s Corporation announced the appointment of Don Westcott as SVP, Global Chief Compliance Officer, and Tammi Barlow as Inaugural VP of Global Responsibility and Social Impact.
Kim M. Barker, Executive Vice President, Chief Legal Officer Bally’s, said: “On behalf of the entire leadership team, I am pleased to welcome Don and Tammi to Bally’s. Their deep expertise enables Bally’s to continue our progress toward building industry leading compliance, responsible gaming and social impact functions as the Company continues to grow and expand.”
Don Westcott is a compliance leader with more than 25 years of experience within the financial technology and gaming industries. Most recently, Don served as the Global Head of Compliance for Nuvei, an international payment service provider. Prior to that, Don served in Vice President and Director roles with Fortune 500 companies Fiserv and First Data. While within financial technology, he developed regulatory compliance programs and control frameworks enabling financial institutions and financial technology service providers’ services within the gaming industry. He started his professional career within the gaming industry, which included leadership roles with, among other enterprises, Caesars Entertainment, Osage Casinos, and the Isle of Capri Casinos. Coming full circle, Don started his gaming career with Jumer’s Casino & Hotel, which is now Bally’s Quad Cities. He holds an MBA from Georgia State University.
Tammi M. Barlow has over a decade of experience building and managing responsible gaming and corporate social responsibility programs for companies in the gaming industry. Tammi is a highly experienced executive with a demonstrated history of developing successful responsible gaming and community engagement programs that comply with regulatory requirements and enhance local communities around the world. Prior to joining Bally’s, she led the development and execution of Rush Street Interactive’s (RSI) corporate social responsibility strategy, including the continued implementation of the RSI’s responsible gaming initiatives. As part of her role, Tammi worked with C-suite executives and external industry experts to promote the expansion of RSI’s diversity, equity, and inclusion program, its CSR programs, and developing the strategy to create its first community engagement and employee volunteerism program. Tammi is the previous co-chairwoman and is now a committee member of the Diversity, Equity, and Inclusion Committee for Global Gaming Women, and is currently Chairwoman of the Responsible Gaming Committee for the National Council on Problem Gambling, a Board member of the Massachusetts Council on Gaming and Health, and a committee member of African Americans in Gaming. Tammi has an MBA from Roosevelt University in Chicago and will be based in Bally’s headquarters in Providence, Rhode Island.
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BetMGM, a leading sports betting and iGaming operator, and Kindbridge Behavioral Health (Kindbridge), a pioneering mental health service provider dedicated to supporting individuals facing challenges related to problem gambling, announced a groundbreaking program in Colorado revolutionizing the way problem gamblers access essential mental health services. The first-of-its-kind partnership will empower self-excluded players with direct access to comprehensive mental health assessments and group support services.
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Adam Greenblatt, CEO of BetMGM, said: “It is important that the sports betting industry continues to invest and innovate in this field. Kindbridge is a leader in developing world-class mental health care that comprehends the unique challenges associated with gambling addiction. We are eager to champion the growth and expansion of connecting problem gamblers with the crucial services they need.”
Daniel Umfleet, Founder & CEO of Kindbridge Behavioral Health, said: “Relationships like this make it considerably easier for individuals seeking care to find swift access to the services they need. Together, Kindbridge and BetMGM are pushing the envelope in creating the right kind of connectivity between the gaming industry and healthcare services that will positively impact lives.”
The Colorado Division of Gaming, recognized for its progressive approach to gaming regulation, played a pivotal role in fostering this partnership via its new rule in October that mandates operators to have a robust risk scoring system for problem gambling detection and a rapid response communication strategy. BetMGM and Kindbridge united to go above and beyond these requirements marking a pivotal moment in the journey toward a safer and more supportive gambling environment.
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