1 Global Online Sports Betting Market Insight Analysis
The global Online Sports Betting market is valued at USD 50,427.41 million in 2024, with a CAGR of 14.20% from 2024 to 2033.
Sports betting is a form of gambling that entails placing a wager, also known as a bet, on the outcome of a sporting event. The primary intent of sports betting is to win additional money. Online sports betting is one of the betting methods, which allows bettors to establish and fund betting accounts and bet on various sports events through the Internet.
Figure Global Online Sports Betting Market Size (M USD) and CAGR (2024-2033)
2 Online Sports Betting Market Growth Drivers and Restraints
Relaxation of regulatory policies: Globally, the regulatory policies on sports betting in many countries and regions have gradually been relaxed. In 2018, the US Supreme Court overturned the federal law prohibiting sports betting in most states, and many states subsequently passed legislation to legalize sports betting, which greatly improved the accessibility of online sports betting platforms. The United Kingdom, Australia and other countries have also created a more favorable development environment for online sports betting by adjusting regulations. This trend has enabled more consumers to participate in online sports betting activities, directly promoting the growth of the market.
Development of mobile technology: The popularity of mobile devices and the continuous advancement of mobile technology have brought new development opportunities to the online sports betting market. More and more people are accustomed to using mobile devices for various activities, and online sports betting platforms have also followed this trend and vigorously optimized the mobile experience. By developing convenient mobile applications, users can place bets anytime and anywhere, greatly improving the convenience of betting. This not only attracts a large number of new users, but also enhances the stickiness of existing users, driving the continued growth of the market.
Globalization of sports: The global promotion of sports events has led to a continuous increase in the attention of various sports events around the world. Major sports events such as the Premier League, the World Cup, and the Olympics have attracted a large number of audiences around the world. As the number of sports fans expands, people are increasingly interested in participating in sports betting, hoping to add to the fun of watching games by placing bets. This global sports craze provides a vast potential customer base for the online sports betting market, which has effectively promoted the development of the market.
Regulatory pressure: Although some regions have relaxed sports betting regulations, sports betting still faces strict regulatory restrictions in many countries and regions, and is even regarded as an illegal activity in some places. Religious, cultural and other factors have led to some regions opposing sports betting, believing that it violates ethical norms. In addition, some developing countries lack a sound regulatory framework and it is difficult to ensure the safety and legality of gambling activities, which limits the development of the online sports betting market in these regions and increases the difficulty for companies to enter the market.
Negative public opinion: There are some problems in the sports betting industry that have caused negative comments from the public. For example, problems such as betting settlement errors, inadequate customer service, difficulty in withdrawing funds, and misleading gambling promotional advertisements occur from time to time, resulting in a decline in public trust in the gambling industry. When choosing a gambling operator, consumers increasingly value its credibility, and negative public opinion has deterred many potential consumers from online sports betting, hindering the further expansion of the market.
Payment challenges: The payment process of online sports betting faces many challenges. Many financial institutions, especially in areas where gambling is strictly regulated or illegal, are cautious about processing online gambling transactions, fearing legal risks, reputational risks, money laundering and fraud. In the early days of legalized sports betting in the United States, banks and payment processors refused to participate in related transactions, which made it difficult for online sports betting companies to process payments. Although some companies have tried to adopt alternative payment methods, these methods have limited coverage and high fees, which have affected user experience and market development.
3 Technological Innovations in the Online Sports Betting Market
Mobile optimization upgrade: Mobile optimization has become a key development direction for online sports betting platforms. With the widespread popularity of smartphones and tablets, users have higher and higher requirements for mobile betting experience. To meet this demand, the platform has improved the convenience of mobile use by adopting technical means such as responsive design, optimized mobile navigation and simplified interface. Users can easily complete operations such as registration, betting, and query results on mobile devices, and participate in sports betting activities anytime and anywhere. This not only improves user satisfaction, but also attracts more mobile users to join, injecting new impetus into market growth.
Live broadcast technology integration: Live broadcast technology has been widely used in the field of online sports betting. Many platforms provide live broadcast services for sports events, allowing users to watch the game in real time while betting, which enhances the fun and participation of betting. Live broadcast can also allow users to obtain game information more timely and make more informed betting decisions. Through live broadcast, users seem to be on the scene and feel the excitement of the game with other viewers, which promotes interaction and communication between users and further enhances the attractiveness of the platform.
