Sports Betting Market to Undertake Strapping Growth By 2030

 Sports Betting Market Growth & Trends

The global sports betting market size is estimated to reach USD 182.12 billion by 2030, registering a CAGR of 10.2% from 2022 to 2030, according to a new report by Grand View Research, Inc. The primary element driving the rise of the sports betting sector is the developing internet infrastructure worldwide. The industry is growing owing to a rise in the amount of sports events and leagues around the world and a surge in demand for sports betting among the elderly and millennials. Other factors affecting the market growth are an increase in disposable income and the need for financial stability among the people.

Esports, electronic sports, is a type of video game competition that frequently takes the form of organized, multiplayer video game events amongst individual, professional players, or teams. Betting in the E-sports segment has gained popularity during the pandemic and is expected to maintain stable growth in coming years due to the rising emergence of video gamers. Some of the most popular competitive video games are Counter-Strike, Dota 2, Call of Duty, and League of Legends, around which multiple tournaments are hosted worldwide.

The internet has positively impacted the market significantly since the introduction of live bets in 2002. However, in the absence of a digital presence, technology's impact on betting is negligible. Major players in the sports betting industry operate via online platforms and official websites. Additionally, sports betting is a highly regulated industry worldwide. For instance, online betting in all sports except horse racing is illegal in most parts of India according to the Public Gambling Act of 1867 and the Technology Act of 2000.

The COVID-19 pandemic has augmented the market for sports betting. The pandemic impacted the lives and occupations of multiple households globally. Earning members lost their jobs, and many faced decrements in income. As a result, the indulgence in betting for a considerable amount of the population increased and the industry saw a surge in participants. According to a study conducted by Public Health England, online casino gambling increased by almost 9.0% during the pandemic.

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Sports Betting Market Report Highlights

• The North America region is anticipated to witness a CAGR of around 11% during the forecast period of 2022 to 2030. The U.S. has legalized sports betting in 29 states as of October 2021, which is a promoting factor for the market growth
• Fixed-odds wagering sub-segment accounts for most of the market share of the market. However, eSports betting is expected to witness the highest CAGR in the coming years due to the spurt in demand for interactive games
• Horseracing is extremely popular and accounts for the second-highest market share. However, the football game is expected to gain attention and show the highest CAGR during the forecast period

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Sports Betting Market Segmentation

Grand View Research has segmented the global sports betting market-based on the platform, betting type, sports type, and region:

Sports Betting Platform Outlook (Revenue, USD Million, 2018 - 2030)

• Offline
• Online

Sports Betting Type Outlook (Revenue, USD Million, 2018 - 2030)

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

Sports Betting Sports Type Outlook (Revenue, USD Million, 2018 - 2030)

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

Sports Betting Region Outlook (Revenue, USD Million, 2018 - 2030)

• North America
  • US
  • Canada
• Europe
  • UK.
  • Germany
  • France
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa

List of Key Players in the Sports Betting Market

• 888 Holdings Plc
• Bet365
• Betsson AB
• Churchill Downs Incorporated
• Entain plc
• Flutter Entertainment Plc
• IGT
• Kindred Group Plc
• Sportech Plc
• William Hill Plc

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.