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:
|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
|2020 – 2032
|2023 – 2032
|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.
|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:
Based on Type:
- Fixed Odds Wagering
- Live/In Play Betting
- eSports Betting
- Exchange Betting
Based on Sport Types:
- Horse Racing
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..
AGA to Host State of the Industry Presentation, Release Report on Record-Breaking 2023 Commercial Gaming Revenue
The American Gaming Association (AGA) will hold its annual State of the Industry presentation with AGA President and CEO Bill Miller today, February 20 at 11:30 AM ET/8:30 AM PT.
During the presentation, the AGA will release full-year 2023 commercial gaming revenue numbers, discuss gaming’s third consecutive record-setting revenue year, provide analysis on the current gaming landscape, and preview AGA priorities for 2024.
Media are invited to a press call immediately following the presentation for Q&A.
What: AGA State of the Industry: Gaming’s Look Ahead & 2023 Commercial Gaming Revenue Tracker Release
Who: AGA President and CEO Bill Miller and Vice President, Research David Forman
When: Today, February 20, 2024 at 11:30 AM ET/8:30 AM PT
Where: WEBINAR REGISTRATION | PRESS CALL REGISTRATION
For questions about this event or AGA’s Commercial Gaming Revenue Tracker, contact [email protected].
AGA’s Commercial Gaming Revenue Tracker provides state-by-state and cumulative insight into the U.S. commercial gaming industry’s financial performance based on state revenue reports. This issue highlights full-year 2023 figures and Q4 2023 results. Tribal gaming revenue is released annually by the National Indian Gaming Commission.
35 states and the District of Columbia featured operational commercial gaming markets in 2023, including casino gaming, sports betting and iGaming.
AGA’s State of Play Map charts gaming’s economic impact, industry regulations and casino locations on a state-by-state basis for both the commercial and tribal gaming sectors.
2023 Commercial Gaming Revenue Reaches $66.5B, Marking Third-Straight Year of Record Revenue
Industry Contributes All-Time High $14.4B in State and Local Gaming Taxes.
U.S. commercial gaming revenue reached an annual record of $66.5 billion in 2023, according to the American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker. The total surpasses 2022’s previous high of $60.5 billion by 10 percent, marking the industry’s third-straight record revenue year.
The year was punctuated by all-time high quarterly revenue of $17.4 billion in Q4 2023, anchored by $6.2 billion in revenue in December, the highest grossing month in industry history.
“From the traditional casino experience to online options, American adults’ demand for gaming is at an all-time high,” said AGA President and CEO Bill Miller. “Sustaining our momentum will take unified industry efforts around combating pernicious illegal operators and growing responsible gambling efforts in tandem with the growth of the legal market—both of which the AGA is committed to lead on throughout 2024.”
The commercial gaming industry continues to evolve, with online gaming making up nearly one-quarter (24.7%) of nationwide commercial gaming revenue in 2023, a new annual high. Looking at each sector:
Traditional Gaming: Brick-and-mortar casino slots and table games grossed a record $49.4 billion in 2023, up 3.3 percent over 2022. On a state level, 19 out of 27 traditional gaming markets saw record annual revenue.
Sports Betting: In 2023, sports betting achieved new records for handle ($119.8B) and sportsbook revenue ($10.9B), up 27.8 and 44.5 percent respectively. This growth was largely fueled by continued maturation across most existing markets as well as several new markets, particularly in Massachusetts and Ohio.
iGaming: 2023 online casino revenue grew 22.9 percent year-over-year to $6.2 billion in the six states with full-scale legal iGaming.
In 2023, 12 of the top 20 commercial casino gaming markets reported revenue growth compared to the previous year, with the top market—the Las Vegas Strip—seeing the strongest year-over-year gains. New Jersey maintained its spot as the second-highest grossing market, while Chicagoland (third) flipped rankings with the Baltimore-Washington, D.C. market (fourth) and Mississippi Gulf Coast (fifth) rounded out the top five.
The commercial gaming industry also contributed more to state and local governments’ coffers than ever in 2023. Throughout the year, commercial gaming operators paid an estimated $14.4 billion in direct gaming revenue taxes, an increase of 9.7 percent year-over-year. The industry also contributes billions of additional tax dollars to states each year in the form of income, sales, payroll and various other corporate taxes.
“Gaming’s success translates directly to the success of the states, cities and towns in which we operate,” continued Miller. “We are proud to be in 47 U.S. jurisdictions, acting as economic drivers, creating jobs and providing the funding that makes critical public education programs, infrastructure projects, problem gambling resources and more possible.”
Miller will make additional remarks on full-year 2023 commercial gaming revenue figures and preview AGA’s priorities for the year ahead in AGA’s annual State of the Industry webinar on Feb. 20 at 11:30 AM ET/8:30 AM PT.
For additional information about (AGA) Commercial Gaming Revenue Tracker visit americangaming.org
For registration visit bigmarker.com
Internet Vikings Strengthens its Disaster Recovery Capability in Delaware with Second Data Center
Internet Vikings, a leading provider of licensed in-state hosting solutions in the United States, has opened its second data center in Delaware. This strategic expansion strengthens the company’s position within the iGaming and sports betting market, enabling it to deliver reliable and always-on disaster recovery services to operators across the state of Delaware.
According to Internet Vikings’ official statement, the opening of a second data center in Delaware is a company response to increasing industry demands for stability and reliability within the region.
In September of 2023, Internet Vikings became the first hosting provider to implement full redundancy in West Virginia, responding to industry demands for disaster recovery in light of the increased risk of ransomware attacks. By opening a second data center in Delaware, the company underscores its commitment to meeting the evolving needs of the iGaming and sports betting sectors with reliable hosting solutions.
“Our clients require absolute assurance that their platforms will operate seamlessly, irrespective of unforeseen circumstances,” the Chief Technology Officer for Internet Vikings, Kristoffer Ottosson, said. “This impelled our decision to bolster our presence in Delaware with a second data center, providing premium redundancy and performance.”
“Considering the heightened risk posed by ransomware attacks and the significant financial losses they incur, disaster recovery has emerged as a strategic priority for numerous gaming companies,” the founder and Chief Executive Officer for Internet Vikings, Rickard Vikstrom, said. “Our second data center in Delaware strengthens the disaster recovery capacity in the region, offering the industry the highest level of security and infrastructure.”
With its commitment to security, reliability, and client success, Internet Vikings is charting its own course in the iGaming and sports betting landscape across the United States.
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