The online sports betting market has been experiencing a vast surge in recent years, with a regular upward thrust in its recognition and demand. This marketplace fashion may be attributed to several elements that have contributed to its improvement and fulfillment. Firstly, the development in technology has played an essential role in the expansion of the online sports betting marketplace. With the significant availability of smartphones and the internet, people now have clean access to online betting structures, allowing them to place bets on their favorite sports activities groups or players from the comfort of their homes.
This convenience has undoubtedly attracted a bigger audience and multiplied the general marketplace size. Furthermore, the combination of stay streaming and actual-time updates has superior the general having a bet revel in for users. Online sports betting systems now provide live streaming of fits, permitting bettors to observe the action unfold while setting their bets. This immersive enjoyment has significantly contributed to the market's popularity.
It has attracted a new generation of sports activity lovers who are searching for interactive and attractive methods to experience their preferred sports activities. In the quit, the online sports betting marketplace experienced a tremendous upward fashion because of elements that include technological advancements, legalization, live streaming, convenient price techniques, and the introduction of fantasy sports activities making a bet. These market traits have no longer most effectively improved the general market size but have also attracted a diverse variety of customers, including informal sports activities fanatics and avid bettors. As the marketplace keeps conforming, it's miles in all likelihood to witness additional development and innovation, making it an exciting and rewarding enterprise to look at.
Report Attribute/Metric | Details |
---|---|
Market Opportunities | Spectator sports are experiencing a gradual rise in popularity worldwide. |
Market Dynamics | The rise of digital innovation has opened up significant growth opportunities for the online sports betting market. |
The Online Sports Betting market is projected to grow from USD 46.01 Billion in 2024 to USD 120.81 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.82% during the forecast period (2024 - 2032).
Furthermore, in 2023, the online sports betting market was estimated to be worth USD 39195.7 million. Sports betting is the activity of predicting sports results and placing wagers on that particular outcome. Sports on which bets are placed on include football, American football, basketball, baseball, hockey, auto racing, boxing, and cricket, both at amateur and professional levels. The growing popularity of sports and rising demand for eSports are the key market drivers boosting the growth of the Online Sports Betting market. Â
As per Analyst at MRFR, “The online sports betting market is driven by the growing popularity of sports and the rising demand for eSports activities. Furthermore, the rapid innovation in digital platforms is creating an opportunity to develop innovative betting solutions”.
FIGURE 1: ONLINE SPORTS BETTING MARKET SIZE 2023-2032 (USD MILLION)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Increasing digital transformation is a primary factor of growth in the sports sector. Sports Investors nowadays are introducing new technologies in order to keep pace with market developments and face emerging threats. Digital innovation is opening up new opportunities for sports investors to contribute to the overall development of the market. Over the last few years, eSports has experienced immense growth and is expected to expand from a customer perspective and a company perspective.
Technological developments are expected to shape the future of the sports industry as the accelerated digital revolution provides more possibilities for the sports sector. Moreover, digital platforms make it feasible to produce customized content and cultivate meaningful relationships with developers, real-time and static statistics, and geolocation applications to enhance the in-stage experience.
Technologies are changing rapidly; it is vital to the capacity of a sports organization to win games, develop coaches and players, maintain its operations, and expand, serve, and sustain fans. Thus, the rapid digital innovation is expected to create lucrative growth opportunities for the vendors operating in the Online Sports Betting Market.
Based on sport type, the Online Sports Betting Market segmentation includes Football, Horse Racing/ Riding, Car Racing, Cricket, Hockey, Boxing, Baseball, Basketball, Tennis. Football held the majority share in 2022, contributing around ~37.7% to the market revenue. Online Sports Betting refers to predicting sports results and placing wagers on the outcome over the game of football are involved. Online football betting sites provide the best-in experience with an online sportsbook (a reference book that is used to track wagers, payouts, and debts) that is safe and secure, providing an honest and reliable platform to bet and earn money. The top online betting website platforms slightly differ in their offerings, providing tools, tips, tricks, and other resources to bet. Some of the popular teams in online football betting include NFL (National Football League), Canadian football, Manchester United Football Club, Premier League, Manchester City Football Club, Chelsea Football Club, and Juventus Football Club.
FIGURE 2: ONLINE SPORTS BETTING MARKET, BY SPORT TYPE, 2022 VS 2032 (USD MILLION)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Based on Application, the Online Sports Betting Market segmentation includes mobile-based and web-based. The mobile-based held the majority share in 2022. Mobile sports betting apps are easy to use, non-bulky as that of traditional computing systems such as laptops or desktops. Users can place their bets on the go without delaying the process. They are quick to respond, secured with high-security standards, compatible across the operating platforms, accessibility to various sports events for betting, attractive user interface, enhanced data privacy, online payments, among others.
Based on type, the Online Sports Betting Market segmentation includes Line-in-Play, Fixed Odds Betting, Exchange Betting, Daily Fantasy, Spread Betting, E-Sports, Others. The daily fantasy held the majority share in 2022. Daily fantasy involves a team of professional players with a fixed salary cap (amount of money a team can spend on the players’ salaries) and earns points based on the real-life statistics for each player. This type of competition is held for a short period (say a day or a week). Fanduel is the top player in this segment.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Europe Online Sports Betting market accounted for ~44.5% in 2022. the region's large Online Sports Betting industries, as well as the growing popularity of sports. The use of Online Sports Betting is expected to grow significantly in the coming years as companies seek to improve efficiency, productivity, and safety in their material handling and transportation operations.
One of the key factors driving the demand for Online Sports Betting in Europe is the region's large online sport betting industry. The eSports market is growing across the globe, with more and more people are participating as competitors or spectators. The eSports include competitive video games in which teams and individuals play against each other, typically in prize money tournaments. The eSports is a market in which online streaming games are played in a highly competitive environment, usually by professional players. It is gradually becoming one of the most popular spectator sports in the world. Similar to the emergence of conventional sports betting websites, modern sports-only websites now provide opportunities to bet on events and competitions as many would be betting on esports.
FIGURE 3: ONLINE SPORTS BETTING MARKET SIZE BY REGION 2022 VS 2032 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, Saudi Arabia UAE, South America, Brazil, and Argentina.
North America market accounts for the second-largest market share. The popularity of sports is increasing among the young population, which leads to an increase in societal integration and economic growth. The rise in sports activities creates several opportunities for various other industry verticals such as food, clothing, electronics, and gambling. Growing Sports demand has led to a rapid rise in the gambling industry as it depends on the main sports industry and the players and their performances also many people indulging in the activities. North America, by country, has been segmented into the US, Canada, and Mexico. The US is leading the market, while Canada is expected to witness a high growth rate in the coming future.
With a strong presence across different verticals and geographies, the Online Sports Betting market is highly competitive and dominated by established, pure-play vendors. The vendors catering to this market, continually innovate their solutions to meet the evolving needs of businesses by adopting new technologies. These vendors have a robust geographic footprint and partner ecosystem to cater to diverse customer segments. The Online Sports Betting market is highly competitive, with many vendors offering similar products and services.
The major players in the market include 888 Holdings PLC, Bet365 Group Ltd, Churchill Downs Incorporated, Flutter Entertainment PLC, and Entain PLC Industries Corporation constantly takes on new challenges to ensure the stability of its management foundation by extending its reach into business fields such as engine production, vehicle assembly, and the development and production of lift trucks and car air-conditioning compressors. It concentrates on broadening its product offerings to reach new audiences in the global market.
The Online Sports Betting Market is consolidated, increasing competition, acquisitions, mergers, and other strategic market developments and decisions to improve operational effectiveness.
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