Sports Betting Market Expected to Reach US ~$178.68 Billion and CAGR 11.7% by 2030

The global sports betting market size is expected to reach USD 178.68 billion by 2030 according to a new study by Polaris Market Research.

Perceptible factors responsible for the market growth include growing digital infrastructure and the prevalence of wireless connectivity. The increasing utilization of smartphones has changed the way consumers perform a variety of activities. There are around 6.3 billion smartphone users worldwide, and this number is growing every year. Moreover, increasing smartphone users will boost the market growth over the forecast years.

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For instance, according to a 2020 report, smartphone users have reached six billion worldwide and are expected to increase by several hundred million in the coming years. The countries with the most smartphone users are China, India, and the United States. Thus, it will also increase awareness regarding online betting. Based on the sports segment, football is expected to witness the highest CAGR during the forecast period as the popularity of this game. This is primarily due to the celebrity status of football players.

In 2021, Europe had the largest revenue share which is expected to continue throughout the forecast period. The development of the regional market can be related to the adoption of safety legislation and regulations for both offline and online wagering platforms. Furthermore, prominent games such as football and horse racing, as well as popular football clubs such as Manchester United, Liverpool, and Chelsea F.C., are well-known in countries such as Germany and the U.K.

The prominent factors favoring the industry growth include the penetration of connected devices, the transforming regulatory landscape of the global gambling sector, and the developing digital infrastructure. Furthermore, as the number of athletics leagues and events grows, so does the demand for the market among youngsters and older people all around the world.

Major participants such as Fan duel, Betsson, Amaya gaming, Bet365 Group, BetAmerica, Bet-at-home.com, Betfred, Draft Kings, Twinspires, Gala Coral Group, GVC Holdings, Kindred Group, Ladbrokes, 888 Holdings, Paddy Power Betfair, Sportech, TVG, Watch and Wage, and William Hill are some of the key players operating worldwide. On the website, PlayNow.com, the British Columbia Lottery Corporation (BCLC) will begin providing single games even bets as well as bets on racing and fighting.BetMGM has partnered with Cheddar News, a digital-first news network, to develop Cheddar Bets, a weekly program that will be the first of its kind to explore the interface of games wagering and financial markets.

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Polaris Market Research has segmented the sports betting market report on the basis of platform, type, sports, application, and region:

Sports Betting, Platform Outlook (Revenue – USD Billion, 2018 – 2030)

  • Offline
  • Online

Sports Betting, Type Outlook (Revenue – USD Billion, 2018 – 2030)

  • Fixed-odds wagering
  • Exchange
  • Live/In-play
  • Pari-mutuel
  • Esports
  • Others

Sports Betting, Sports Outlook (Revenue – USD Billion, 2018 – 2030)

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

Sports Betting, Application Outlook (Revenue – USD Billion, 2018 – 2030)

  • Draw games
  • Instant games
  • Lotto
  • Numbers games
  • Others

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