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Gambling in the USA

Sports Betting Market is set to reach USD 231.2 billion by 2032, with a notable 11.1% growth rate (CAGR)

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The Global Sports Betting Market size accounted for USD 81.7 Billion in 2022 and is expected to reach USD 231.2 Billion by 2032 with a considerable CAGR of 11.1% during the forecast period of 2023 to 2032.

Sports betting market is reshaping the gambling industry, providing cutting-edge and entertaining wagering experiences. What exactly are sports betting? They are specialized services that involve the outsourcing of specific telecommunications operations and responsibilities to third-party providers. The global market was valued at USD 81.7 Billion in 2022 and is projected to reach USD 231.2 Billion by 2032. Within the larger gambling business, the sports betting market is a dynamic and quickly increasing area. It is based on the activity of forecasting sports events and betting on the outcomes. This market has grown significantly in recent years, owing mostly to the advent of internet and mobile betting platforms, which have made it more accessible to a global audience. Sports betting covers a vast number of sports, including football, basketball, tennis, horse racing, and many more, and includes a wide range of betting choices, such as moneyline bets, point spreads, and proposition bets. The expansion of the market is also driven by regulatory changes in various locations, with some governments legalizing and regulating sports betting in order to increase tax revenue and safeguard consumers.

Key Points and Statistics on the Sports Betting Market:

  • The Global Sports Betting Market size is projected to grow to USD 231.2 Billion by 2032, expanding at a CAGR of 11.1% from 2023 to 2032.
  • Europe leads the market globally with around USD 29.4 billion revenue of the market in 2022.
  • The platform online segment captured the largest market share along with 48.1 billion in 2022.
  • By betting type, fixed odds wagering sub-segment held the largest market share of 27% in 2022.
  • The advent of 5G networks, AI, and blockchain technologies in sports betting increase the market value.

Sports Betting Market Coverage:

Market Sports Betting Market
Sports Betting Market Size 2022 USD 81.7 Billion
Sports Betting Market Forecast 2032 USD 231.2 Billion
Sports Betting Market CAGR During 2023 – 2032 11.1%
Analysis Period 2020 – 2032
Base Year 2022
Forecast Data 2023 – 2032
Segments Covered By Platform, By Betting Type, By Sports Type, By Age Group, And By Geography
Sports Betting Market Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled 888 Holdings Plc, Bet365, Betsson AB, Churchill Downs Incorporated, Entain plc, Flutter Entertainment Plc, IGT, Kindred Group Plc, Sportech Plc, William Hill Plc, and others.
Report Coverage Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis

Sports Betting Market Overview and Analysis:

Several dynamic aspects characterise the sports betting business. The growing popularity of sporting events, both amateur and professional, adds to market growth by providing more options for bettors. The increased use of internet and mobile betting platforms has resulted in convenience, real-time betting possibilities, and live streaming of sporting events, making it more appealing to a wider audience.Furthermore, shifting regulatory environments have a huge impact. Some regions have legalised sports betting, giving consumer protection and tax money, while others have severe rules or outright forbid sports betting.

Technological improvements, such as the use of artificial intelligence and data analytics, have enhanced the accuracy of odds and allowed bettors to conduct more in-depth research. As a result, in-play betting, in which wagers can be placed during a game or match, has grown in popularity. Furthermore, the growing popularity of e-sports and the expansion of virtual sports betting have added new elements to the market. While the sports betting market offers several opportunities for bettors and operators, it also confronts problems, such as concerns about responsible gambling and possible issues with match-fixing and sports integrity. As the market evolves, maintaining a balance between innovation and regulation will be critical for long-term growth.

Latest Sports Betting Market Trends and Innovations:

Increased in-play and mobile betting, an emphasis on responsible gambling measures, and the use of modern data analytics to produce more accurate odds and predictions are all developments in the sports betting sector. Furthermore, the use of blockchain technology for transparent and secure transactions, as well as the growing popularity of e-sports betting, are important industry advances. These advancements improve the overall sports betting experience while also reaching a larger audience..

Major Growth Drivers of the Sports Betting Market:

The primary growth drivers include the rise in sports events and leagues, expanding global digital connectivity, a surge in sports betting interest among the younger generation, and the uptick in advertising and sponsorships are key drivers of the sports betting market.

Key Challenges Facing the Sports Betting Industry:

Challenges include the enforcement of stringent regulations on betting, increasing apprehension surrounding illicit wagering, and a mounting focus on addiction issues are elevating ethical concerns within the sports betting industry.