Social media integration: The integration of social media and online sports betting platforms is becoming increasingly in-depth. Through cooperation with social media, the platform has realized functions such as user sharing of betting experience and social login. Users can share their betting results and wonderful moments on social media to attract more attention, which plays a role in free publicity for the platform. The social login function simplifies the registration process and facilitates users to quickly enter the platform. In addition, the platform can also conduct precision marketing based on user behavior data on social media to improve user stickiness and loyalty.
Corporate M&A Cases: A series of corporate M&A events have occurred in the market, which has had an important impact on the industry landscape. In December 2021, Flutter Entertainment plc acquired Sisal S.p.A. for 1.9 billion euros. This acquisition expanded its business in the Italian market and enhanced its competitiveness in the European market. In May 2022, DraftKings completed the all-stock acquisition of Golden Nugget Online Gaming (GNOG), which not only expanded its own scale, but also integrated the resources of both parties and enhanced its influence in the North American market. These M&A activities help companies to integrate resources, complement each other’s strengths, and enhance market competitiveness.
4 Global Online Sports Betting Market Size by Type
Football betting remains the most popular and lucrative segment within the online sports betting market. In 2024, football betting is projected to generate a revenue of $13,789.95 million. This segment’s popularity is driven by the global appeal of football events such as the FIFA World Cup, UEFA Champions League, and domestic leagues like the English Premier League and La Liga. The widespread fan base and the frequency of matches provide ample opportunities for bettors, contributing to its substantial market share.
Horse riding betting is another significant contributor to the online sports betting market. In 2024, this segment is expected to reach a revenue of $11,388.29 million. The popularity of horse racing events such as the Kentucky Derby, Royal Ascot, and the Melbourne Cup attracts a large number of bettors. The traditional appeal of horse racing, combined with the increasing accessibility of online platforms, continues to drive growth in this segment.
Cricket betting is particularly popular in regions such as South Asia, Australia, and the United Kingdom. In 2024, cricket betting is projected to generate a revenue of $1,299.88 million. Major cricket events like the ICC Cricket World Cup, Indian Premier League (IPL), and The Ashes attract significant betting activity. The growing popularity of cricket in emerging markets, coupled with the ease of online betting, is driving the expansion of this segment.
Tennis betting is a popular segment, especially during major tournaments such as Wimbledon, the French Open, and the US Open. In 2024, tennis betting is expected to reach a revenue of $1,874.97 million. The global appeal of tennis and the frequent tournaments throughout the year provide ample opportunities for bettors, contributing to its steady growth in the online sports betting market.
Baseball betting is particularly strong in North America and Japan. In 2024, this segment is projected to generate a revenue of $3,799.58 million. Major League Baseball (MLB) games and international competitions attract a significant number of bettors. The increasing popularity of baseball in emerging markets and the integration of online betting platforms are driving the growth of this segment.
Volleyball betting is gaining traction, especially with the popularity of international competitions such as the FIVB Volleyball World Championships and the Olympic Games. In 2024, volleyball betting is expected to reach a revenue of $2,473.49 million. The growing interest in volleyball and the availability of online betting platforms are contributing to its market share.
Basketball betting is popular in North America, Europe, and Asia, particularly during the NBA season and international competitions. In 2024, basketball betting is projected to generate a revenue of $5,609.68 million. The global appeal of basketball and the increasing number of international leagues and tournaments are driving the growth of this segment.
Hockey betting is particularly strong in North America and Europe, with the NHL and international competitions attracting significant betting activity. In 2024, hockey betting is expected to reach a revenue of $1,568.36 million. The growing popularity of hockey in emerging markets and the ease of online betting are contributing to its market share.
Boxing betting is driven by major fights and international competitions. In 2024, boxing betting is projected to generate a revenue of $590.72 million. The popularity of high-profile boxing matches and the increasing accessibility of online betting platforms are driving the growth of this segment.
Golf betting is popular during major tournaments such as the Masters, the US Open, and the Open Championship. In 2024, golf betting is expected to reach a revenue of $1,084.19 million. The global appeal of golf and the increasing number of international tournaments are contributing to its market share.
Racing betting, which includes horse and greyhound racing, is a traditional segment that continues to attract bettors. In 2024, racing betting is projected to generate a revenue of $887.63 million. The popularity of racing events and the integration of online betting platforms are driving the growth of this segment.
