Online Sports Betting Market

Global Online Sports Betting Market Size (2024 to 2029)

The size of the global online sports betting market is expected to be worth USD 78.96 Billion in 2024 and USD 135.10 Billion by 2029, growing at a CAGR of 11.34% from 2024 to 2029.

MARKET DRIVERS

The unparalleled convenience and accessibility of online platforms to perform sports betting is one of the key factors driving the growth of the online sports betting market.

Physically visiting a bookmaker or a casino is not working anymore now, as enthusiasts can easily place bets from their homes or while on mobile apps. This accessibility has been becoming a game-changer, making sports betting more popular than ever before. Also, mobile apps have revolutionized the industry as they provide a seamless and user-friendly experience to consumers, allowing users to browse odds, place bets, and track results with a few taps on their smartphones. The convenience of having betting markets like this is not only an attraction but also a development of a new generation of sports. As long as technology continues to advance and regulatory frameworks remain favorable, the online sports betting market is likely to keep thriving, to the convenience it offers to its customers.

Technological advancements are favoring the online sports betting market growth. These innovations have dramatically raised the user experience by attracting a broader audience of bettors, as improved user interfaces have made it easier and more natural for individuals to navigate online sports betting platforms. Users can quickly access a wealth of information, from odds and statistics to betting history, right at their fingertips. Live streaming of sporting events is another game-changer. This feature allows bettors to watch the events they are betting on in a real-time and engaging experience. It's particularly beneficial for in-play betting, where bettors can place wagers as the action unfolds. This real-time engagement has not only increased the market demand but also encouraged more bets during the games.

MARKET RESTRAINTS

Regulatory challenges are one of the major restraints to the growth of the online sports betting market. The industry operates in a patchwork of legal frameworks, with each jurisdiction having its own set of rules and requirements. Also, in some regions, stringent regulations and licensing act as barriers to entry for operators, which limits market access. These hurdles can be costly and time-consuming to navigate, creating compliance challenges and increasing operational costs for businesses. However, these regulatory variations are often driven by the need to ensure consumer protection, responsible gambling practices, and integrity in sports betting.

Impact of COVID-19 on the online sports betting market

The COVID-19 pandemic had a profound impact on the online sports betting market. With widespread cancellations and postponements of sporting events, the market faced a significant decline in betting opportunities. The absence of popular leagues and tournaments disrupted the usual betting schedules, resulting in reduced revenues for operators and limiting bettors' options. Moreover, economic uncertainties and job losses affected disposable income, further hindering participation in sports betting. But over time, the pandemic accelerated the digital transformation of the industry. As land-based betting establishments and casinos faced restrictions and closures, a surge in online sports betting activity occurred. Punters turned to online platforms, particularly mobile apps, to satisfy their sports betting cravings. This shift towards online channels, driven by convenience and safety, prompted operators to innovate, offering more diverse betting options and improved user experiences.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Online Sports Betting Market By Sports

The football segment had the leading share of the global market in 2022 and the domination of the football segment is expected to continue during the forecast period.

Football is one of the most dominating in the online sports betting market due to its global fan base and a large number of matches and events throughout the year. Therefore, major leagues like the English Premier, La Liga, and the FIFA World Cup also attract a massive amount of betting activity.

The cricket segment is anticipated to account for a notable share of the global online sports betting market during the forecast period. Cricket online sports betting market share is next in leading with the growing popularity of T20 leagues, international matches, and tournaments like the Indian Premier League (IPL), making cricket an attractive force in the market.

The tennis segment is anticipated to have the fastest growth rate during the forecast period, especially during Grand Slam events like Wimbledon and the US Open. The simplicity of this sport and the numerous tournaments throughout the year contribute to its market growth.

Baseball may not be as popular in other parts of the world, but it still has a significant presence in the online sports betting market, particularly during the MLB season and the World Series.

Global Online Sports Betting Market By Type

The e-sports segment is predicted to hold the largest share of the global market during the forecast period.

E-sports betting has been dominating the market, especially among younger audiences. Betting on professional video game tournaments and competitions has gained popularity due to the increasing recognition of e-sports. E-sports betting caters to a high-technology and gaming-oriented demographic.

The line-in-play segment is expected to showcase a healthy CAGR in the global market during the forecast period. Line In-play betting adds an element of excitement and engagement during the game. Live betting has a very dynamic nature of sports events and the potential for real-time analysis.

The fixed-odd betting segment is anticipated to account for a considerable share of the global market during the forecast period. Fixed odds betting is the most traditional form of sports betting as it is determined by the bookmaker in advance. This type is widely popular because it offers a straightforward and familiar betting experience.

Global Online Sports Betting Market By Application

The mobile-based segment is predicted to account for the leading share of the global market during the forecast period owing to its convenience and user-friendly interfaces.

They are particularly dominant among users who are always on the go and want quick access to their betting accounts. Mobile apps are highly preferred for live/in-play betting because they offer real-time updates and faster bet placement.

The web-based segment is expected to register a steady CAGR in the coming years. Web-based platforms maintain a strong presence in the online sports betting market, especially for users who prefer betting on larger screens like desktop or tablet and for those who may be hesitant to download additional apps. 

REGIONAL ANALYSIS

Europe was the most dominating region in the worldwide market in 2022 and the domination of the European market is most likely to continue throughout the forecast period.

Europe is the most dominating in the online sports betting market due to its long history of sports betting and the widespread popularity of football (soccer), as well as favorable regulatory frameworks. 

North America has been experiencing the second significant share of the global online sports betting market.

This is driven by the massive sports culture, including NFL, NBA, MLB, and NHL. Regulatory changes have allowed for legal sports betting in multiple states, making it a demand in the market.

The Asia-Pacific region is gaining traction over the market growth rate during the forecast period.

E-sports have gained a strong foothold, particularly in South Korea and China, leading to increased online betting activity that is ascribed to promote the market growth rate.

Latin America is an emerging market, with some countries like Brazil, Mexico, and Argentina showing potential for growth. Regulatory changes are paving the way for legal online sports betting. 

The Middle East and Africa have a relatively smaller presence in the global online sports betting market due to various cultural, religious, and regulatory constraints. These regions face significant cultural and regulatory challenges related to gambling. 

KEY MARKET PLAYERS

Companies such as GVC Holdings plc (UK), Paddy Power Betfair plc (Ireland), Bet365 Group Ltd (UK), 888 Holdings plc (Gibraltar), Stars Group Inc. (Canada), 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) and Sky Betting & Gaming (UK) are playing a dominating role in the global online sports betting market.

RECENT HAPPENINGS IN THIS MARKET

• In 2023, DraftKings expanded its online sportsbook offerings to new states in the United States as legislation allowed, increasing its market presence.

• In 2023, FanDuel introduced innovative features like same-game parlays and live streaming of games on its platform to enhance the user experience.

• In 2023, Bet365 continued to strengthen its position in the global market, entering new territories and offering a wide array of sports betting options.

DETAILED SEGMENTATION OF THE GLOBAL ONLINE SPORTS BETTING MARKET INCLUDED IN THIS REPORT

This research report on the global online sports betting market has been segmented and sub-segmented based on sports, type, application, and region

By sports

• Football 
• Cricket 
• Tennis
• Baseball
• Volleyball
• Basketball
• Hockey
• Horse riding 
• Boxing 
• Golf

By Type

• Line In-Play
• Fixed Odd Betting
• Daily Fantasy
• E-Sports
• Exchange Betting
• Spread Betting

By Application

• Mobile Based
• Web-based

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa