Online Sports Betting Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Online Sports Betting Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Online Sports Betting Market is expected to register a CAGR of 11.34% during the forecast period.

The online sports betting market size is expected to grow from USD 63.70 billion in 2023 to USD 109 billion by 2028, registering a CAGR of 11.34% during the forecast period.

Key Highlights

• Technological advancements have had a significant impact on the gambling industry. Several major sports betting companies are striving to simplify their platforms and provide an enjoyable experience for their customers. Moreover, cashless payment methods and female casino patronage are expected to boost the market.
• The growth of the online sports betting industry is also predicted to be fueled by virtual reality and blockchain technologies. According to a study by Lund University, Sweden, consumer interest in online betting platforms increased due to the streamlined experience of accessing a complete list of betting markets from their desktop or mobile devices.
• Online sports betting is predominantly applied in events such as FIFA World Cup and European Championships owing to their rising popularity. Online betting is also popular in horse racing and tennis. Many online sports betting companies sponsor different teams as a part of their marketing initiatives and strategic expansions. Additionally, companies are expanding their products to bet on the esports category.
• For instance, in September of 2022, Rivalry Corp., a sports betting and media company, announced the expansion of its product portfolio into the casino segment. This offering is available online under an Isle of Man license. There is now an option available for Rivalry users in these markets to play and bet on Aviator, a popular online game in the "crash" category.

Online Sports Betting Market Trends

Increasing Popularity of Online Gambling

• Due to the increasing global popularity of both sports betting and football as a sport, the football segment of the international online sports betting market records a high betting volume, with a growing number of bets. It is especially prevalent in European countries such as Italy, France, and Spain, where football enjoys high popularity. The online betting segment is predominantly applied in the sports category, especially in football events, such as International Association Football Federation (French: Fédération internationale de football association (FIFA)) World Cup and European Championships.
• The increased penetration of smartphones is leading to an increase in several mobile application-based lottery games. The end-user has the convenience and comfort of gambling within the comfort of their own space, which is one of the major drivers of the segment. Casino gambling has been one of the rapidly growing gambling categories, owing to the convenience of usage and optimal user experience.
• Also, The rising adoption of mobile and online payment gateways made payment options convenient for consumers and online players. The online payment provides a safe and secure mode of transaction, which is accepted by the online gaming industry. This factor is boosting the growth of the online gambling market.
• Moreover, many online sports betting companies sponsor different teams and leagues as a part of their marketing and strategic expansions. For instance, in September 2021, the Bwin brand expanded its network of international sports marketing in Europe by becoming the official sports betting partner of UEFA's Europa League and Europa Conference League.
• Nowadays, most football bets are online, attributed to the significant changes in the products and various betting markets bookmakers offer. It is widespread that there will be more than 100 different betting markets for any football match. Online sports betting's popularity is increasing all around the world.

Europe Emerged as the Largest Market

• The market records a high demand from European betting consumers, who bet across multiple leagues, pre-match, and in-play. The market generates a significant portion of its revenue from the United Kingdom, Spain, Germany, and other European countries, as most companies are expanding into regulated markets to generate sustainable revenues. As online sports betting is predominantly applied in events such as FIFA World Cup, the Wimbledon Championship, and European Championships, Europe's online sports betting market posted significant growth in the last few years.
• Due to the 2021 Wimbledon Championship, tennis emerged as one of Europe's most crucial betting sports in 2021, despite Wimbledon coinciding with the Union of European Football Association (UEFA) Euro Cup, which indicates the growing popularity of online sports betting across the European region.
• Further, with the advent of technology, virtual reality, blockchain, and mobile platforms are becoming popular in the gambling industry across Europe. In the United Kingdom, sports wagering is offered by the private sector and is carried out in a highly competitive marketplace. The Gaming Commission, which was established by the Gambling Act of 2005, regulates and legalizes online sports betting in the nation. The Gambling Commission is in charge of online poker, sports betting, casino games, bingo, and lottery-style games.
• For example, the Office of Communications in the United Kingdom reported in 2021 that 6% of users between the ages of 25-34 and 45-54 years played online gambling at least once every three months. For instance, in 2021, according to H2 Gambling Capital and European Gaming and Betting Association, the industry for Internet gambling comprises games played digitally, such as poker, casinos, sportsbooks, bingo, lotteries, and wagering on horse races, among other activities. While 40% of Europe's online gambling revenue in 2021 was generated by sports betting. Therefore, the above-mentioned factors are expected to benefit the market positively.

Online Sports Betting Industry Overview

The market studied is characterized by intense competition and is highly fragmented due to the strong presence of regional and global players. Key players like Bet365, GVC Holdings PLC, The Stars Group, 888 Holdings PLC, and William Hill PLC dominate the market. Key players compete on various factors, including offerings, user experience, brand equity, personalized payoffs, and access to multiple platforms.

The key strategies adopted by the players in the market are expansions, innovations, and new product launches to maintain competitiveness in the market. While the dominating players have been focusing on mergers over the past few years, primarily to increase their market stake and improve profit margins.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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