The sports betting market is worth billions
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The sports betting industry is expected to be worth over $182 billion by 2030, recording a 10.3% CAGR from 2023. According to Grand View Research, this market growth is driven by the growth of the internet infrastructure and the evolving regulatory landscape. Additionally, the increase of sports leagues and events globally like the FIFA World Cup, NFL, UEFA Europa League, and Carabao Cup has positively influenced market growth. Besides the evolving infrastructure and regulatory landscape, the growth in disposable income and growing usage of cryptocurrency, blockchain, and AI technologies are likely to influence growth in the market. These technologies are increasingly being used in the market to develop predictive algorithms that are incorporated into betting software. Key sports betting market insights Experts forecast that North America will witness an 11% CAGR from 2023-2030. Sports betting is already legal in 36 states in the US, which is a key factor in promoting regional market growth. The fixed odds betting market dominated a huge market share in 2022. The eSports betting market is likely to record the fastest growth during the forecasted period due to the increase in the demand for interactive games. The online sports betting sector dominated the industry in 2022 and it’s expected to record the highest CAGR from 2023-2030. Football (soccer) dominated the sports betting market in 2022, with leading sites like Betway offering odds on international and local leagues. Football is closely followed by Horseracing, which ranked as the second-highest in the industry. Sports betting market trends and growth Esports has gained huge popularity since 2020 and it has recorded a surge in the number of competitive events globally. As such, leading market players like Betway are taking advantage of the rise in the number of esports events to give their customers the chance to wager on such competition to earn extra income. The proliferation of online sports events paired with the increase in the number of esports tournaments gives the betting industry stable growth opportunities. According to the UKGC, there was a whopping 2922% year-on-year growth in the esports betting sector from 2019 – 2020. Today, major players in the sports betting market are operating through online platforms and official websites to handle the increase in demand for sports betting markets. Additionally, leafing market players are trying to expand their reach across different regions with supportive regulatory compliance. In 2021 December, global esports betting brand Unikrn Inc introduced its platform to Brazil and Canada. More companies are still following in their footsteps, increasing their presence across different regulated markets. In 2020, the cancellation of sports matches globally paired with the closure of land-based casinos threatened the industry. However, this unexpected hurdle expanded the global online sports betting market thanks to the rise of virtual sports events. This growth of the esports betting market in 2020 contributed to an upsurge in betting participants in the industry. That saw the online gambling market grow by 9.0% within a year. Recap The global sports betting industry recorded about $83.64 billion in 2022 and it’s expected to grow at 10.3% compound annual growth rate from 2023-2030. This growth is fuelef by the relaxation of the regulatory frameworks in several jurisdictions across the globe and several digitalization trends.
