Sports Betting Market Demand is Forecasted to Reach US$ 265.5 Billion by 2034
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For those that love sports and are also looking to place a wager to add to the thrill, sports betting is the ideal scenario. With the booming sports league industry around the world, there is something for everyone and all age groups. This updated report by Fact.MR has projected the global sports betting market to reach US$ 102.4 billion in 2024 and jump to a value of US$ 265.5 billion by the end of 2034.
Increasing provision for betting in more sports nowadays rapid growth of online betting platforms are driving growth of the global market. Live and online betting has become extremely popular among users due to their feature of easy access to betting through PCs and smartphones. Providers of sports betting are expanding their presence in numerous outdoor as well as indoor sports. Multiple discounts, incentives, sign-up bonuses, etc. are provided for bettors.
Surging count and popularity of sports events are also set to increase the volume of sports betting over the next decade. Moreover, several countries around the world are legalizing sports betting, which is further estimated to widen opportunities for market players.
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Key Takeaway from Market Study
The global sports betting market is forecasted to advance at a CAGR of 10% from 2024 to 2034. Demand for sports betting in South Korea is anticipated to increase at a CAGR of 10.8% from 2024 to 2034. The football segment is approximated to account for 42% share of the global market by 2034-end.
North America is evaluated to hold 24.3% share of global market revenue by the end of 2034. Demand for online sports betting platforms is projected to increase at a CAGR of 10.6% and reach a market value of US$ 233.6 billion by the end of 2034.
“Increasing usage of connected devices and evolving digital infrastructure are set to give a thrust to the global market for sports betting,” says a Fact.MR analyst.
Rising Preference for Online Sports Betting Platforms with Growing Digitization
Online sports betting platforms are projected to contribute 88% share of global market revenue by the end of 2034. Increasing preference for online platforms is attributed to the rising use of the internet and smartphones. Earlier, bettors used to visit offline bookmarkers for bet placing. However, the growing number of bettors is significantly increasing the demand for online betting facilities.
Regional Analysis
According to Fact.MR, North America is expected to hold a 24.3% share of the global market revenue by 2034. The increasing popularity of major sports events, such as the FIFA World Cup, is driving market growth in the region.
“Increasing Sports Activities Boosting Americans’ Involvement in Sports Betting”
By the end of 2034, the United States is projected to account for 45.6% of North America’s market revenue. The rise in sports activities across the country is fostering societal integration and increasing participation in various sports, which is expected to lead to a higher involvement in sports betting.
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Key Market Players
Some of the prominent players operating in the sports betting market include IGT, 888 Holdings Plc, Endeavor Group Holdings Inc., Bet365, Viscus Infotech Ltd., Betsson AB, William Hill Plc, Churchill Downs Incorporated, Sportech Plc, Entain plc, Kindred Group Plc, and Flutter Entertainment Plc.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the sports betting market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on platform (offline, online), betting type (fixed odds wagering, exchange, live/in play, pari-mutuel, e-Sports betting, others), and sport type (football, basketball, baseball, horse racing, cricket, hockey, other sports), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).