Sports Betting Market Segmentation Insights:

Based on Platforms:

  • Online
  • Offline

Based on Type:

  • Fixed Odds Wagering
  • Live/In Play Betting
  • eSports Betting
  • Exchange Betting
  • Others

Based on Sport Types:

  • Basketball
  • Football
  • Horse Racing
  • Baseball
  • Hockey
  • Cricket
  • Others

Based on Age Group:

  • Gen Y/Millennials
  • Gen Z
  • Baby Boomers
  • Gen X

Overview by Region of the Sports Betting Market:

Europe is the largest region in the global sports betting market, with a well-established betting culture and a plethora of markets within individual countries. The sports betting business in the United Kingdom, in particular, is strong and well-regulated. Another big market is North America, led by the United States, with the recent legalization of sports betting in numerous states adding to its rise. Asia-Pacific, which includes countries such as China and India, has significant growth potential. Sports betting is expanding in Africa and Latin America, with evolving regulatory frameworks promising future expansion. These regional dynamics highlight the multifaceted structure of the sports betting business.

List of Key Players in the Sports Betting Market:

The notable companies in the market include William Hill Plc, 888 Holdings Plc, Bet365, Betsson AB, Churchill Downs Incorporated, Entain plc, Flutter Entertainment Plc, IGT, Kindred Group Plc, and Sportech Plc..

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Gambling in the USA

BMM INNOVATION GROUP SHOWCASES ITS SUPPORT FOR TRIBAL SOVEREIGNTY AT INDIAN GAMING CONFERENCE & EXPO MARCH 31 – APRIL 3 AT SAN DIEGO CONVENTION CENTER

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Company to sponsor, attend, and speak at the San Diego, California show.

BMM Innovation Group (“BMM,” “BIG Group,” or “BIG”), a technology conglomerate focused on product compliance testing, cybersecurity solutions, and virtual training for the global gaming industry, today announced its sponsorship and participation in the Indian Gaming Association’s (“IGA”) annual IGA Conference & Expo, March 31-April 3 at the San Diego Convention Center.

With over three decades of experience supporting Tribal gaming, BIG will be on-site as sponsors, speakers, and attendees to reinforce the Company’s steadfast commitment to Tribal sovereignty and self-regulation.

Proud Partners in Tribal Progress

The BIG Group’s Chairman, President, and Chief Executive Officer Martin Storm said, “BMM proudly partners with Tribal governments, Tribal casinos, and Tribal gaming equipment and technology suppliers to advance Tribal sovereignty, self-determination, and economic development. We are honored to continue supporting the growth and integrity of Tribal gaming through our trusted product compliance services, world-class training and virtual education, and our cybersecurity solutions to protect Tribal enterprises.”

BMM’s long-standing relationships with Tribal gaming suppliers and regulators are at the heart of its mission. As active members of IGA and other key Tribal organizations, BIG is committed to elevating Tribal voices and ensuring Tribal interests remain at the forefront of industry growth.

BIG Group Shares Thought Leadership on Conference Panels and Trainings

  • In addition to sponsoring and attending, the BIG Group’s expert thought leaders will speak and provide in-person training at the conference:
  • Tuesday, April 1 at 9 am: Innovation vs. Regulation: Keep Pace with Emerging Gaming Technologies – Sean Mason, Senior Director of Tribal Services
  • Tuesday, April 1 at 4 pm: Gaming and Cyber Risk Best Practices – Mitigate Risk and Sleep Better at Night – Heather Lee, Senior Director of Sales for BIG Cyber
  • Wednesday, April 2 at 9 am: Level III Commissioner Certification Training – Peter Nikiper, Director of Technical Compliance

Unmatched Expertise in Product Compliance and Certification

As a trusted testing laboratory for Tribal gaming jurisdictions across North America, BMM’s focus is fairness, integrity, and security in every gaming environment. IGA attendees are invited to connect with BMM experts to learn more about the Company’s comprehensive product compliance programs.

Education & Training for Long-Term Success

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BIG continues to empower Tribal gaming employees through exclusive education and training programs, including free access to RG24seven Virtual Training. These knowledge-sharing initiatives are designed to support responsible gaming, regulatory compliance, and the long-term sustainability of Tribal gaming operations.

Cybersecurity Solutions Tailored for Tribal Gaming

The BIG Group is focused on bolstering cybersecurity defenses for Tribal enterprises through its BIG Cyber services, which includes penetration testing, vulnerability assessments, PCI:DSS evaluations, and a host of managed security services featuring CYREBRO’s Security Operations Center, KnowBe4’s security awareness training, and Maxxsure’s risk management platform.

