Rising Popularity of E-Sports and Mobile Betting to Boost Global Sports Betting Market to $169.37 Billion by 2029

Dublin, June 07, 2024 (GLOBE NEWSWIRE) — The “Global Sports Betting Market: Analysis By Platform, By Type, By Betting Type, By Sports Type By Region Size, Trends and Forecast to 2029” report has been added to ResearchAndMarkets.com’s offering.

The global sports betting market was valued at US$98.36 billion in 2023 and is forecast to reach US$169.37 billion by 2029. The market is expected to grow at a CAGR of approx. 9% during the forecasted period of 2024-2029.

As more jurisdictions legalize sports betting and regulations become more standardized, the sports betting market is expected to expand further, unlocking new revenue streams and driving competition among operators. Moreover, ongoing technological innovations, such as blockchain and virtual reality, hold the potential to revolutionize the industry and offer novel betting experiences to consumers. Additionally, the proliferation of sports content across various digital platforms and the rise of e-sports present new avenues for growth and diversification within the sports betting market.

Overall, the convergence of regulatory reforms, technological advancements, and evolving consumer preferences is poised to sustain the momentum of the sports betting industry in the years to come.

Market Segmentation Analysis:

By Platform: The online segment held the highest share of the market and is expected to be the fastest-growing segment in the forecasted period. The online sports betting market has seen solid growth fuelled by the structural shift from land-based to online gambling and the increased demand for digital products and experiences in the sector.

The US market has in recent years stood out in terms of growth, and has gradually started to regulate and allow online gambling licenses. Moreover, the increasing accessibility of smartphones, tablets, and computers has made it easier for individuals to engage in betting activities from virtually anywhere, at any time. This convenience factor is driving more people to opt for online betting platforms over traditional brick-and-mortar establishments.

By Type: Onshore online sports betting held the highest share of the market and is expected to be the fastest-growing segment in the forthcoming years. The onshore segment of the online sports betting market is experiencing robust growth as governments recognize the economic benefits and consumer demand for online betting, they are enacting legislation to permit and oversee these activities. This legalization not only legitimizes the industry but also fosters consumer trust and confidence, leading to higher participation rates. Additionally, onshore online betting platforms are often subject to stringent regulatory requirements and consumer protection measures, which can help mitigate risks and ensure fair play.

By Betting Type: Fixed odds wagering held the highest share of the market, whereas eSports betting is expected to be the fastest-growing segment in the forecasted period. Fixed odds wagering is expected to continue growing in the forthcoming years due to its simplicity, accessibility, and widespread popularity among bettors. Fixed odds betting provides certainty to bettors regarding potential returns, which appeals to both casual and experienced bettors alike. On the other hand, the growing popularity of eSports as a spectator sport, particularly among younger demographics, has fueled the demand for eSports betting. Additionally, advancements in technology and the widespread availability of high-speed internet connections have made it easier for fans to watch eSports tournaments and place bets online.

By Sports Type: Football held the highest share of the market and is expected to be the fastest-growing segment in the forecasted period. The immense popularity of football, with its large fan base and widespread coverage across various media platforms, provides ample opportunities for betting operators to capitalize on the sport’s popularity. Major football leagues and tournaments, such as the English Premier League, UEFA Champions League, and FIFA World Cup, attract millions of viewers worldwide, creating a high level of interest and engagement among sports enthusiasts. Additionally, the global nature of football ensures a continuous stream of betting opportunities throughout the year, with matches taking place across different leagues and competitions.

By Region: Asia Pacific held the major share of the market. The rising disposable incomes in many Asian countries have contributed to a higher demand for recreational activities, including sports betting, as people have more expendable income to allocate towards entertainment. Additionally, the popularity of sports, particularly football, cricket, and basketball, has surged in the region, driving interest in related betting activities. While gambling is generally illegal in Mainland China, state-run lotteries like the Welfare Lottery and Sports Lottery are exceptions and are permitted by the government. Online sports betting in the country offers convenience and a plethora of options, including markets for popular games like League of Legends and Dota.

Sports betting is legal in the UK, with a rich history and a well-regulated industry that has made the UK a world leader in sports betting. The Betting and Gaming Act of 1960 legalized betting shops, which quickly became a staple of British high streets. The UK has a long tradition of sports betting, particularly on horse racing events, dating back hundreds of years. The industry underwent a significant transformation with the digital revolution, leading to the development of online betting platforms that revolutionized the way bets are placed, making sports betting more accessible and diverse. The UK Gambling Commission, established in accordance with the Gambling Act of 2005, enforces stringent regulations to protect customers, prevent minors from gambling, and address problem gambling.

The US is regulating online sports betting on a state-by-state basis. For example, New York State introduced online sports betting in 2022, which significantly increased the US TAM (total addressable market) in its first year of going live. To a large extent driven by the potential tax dollars from regulated gambling, more US states and Canadian provinces are expected to regulate in the near term, further expanding the market. Moreover, as the market matures, operators will be able to optimize their offerings and attract more consumers.

Market Dynamics:

Growth Drivers: The global sports betting market has been growing over the past few years, due to factors such as rising purchasing power, increasing number of internet users, growing online gambling market, increasing casino visitation, growing popularity of sports events, integration of sports betting with media and entertainment, favorable government regulations, and many other factors. The rapid growth of the sports betting market globally has been driven by several key government regulations and policy changes. For instance, many countries have moved to legalize and regulate sports betting, creating new opportunities for market growth. For example, the US has seen a significant expansion of the sports betting market following the Supreme Court’s decision to overturn the Professional and Amateur Sports Protection Act (PASPA) in 2018, allowing individual states to legalize sports betting. Since then, 36 states have legalized sports betting, with 30 states offering live betting as of 2023. This has led to a significant increase in the popularity of sports betting in the US. Moreover, countries such as Canada, Germany, the Netherlands, Australia, and Ireland have also seen changes in their regulatory landscape, with more markets opening up to licensed operators. This global expansion has led to increased competition among operators, driving innovation and growth in the industry.