Sports Betting Market Expected to Hit $221.4 Billion in Value

According to research by SNS Insider, the global sports betting market was valued at $92 billion in 2023 and is expected to reach $221.4 billion by 2032, registering a compound annual growth rate (CAGR) of 10.2% over the forecast period.

Growth Drivers in the Market

A key factor driving this growth is the increasing government regulations aimed at controlling illegal betting activities. Governments worldwide are addressing sports betting concerns, primarily due to its association with illicit practices. In the U.S., the introduction of sports betting regulations in 2023 led to a 20% increase in sports betting activity, making the market more legitimate, transparent, and secure, thereby enhancing consumer trust in advanced betting technologies.

Sports betting enthusiasts have quickly adopted these new regulations, contributing directly to market growth.

Regions & Market Players

The full report covers regions such as North America (U.S., Canada, Mexico), Eastern Europe (Poland, Romania, Hungary, Turkey, and others), Western Europe (Germany, France, UK, Italy, and others), the Asia-Pacific (China, India, Japan, South Korea, Australia, and others), the Middle East (UAE, Egypt, Saudi Arabia, and others), Africa (Nigeria, South Africa, and others), and Latin America (Brazil, Argentina, Colombia, and others).

Major companies listed in the report include Bet365, GVC Holdings, Stars Group, Paddy Power Betfair, William Hill, Fortuna Entertainment Group, Betfred, mybet Holding, Hong Kong Jockey Club, and Kindred Group.

The Rise of Online Betting

The online sector dominates the market, accounting for over 65% of total sports betting. This dominance is attributed to the convenience of betting from any location and at any time, further supported by the growth of smartphones and high-speed internet. These technological advancements allow platforms to use algorithms to analyze real-time data, solidifying the trend toward digitalization.

Fixed Odds Betting Remains Popular

Fixed Odds betting continues to hold the largest market share by type, primarily due to its widespread availability across all established sports. Many bettors consider it the “safest” option. The most popular sports for betting include soccer, American football, basketball, baseball, horse racing, cricket, and ice hockey.

On the other hand, Esports betting is the fastest-growing sector. Its rise is fueled by the increasing interest of younger generations in esports, driving a previously unimaginable expansion in this betting category.