Global Online Sports Betting Market Report and Forecast 2024-2032

Global Online Sports Betting Market Report and Forecast 2024-2032

Global Online Sports Betting Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global online sports betting market size reached a value of USD 66.91 billion in 2023. Aided by the increasing digital penetration and the liberalisation of betting laws in numerous countries, the market is projected to further grow at a CAGR of 10.2% between 2024 and 2032 to reach a value of USD 163.42 billion by 2032.

Online sports betting involves wagering on the outcomes of sports events via internet-based platforms. This market segment has seen a rapid expansion with the advent of mobile technology and the growing availability of high-speed internet. Participants in online sports betting can place bets on a variety of sports, including football, basketball, baseball, horse racing, and more, from the comfort of their homes or on the go through mobile devices.

The global online sports betting market growth is chiefly driven by the increasing adoption of smartphones and the widespread availability of cost-effective internet services. These factors have made online betting more accessible to a broader audience worldwide. Additionally, the shift in consumer behaviour towards online entertainment options and the growing acceptance of betting as a form of leisure are also significant contributors to the market's growth.

Another crucial driver propelling the global online sports betting market expansion is the legislative changes across various countries that have legalised online betting, opening up new markets for operators. The regulatory landscape continues to evolve, with more regions recognising the economic benefits of regulated online sports betting, such as tax revenue and job creation.

Operators are increasingly leveraging technologies like artificial intelligence (AI) and machine learning (ML) in the global online sports betting market to enhance user experience and operational efficiency. AI is used for personalising betting experiences and providing customized recommendations, while ML algorithms are employed to manage risks and detect fraudulent activities.

The availability of live betting options, where bets are placed on events as they occur, has significantly increased the attractiveness of online sports betting. Many platforms also offer live streaming of sports events, enhancing user engagement and satisfaction by allowing bettors to watch the events they wager on in real time.

As per the global online sports betting market analysis, operators are expanding the range of betting products available to include not only traditional sports but also esports, virtual sports, and entertainment events. This diversification helps attract a younger demographic and caters to a broader audience. As the market grows, so does the focus on responsible gambling. Online betting sites are implementing more robust measures to prevent gambling addiction, including setting betting limits, self-exclusion tools, and mechanisms to spot problem gambling behaviours early.

As per the global online sports betting market outlook, in recent years, the online sports betting sector has seen considerable innovation, with new platforms emerging and existing ones expanding their service offerings. Strategic partnerships between betting companies and sports leagues or teams have become more common, enhancing brand visibility and market reach. Furthermore, technological advancements in secure payment methods have also facilitated market growth, with blockchain and cryptocurrency providing new ways to handle transactions securely and efficiently.

Looking ahead, the global online sports betting market share is set for substantial growth, with technological innovations and regulatory advancements playing key roles. As the market matures, operators will likely focus more on user safety and ethical betting practices, which will be crucial for sustainable growth. The continued legalisation of online betting in new markets and the increasing prevalence of internet-based devices will further drive the expansion of this dynamic market.

Market Segmentation

The market can be divided based on betting type, sports type, device, and region.

Market Breakup by Betting Type

• Fixed Odds Wagering
• Live/In-Play Betting

Market Breakup by Sports Type

• Football
• Cricket
• Basketball
• Baseball
• Horse Racing
• E-Sports
• Others

Market Breakup by Device

• Desktop
• Mobile

Market Breakup by Region

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

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global online sports betting market. Some of the major players explored in the report by Expert Market Research are as follows:

• 888 Holdings Plc
• Tabcorp Group
• Wynn Resorts, Limited
• Entain PLC
• MGM Resorts International
• Boyd Resorts International
• Light & Wonder, Inc.
• Penn Entertainment, Inc.
• Kindred Group PLC
• The Stars Group
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.