 

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Gambling in the USA

Bruce Smith Enterprise and The Cordish Companies Break Ground on New Live! Casino & Hotel in Petersburg, Virginia

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Bruce Smith Enterprise and The Cordish Companies Break Ground on New Live! Casino & Hotel in Petersburg, Virginia

 

Bruce Smith Enterprise and The Cordish Companies celebrated the groundbreaking of the new LIVE! CASINO & HOTEL VIRGINIA in Petersburg. The milestone officially commences construction on a transformative project that will generate billions of dollars in economic benefits and spinoff development, create thousands of new jobs, and set a new standard for gaming, hotels, and entertainment in the Commonwealth. Live! Casino & Hotel Virginia is part of a larger $1.4 billion master plan by the partnership, scheduled to be developed in phases, that will bring a world-class mixed-use resort destination to Petersburg.

Executives from Bruce Smith Enterprise, The Cordish Companies, and Cordish Gaming were joined by Petersburg City Mayor Sam Parham and members of Petersburg City Council, Virginia State Senator Lashrecse Aird, Virginia State Delegate Kim Taylor, and many other business and community leaders at the project site in Petersburg. The development site, ideally located on Brasfield Parkway at the intersection of Wagner Road and Interstate I-95 just 20 miles south of Richmond, will provide easy access on and off the East Coast’s major north-south interstate.

“It has been a source of immense satisfaction and pride to partner in this incredible development. For far too long people have simply driven by the City of Petersburg, but today marks the beginning of a new era in which Petersburg will become a prime destination. This pivotal project will ignite tourism, create jobs, and ultimately deliver on the promise of greater opportunity and upward mobility for local families. As a champion of Petersburg and its residents, I am happily confident that this historic development will uplift, empower, and enrich this community for years to come,” said Bruce Smith, founder of Bruce Smith Enterprise.

Live! Casino & Hotel Virginia is slated to open in 2027. A temporary gaming facility will open by the end of 2025 to immediately begin creating an estimated 500 new jobs, vendor opportunities and economic benefits for the City. In its first 10 years, the project is expected to generate $2.8 billion in economic stimulus to the region; $504 million in tax revenues including $240 million to the City of Petersburg; $802 million in economic benefits during construction; $201 million in annual economic benefits each year after opening; and 7500 new jobs including 6100 during construction and 1400 new permanent jobs.

“Today marks a monumental day for The Cordish Companies as we expand our Live! brand into the Central Virginia region with the development of Live! Casino & Hotel Virginia. Our company is a national leader in successfully developing and managing large-scale urban revitalization projects across the country. Live! Casino & Hotel will be a transformative development that will bring a world-class gaming and entertainment experience to millions of visitors, create significant new jobs, and generate millions of dollars in economic benefits for the community that will provide a beneficial impact for generations. We look forward to making an immediate impact on the region with the construction of a temporary gaming facility that will be operational before the end of 2025, so that we can begin creating jobs, vendor opportunities and economic benefits for the City,” said Zed Smith, Chief Operating Officer for The Cordish Companies.

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Gambling in the USA

PENN Entertainment Launches Stand-alone Hollywood Casino App in New Jersey

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PENN Entertainment announced that its stand-alone Hollywood Casino app has launched in New Jersey. The new Hollywood Casino platform is available on Android, iOS, and desktop and can also be accessed via the ESPN BET app. Customers can login to Hollywood Casino using their ESPN BET credentials, allowing for a seamless experience across PENN’s online betting and casino platforms.

Ranked by Eilers & Krejcik as the #2 overall iCasino product in the US, Hollywood Casino offers a variety of online slots, table games, and live dealer content, including original titles from PENN Game Studios, the company’s in-house casino game development studio. Hollywood Casino also includes bespoke live dealer tables and exclusive games such as the recently launched Devils Blackjack, an original title leveraging PENN’s partnership with the New Jersey Devils.

“We’re thrilled to introduce our dedicated, casino-first experience to customers across New Jersey. Hollywood Casino delivers a best-in-class experience with an extensive game library, seamless gameplay, and exclusive content from our in-house studio. This launch builds on the strong momentum we’ve gained since introducing our enhanced standalone app in December,” said Aaron LaBerge, Chief Technology Officer of PENN Entertainment.

The stand-alone Hollywood Casino platform debuted in Pennsylvania last December and is also available in Michigan.

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