Global Online Sports Betting Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Online Sports Betting Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Sports betting is a form of gambling that entails placing a wager, also known as a bet, on the outcome of a sporting event. The primary intent of sports betting is to win additional money. Online sports betting is one of the betting methods, which allows bettors to establish and fund betting accounts and bet on various sports events through the Internet.

Market Overview:

The latest research study on the global Online Sports Betting market finds that the global Online Sports Betting market reached a value of USD 35285.1 million in 2022. It’s expected that the market will achieve USD 81364.52 million by 2028, exhibiting a CAGR of 14.94% during the forecast period.

The COVID-19 pandemic has had a significant impact on the online sports betting value chain, causing disruptions at various stages of the process. At the beginning of the pandemic, many sporting events were cancelled or postponed, leading to a decrease in demand for online sports betting services. This resulted in a decline in revenues for online sports betting operators and a decrease in advertising spending by sports betting companies.

However, as the pandemic continued, many sports leagues and events resumed, albeit with limited attendance or in some cases, no live audience at all. This led to a resurgence in demand for online sports betting services as fans looked to engage with their favorite sports from the safety of their homes.

The pandemic also accelerated the trend towards digitalization and online transactions, leading to an increase in the number of customers using online sports betting platforms. This has resulted in increased competition among online sports betting companies and a push towards more innovative and customer-centric solutions.

The rapid popularization of mobile intelligent devices (such as mobile phones, tablets, etc.)

The widespread use of mobile devices has greatly increased the accessibility and convenience of online sports betting. With the rise of mobile technology, people can now place bets on sports events anytime and anywhere, as long as they have an internet connection. Mobile sports betting apps have become increasingly sophisticated, providing users with easy-to-use interfaces, secure payment options, and real-time updates on the latest odds and betting lines.
Furthermore, mobile devices allow sports betting operators to reach a broader audience and expand their customer base. As a result, the online sports betting industry has experienced significant growth in recent years, with many companies investing heavily in mobile technology to enhance the user experience and drive revenue. It is clear that the mobile devices have played a significant role in expansion and popularity of online sports betting market.

Regulatory pressure

While in many countries/regions, sports betting is considered a legal form of gambling, licensed and regulated by special commissions. Certain jurisdictions have outlawed sports betting and consider them illegal. Although there exist sports bettors who use offshore online bookmakers to place their bets.
One of the main restrictions facing online sports betting is the barrier to entry. Various countries and regions have implemented laws and regulations that restrict online sports betting from operating and gaining a foothold in these specific markets. The reasons for these restrictions are numerous and include:
Religious objections: Some lawmakers consider sports betting and other forms of gambling to be a vice and an immoral practice, and are therefore prohibited by law to fit the character of the country. Lack of framework: In developing countries, there is usually no such framework to ensure the safety of individuals. This is also true for governments that do not have the capacity to deal with the legal means regarding online sports betting. This problem creates a situation where bettors may lose their deposits and winnings.

Region Overview:

Latin America had the highest growth rate of all regions in 2022.

In 2022, the share of the Online Sports Betting market in Europe stood at 38.15%.

Company Overview:

Bet365 Group Ltd is one of the major players operating in the Online Sports Betting market, holding a share of 9.36% in 2023.

Bet365 Group Ltd

Bet365 Group Ltd. engages as an online gambling company. The Company provides a range of betting opportunities for various sports, including football, horse racing, tennis, cricket, and basketball, as well as casino, games, poker, and bingo rooms online.

Flutter Entertainment plc

Flutter Entertainment plc, formerly Paddy Power Betfair plc, is an international sports betting and gambling company. It is listed on the London Stock Exchange, and is a constituent of the FTSE 100 Index. It owns brands such as Betfair, FanDuel, Paddy Power, PokerStars, Sky Betting & Gaming, and Sportsbet.

Segmentation Overview:

Online sports betting is a diverse industry with a wide range of sports and events available for betting, such as Football, Horse Riding, Cricket, Tennis, Baseball, Volleyball, Basketball, Hockey, Boxing, Golf, Racing. Among them, Football, Horse Riding and Basketball are the last three popular items in online sports betting in 2022.

The Football segment by type showed a value growth of 23.12% in 2022.

Among different product types, Football segment is anticipated to contribute the largest market share in 2028.

Application Overview:

Mobile-based sports betting refers to sports betting applications that are specifically designed for mobile devices such as smartphones and tablets, while web-based sports betting refers to sports betting websites that can be accessed through a web browser on a desktop or laptop computer.

By application, the Web-based segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Online Sports Betting market covered in Chapter 3:

DraftKings
Flutter Entertainment plc
PointsBet Holdings Ltd
Churchill Downs Incorporated
Lottomatica
MyBookie
Everygame (Intertops)
BetNow .eu
SportsBetting.ag
BetMGM
GTBets
Rush Street Interactive (RSI)
PENN Entertainment
888 Holdings PLC
BookMaker
Bet365 Group Ltd

In Chapter 4 and Chapter 14.2, on the basis of types, the Online Sports Betting market from 2018 to 2029 is primarily split into:

Football
Horse Riding
Cricket
Tennis
Baseball
Volleyball
Basketball
Hockey
Boxing
Golf
Racing

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Online Sports Betting market from 2018 to 2029 covers:

Mobile-based
Web-based

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)