GVR Report cover Sports Betting Market Size, Share & Trends Report

Sports Betting Market Size, Share & Trends Analysis Report By Platform (Online, Offline), By Type (Fixed Odds Wagering, eSports Betting), By Sports Type (Football, Basketball), By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Sep, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68039-539-7
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 100

Report Overview

The global sports betting market size was valued at USD 66.98 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.1% from 2021 to 2028. Factors such as the penetration of connected devices, changing regulatory landscape of the overall gambling industry, and growing digital infrastructure are fueling the demand for sports betting. Additionally, the increase in the number of sports leagues and events is fueling the demand for sports betting among millennials and elder people around the world. The COVID-19 pandemic severely affected the sports industry, especially land-based sports, owing to the complete ban on sporting events across most parts of the world. However, the popularity of online sports betting witnessed significant growth during the pandemic owing to eSports betting. For instance, according to LOOT.BET, one of the major Esports bookmakers, in 2020, the company observed over 67% growth in online betting volumes.

U.S. sports betting market size, by platform, 2018 - 2028 (USD Billion)

As a form of gambling, sports betting involves engaging in a wager on the consequence of a certain sporting event. Based on two probable outcomes, people bet on sports to win additional money. Over the past years, sports betting has become more convenient as people can now bet on various sports from their homes or while traveling. This is further resulting in increased betting across the globe.

Stringent government regulations pertaining to the overall gambling market across various regions and countries are expected to hamper the market growth. However, the application of AI and blockchain technologies is anticipated to boost market growth in the coming years. For instance, to legalize commercial gambling in Great Britain, the Gambling Commission introduced the Gambling Act 2005. Moreover, the same act was reviewed recently in December 2020, where the government directed platform providers to comply with the technological changes.

Platform Insights

The online segment accounted for the largest revenue share of over 50.0% in 2020 and is anticipated to maintain its lead over the forecast period. The online segment is expected to witness the fastest growth over the forecast period. In terms of platform, the market has been divided into online and offline sports betting.

The growth of the online betting segment can be attributed to the increase in the penetration of smartphones and connected devices across the world. For instance, according to H2 Gambling Capital, a betting and gaming consultancy, in 2018, 43% of online bets were placed through mobile devices and 57% were placed using desktops.

Type Insights

The fixed odds wagering segment accounted for the largest revenue share of over 25.0% in 2020 and is expected to maintain its lead throughout the forecast period. This can be attributed to the familiarity of this betting type among people that bet on sports, such as baseball, football, hockey, horse racing, and basketball globally. Fixed-odds wagering can be further segmented into numerous sub-types, such as point spread, proposition bets, fractional odds, in-game betting, and parlays.

The exchange betting segment accounted for the second-largest revenue share in 2020 and is expected to maintain its position over the forecast period. The growth of this segment can be mainly attributed to the increase in the popularity of the segment in the past few years as the majority of the people are leveraging the exchange betting method to place their wagers. This betting method is identical to a stock exchange and allows users to place bets while the match is in progress.

The eSports betting segment is projected to expand at the fastest CAGR of 14.4% over the forecast period. The segment growth can be attributed to the growing popularity of mobile and desktop games, such CS: GO, Dota 2, PUBG, and Fortnite, among the youth and the increase in the number of gaming tournaments of such popular games. Most betting sites such as bet365, betway sports, Spin Sports, and 22Bet Esports are now offering to bet on these gaming tournaments.

Sports Type Insights

The football segment accounted for the largest revenue share of more than 30.0% in 2020 and is projected to exhibit the highest CAGR over the forecast period. The growth of this segment can be attributed to the popularity of this game and enormous fanbase worldwide owing to football players such Lionel Messi, Cristiano Ronaldo, Neymar, and Robert Lewandowski.

Additionally, the growing number of tournaments such as FIFA World Cup, FA Cup, Copa America, UEFA Europa League, UEFA European Championship, and UEFA Champions League is driving the popularity of this sport. These factors are driving people to actively bet on this sport.

Global sports betting market share, by sports type, 2020 (%)

The basketball segment accounted for the second-largest revenue share in 2020. The growth of this segment can be attributed to the simplicity of the game and bets on this sport. The cricket segment is projected to witness considerable growth over the forecast period. This segment growth can be attributed to the emergence of fantasy sports betting applications and the increasing number of sports bettors from the Asia Pacific region.

Regional Insights

Europe accounted for the largest revenue share of over 35.0% in 2020 and is expected to retain its position over the forecast period. The regional market growth can be attributed to the safety laws and regulations for offline as well as online betting across most of the countries in the region. Furthermore, countries such as Germany and the U.K. are well-known for popular sports such as horse racing and football, along with popular football clubs such as Liverpool, Manchester United, and Chelsea F.C.

Asia Pacific accounted for the second-largest revenue share in 2020 and is anticipated to expand at the highest CAGR of 12.2% over the forecast period. Factors such as the growing number of people betting on sports events, such as cricket, hockey, football, and basketball, are driving the market in this region. Furthermore, the legalization of sports betting across countries, such as India and Australia, and factors such as an increase in internet penetration and income levels of middle-class families are prominently fueling the market growth in this region. For instance, according to Toronto, a Canada-based business networking company, Asia Pacific is expected to account for approximately half of the global sports bets in the coming years.

Key Companies & Market Share Insights

The competitive landscape of the market is fragmented, featuring several global as well as regional players. The key participants are entering into strategic collaborations, partnerships, and mergers & acquisitions to expand their business footprint and survive the highly competitive environment. Moreover, service providers are spending considerably on research & development activities to incorporate new technologies in their offerings and develop advanced products to gain a competitive advantage over other market players.

For instance, in October 2019, Flutter Entertainment Plc announced the acquisition of The Stars Group, a Toronto, Canada-based online gambling company. The acquisition was completed for USD 6.95 billion. As a part of this acquisition, Fox Corporation, the Stars Group’s minority stakeholder, acquired a 2.6% stake in Flutter Entertainment Plc. Some prominent players in the global sports betting market include:

  • 888 Holdings Plc

  • Bet365

  • Betsson AB

  • Churchill Downs Incorporated

  • Entain plc

  • Flutter Entertainment Plc

  • IGT

  • Kindred Group Plc

  • Sportech Plc

  • William Hill Plc

Sports Betting Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 71.53 billion

Revenue forecast in 2028

USD 140.26 billion

Growth rate

CAGR of 10.1% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Platform, type, sports type, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; France; Italy; Rest of Europe; China; India; Japan; Rest of Asia Pacific; Brazil; Mexico; Rest of Latin America

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

Customization scope

Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional, and segment scope.

Pricing and purchase options

Avail of customized purchase options to meet your exact research needs. Explore purchase options

 

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For this study, Grand View Research has segmented the global sports betting market report on the basis of platform, type, sports type, and region:

  • Platform Outlook (Revenue, USD Billion, 2016 - 2028)

    • Offline

    • Online

  • Type Outlook (Revenue, USD Billion, 2016 - 2028)

    • Fixed Odds Wagering

    • Exchange Betting

    • Live/In Play Betting

    • Pari-mutuel

    • eSports Betting

    • Others

  • Sports Type Outlook (Revenue, USD Billion, 2016 - 2028)

    • Football

    • Basketball

    • Baseball

    • Horse Racing

    • Cricket

    • Hockey

    • Others

  • Regional Outlook (Revenue, USD Billion, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • 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

Frequently Asked Questions About This Report

gvr icn

GET A FREE SAMPLE

gvr icn

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself...

gvr icn

NEED A CUSTOM REPORT?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.

Contact us now to get our best pricing.

BBB icon D&B icon

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.