Online Sports Betting Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Global Online Sports Betting market is segmented by Sports Type (Football, Basketball, Baseball, Horse Racing, E-Sports, and Others); By Device (Desktop and Mobile); and By Geography (North America, Europe, and Rest of the World). The report offers market size and forecasts in value (USD million) for the above segments.

Market Snapshot

online sports betting market
Study Period: 2016 -2027
Base Year: 2021
Fastest Growing Market: North America
Largest Market: Europe
CAGR: 10.23 %

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Market Overview

The Global online sports betting market is projected to grow at a CAGR of 10.23% during the forecast period (2022-2027).

The COVID-19 pandemic has positively impacted the market as consumers went more to the internet platform to bridge their financial, social, and psychological crises during lockdowns during COVID-19. According to a study done by Lund University, Sweden, Consumer interest in online betting platforms has increased due to the streamlined experience of having access to a complete list of betting markets from their desktop or even mobile devices.

Online sports betting is predominantly applied in events such as FIFA World Cup and European Championships. 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.

For the 2020 UEFA Euro Cup, the Gaming Innovation Group (GIG) launched an advanced and innovative platform for sports betting. The product integrated platform services that are super responsive, flexible, and data-driven will help operators perform better than their competitors by crafting the best user experience possible.

Scope of the Report

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 of bets being placed on Football, Basketball, Horse racing, Cricket, and others. The Global Online Sports Betting market is segmented by sports type into football, basketball, baseball, horse racing, e-sports, and others. By device, the market is segmented into desktop and mobile. Moreover, it provides an analysis of the craft beer market in the emerging and established regions, which include North America, Europe, Asia-Pacific, and Rest of the World. The report offers market size and forecasts for the online sports betting market in value(USD million) for all the above segments.

By Sport Type
Football
Basketball
Horse Racing
Baseball
E-Sports
Other Sport Types
By Device
Desktop
Mobile
Geography
North America
United States (PENNSYLVANIA)
United States (NEW JERSEY)
Rest of North America
Europe
Germany
United Kingdom
Spain
Sweden
France
Italy
Rest of Europe
Rest of the World
Asia-Pacific
South America
Middle East & Africa

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Key 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 global online sports betting market records a high betting volume, with a growing number of bets, especially from 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 FIFA WorldCup and European Championships. Many online sports betting companies sponsor different teams as a part of their marketing and strategic expansions. For instance, the Bwin brand, a pioneering online sports brand across Continental Europe, attained global recognition through high-profile sponsorships with football clubs, such as Real Madrid and AC Milan. Nowadays, the vast majority of football bets are placed online, attributed to the significant changes in the products and various betting markets that bookmakers offer. It has become very common that there will be more than 100 different betting markets for any football match. Online sports betting popularity is increasing all around the world.

 football betting markets,

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 major portion of its revenue from the United Kingdom, Spain, Germany, and other European countries, as most companies are using expansion into regulated markets as their strategy to generate sustainable revenues. As online sports betting is predominantly applied in events such as FIFA World Cup, 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 biggest betting sports in 2021, despite Wimbledon occurring at the same time as the UEFA Euro Cup, which indicates the growing popularity of online sports betting across the European region.

 sports betting industry

Competitive Landscape

The market studied is characterized by intense competition and is highly fragmented due to the strong presence of regional and global players. The market is dominated by key players like Bet365, GVC Holdings PLC, The Stars Group, 888 Holdings PLC, and William Hill PLC. Key players compete on various factors, including offerings, user experience, brand equity, personalized payoffs, and access to various platforms. The dominating players have been focusing on mergers over the past few years, primarily to increase their stake in the market and to improve profit margins. For instance, Paddy power Plc and Bet fair Plc merged to form Paddy Power Betfair Plc. Similarly, Ladbrokes and Coral formed Ladbrokes Coral Group Plc post completion of their merger.

Recent Development

In September 2021, Novel Corporation collaborated with 888 Holdings to provide its instant bank transfer payment solution to the newly launched SI sportsbook, Sports illustrated's first venture into US online sports betting and igaming. Novel's Instant bank transfer technology will power consumer deposits on the platform, providing seamless, real-time bank account funding.

In June 2021, LeoVegas expanded into the United States with its online gaming technical platform, Rhino. LeoVegas will now offer online casinos in the state of New Jersey through an agreement that provides market access.

In February 2021, William Hill US partnered with Caesars Entertainment and launched its mobile and online sportsbook in Virginia. The app includes a quick and secure registration process and a wide selection of options to deposit and withdraw funds.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.3.1 Bargaining Power of Buyers/Consumers

      2. 4.3.2 Bargaining Power of Suppliers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitutes

      5. 4.3.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Sport Type

      1. 5.1.1 Football

      2. 5.1.2 Basketball

      3. 5.1.3 Horse Racing

      4. 5.1.4 Baseball

      5. 5.1.5 E-Sports

      6. 5.1.6 Other Sport Types

    2. 5.2 By Device

      1. 5.2.1 Desktop

      2. 5.2.2 Mobile

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States (PENNSYLVANIA)

        2. 5.3.1.2 United States (NEW JERSEY)

        3. 5.3.1.3 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 Spain

        4. 5.3.2.4 Sweden

        5. 5.3.2.5 France

        6. 5.3.2.6 Italy

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Rest of the World

        1. 5.3.3.1 Asia-Pacific

        2. 5.3.3.2 South America

        3. 5.3.3.3 Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Adopted Strategies

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 888 holdings PLC

      2. 6.3.2 GVC Holdings PLC

      3. 6.3.3 BET 365

      4. 6.3.4 William Hill PLC

      5. 6.3.5 The Stars Group

      6. 6.3.6 Betsson AB

      7. 6.3.7 Kindered group PLC

      8. 6.3.8 Paddy Power Betfair PLC

      9. 6.3.9 Cherry AB

      10. 6.3.10 Flutter Entertainment PLC

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. IMPACT OF COVID-19 ON THE MARKET

**Subject to Availability

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Frequently Asked Questions

The Online Sports Betting Market market is studied from 2016 - 2027.

The Online Sports Betting Market is growing at a CAGR of 10.23% over the next 5 years.

North America is growing at the highest CAGR over 2021- 2026.

Europe holds highest share in 2021.

GVC Holdings PLC, The Stars Group, 888 holdings PLC, BET 365, William Hill PLC are the major companies operating in Online Sports Betting Market.

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