Online Sports Betting Market Size
| Study Period | 2018-2028 |
| Base Year For Estimation | 2022 |
| CAGR | 11.34 % |
| Fastest Growing Market | North America |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Online Sports Betting Market Analysis
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.
- 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.
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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.
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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.
Online Sports Betting Market Leaders
Entain PLC
The Stars Group
888 holdings PLC
BET 365
William Hill PLC
*Disclaimer: Major Players sorted in no particular order
Online Sports Betting Market News
- March 2023: OpenBet, a multinational company that provides sports betting entertainment, expanded its presence in the United States with a day-one launch in Massachusetts.
- September 2022: Bet365, the renowned sports betting giant, successfully launched its online sports betting service in the state of Colorado. Leveraging one of Century Casinos' master licenses with the state, the sportsbook operator made its highly-anticipated betting application available to the market. This strategic partnership enabled Bet365 to swiftly go live with its cutting-edge platform, offering an exciting array of sports betting options to enthusiastic Colorado bettors.
- May 2022: William Hill, an operator of sports betting and online casinos, launched its flagship brand and planned to increase its market share in Latvia by a wide margin. Additionally, William Hill intends to leverage existing media partnerships through bespoke creatives grounded in the Brotherhood brand concept. This concept focuses on the power sports and betting have on connecting people.
- March 2022: The Kindred Group plc (Kindred) expanded its North American footprint by entering the Canadian market after receiving an iGaming license in Ontario. Under their Unibet multiproduct brand, Kindred launched iGaming and sports betting products under Ontario's open regulatory model.
Online Sports Betting Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Increasing Popularity of Online Gambling
4.1.2 Online sports betting has become widely available and accessible, because of theincreasing usage of smartphones.
4.2 Market Restraints
4.2.1 Government restriction on online sports betting in some countries
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitutes
4.3.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Sport Type
5.1.1 Football
5.1.2 Basketball
5.1.3 Horse Racing
5.1.4 Baseball
5.1.5 E-Sports
5.1.6 Other Sport Types
5.2 Device
5.2.1 Desktop
5.2.2 Mobile
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Spain
5.3.2.2 United Kingdom
5.3.2.3 Germany
5.3.2.4 France
5.3.2.5 Italy
5.3.2.6 Russia
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 South Africa
5.3.5.2 United Arab Emirates
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 888 holdings PLC
6.3.2 Entain PLC
6.3.3 BET 365
6.3.4 William Hill PLC
6.3.5 The Stars Group
6.3.6 Betsson AB
6.3.7 Churchill Downs Incorporated
6.3.8 Paddy Power Betfair PLC
6.3.9 Cherry AB
6.3.10 Flutter Entertainment PLC
6.3.11 OpenBet
6.3.12 Cypher Sports Technology Group
6.3.13 theScore Bet
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Online Sports Betting Industry Segmentation
Sports betting is the activity of predicting sports results and placing a wager on the outcome. The frequency of sports bets varies by culture, with the vast majority placed on football, basketball, horse racing, cricket, and others.
The online sports betting market is segmented by sports type, device, and geography. Based on sports type, the market is segmented into football, basketball, horse racing, baseball, e-sports, and other sports type. Based on devices, the market is segmented into Desktop and Mobile. Moreover, it analyzes the online sports betting market in emerging and established regions, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
For each segment, the market sizing and forecasts have been done based on value (USD).
| Sport Type | |
| Football | |
| Basketball | |
| Horse Racing | |
| Baseball | |
| E-Sports | |
| Other Sport Types |
| Device | |
| Desktop | |
| Mobile |
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Online Sports Betting Market Research FAQs
What is the study period of this market?
The Online Sports Betting Market is studied from 2018 - 2028.
What is the growth rate of Online Sports Betting Market?
The Online Sports Betting Market is growing at a CAGR of 11.34% over the next 5 years.
Which region has highest growth rate in Online Sports Betting Market?
North America is growing at the highest CAGR over 2018-2028.
Which region has largest share in Online Sports Betting Market?
Europe holds highest share in 2022.
Who are the key players in Online Sports Betting Market?
Entain PLC, The Stars Group, 888 holdings PLC, BET 365, William Hill PLC are the major companies operating in Online Sports Betting Market.
Online Sports Betting Industry Report
The internet sports betting market is undergoing substantial transformations due to technological progress. Leading sports betting firms are streamlining their platforms and offering pleasurable experiences for their clients, with cashless transaction methods and an increase in female participation anticipated to stimulate the market. The sector's expansion is also projected to be driven by virtual reality and blockchain technologies. Digital sports betting is primarily used in events such as the FIFA World Cup and European Championships due to their escalating popularity. It's also prevalent in horse racing and tennis, with numerous firms sponsoring various teams as part of their promotional activities and strategic growth. The market is divided by sports type, device, and location, with the bulk of wagers placed on football, basketball, horse racing, and cricket. The growing global popularity of sports betting and football has resulted in a high betting volume, particularly in European nations where football is highly popular. The convenience and ease of gambling within one's own environment is a significant driver of the segment, with the increasing adoption of mobile and web sports betting payment gateways providing a safe and secure transaction method. The market is characterized by fierce competition and is highly fragmented due to the robust presence of regional and global players. Key strategies adopted by players in the market include expansions, innovations, and new product launches to maintain competitiveness. For a more comprehensive analysis, a free PDF download of the report is available.
Online Sports Betting Market Report Snapshots