Table Global Online Sports Betting Market Size and Share by Type in 2024
Type | Market Size (M USD) 2024 | Market Share 2024 |
|---|---|---|
Football | 13789.95 | 27.35% |
Horse Riding | 11388.29 | 22.58% |
Cricket | 1299.88 | 2.58% |
Tennis | 1874.97 | 3.72% |
Baseball | 3799.58 | 7.53% |
Volleyball | 2473.49 | 4.91% |
Basketball | 5609.68 | 11.12% |
Hockey | 1568.36 | 3.11% |
Boxing | 590.72 | 1.17% |
Golf | 1084.19 | 2.15% |
Racing | 887.63 | 1.76% |
Others | 6060.67 | 12.02% |
5 Global Online Sports Betting Market Size by Application
The mobile – based online sports betting application had a consumption value of 18515.42 million USD in 2024. On the other hand, the web – based application had a significantly higher consumption value, amounting to 31911.99 million USD. The total consumption value of the global online sports betting market in 2024 was 50427.41 million USD, which clearly shows that both segments contribute to the overall market, but the web – based segment holds a larger share in terms of revenue.
When it comes to market share, the mobile – based application accounted for 36.72% of the global online sports betting consumption value market share in 2024. Although this percentage is relatively significant, it is still less than that of the web – based application. The web – based application held a market share of 63.28% in the same year. This indicates that, despite the growing popularity of mobile devices, web – based platforms still dominate the online sports betting market in terms of market share.
The reasons behind these figures are multifaceted. Mobile – based applications have been rapidly growing due to the increasing prevalence of smartphones and tablets. They offer users the convenience of placing bets anytime and anywhere. However, web – based platforms have long – established user bases, and they often provide more comprehensive and stable interfaces, which may still attract a large number of users, especially those who prefer to bet from their desktops or laptops.
Table Global Online Sports Betting Market Size and Share by Application in 2024
Application | Market Size (M USD) 2024 | Market Share 2024 |
|---|---|---|
Mobile-based | 18515.42 | 36.72% |
Web-based | 31911.99 | 63.28% |
6 Global Online Sports Betting Market Size by Region
The United States online sports betting market is projected to reach a substantial revenue of $6,023.06 million in 2024. This growth is driven by the increasing legalization of sports betting across various states following the landmark Supreme Court decision in 2018 that overturned the Professional and Amateur Sports Protection Act (PASPA). This decision has opened doors for states to legalize and regulate sports betting, leading to a surge in market activity.
Major states like New Jersey, Pennsylvania, and Nevada are already significant contributors to the market, and as more states join, the revenue is expected to increase further. The market in the United States is characterized by a rapid adoption of technology and a growing consumer base that is increasingly comfortable with online transactions.
Europe is anticipated to dominate the global online sports betting market in 2024, with a projected revenue of $19,103.31 million. This region has a long-standing tradition of sports betting, with countries like the United Kingdom, Germany, and Italy having well-established markets. The European market benefits from a mature gambling infrastructure, a diverse range of sports popular across the continent, and a regulatory environment that is generally favorable towards online betting.
The widespread popularity of football, horse racing, and other sports provides a robust foundation for the online betting market. Additionally, the region’s high internet penetration and the prevalence of mobile devices contribute to the ease of access and convenience for bettors, further driving market growth.
China is projected to see a significant increase in its online sports betting market, reaching $4,523.3 million in 2024. Despite strict regulations on gambling within mainland China, the market is influenced by the demand from Chinese citizens who access online betting platforms from abroad. The Chinese market is also driven by the popularity of sports such as basketball and football, with events like the NBA and international football matches drawing significant betting interest.
The market’s growth is supported by the increasing disposable income among Chinese citizens and the rising trend of online gambling among the younger demographic. However, the market operates within a complex regulatory framework, and operators must navigate these challenges to capitalize on the opportunities presented by China’s vast population.
Figure Global Online Sports Betting Market Size (M USD) by Region in 2024
7 Global Online Sports Betting Market Analysis by Major Players
Bet365 Group Ltd.
Company Profile:
Established in 2000, Bet365 Group Ltd. is a renowned online gambling company based in the United Kingdom. It offers a comprehensive range of betting opportunities across various sports and casino games.
Business Overview:
Bet365 operates primarily in the Americas, Asia, and Europe, providing customers with an extensive platform for sports betting, casino games, poker, and bingo rooms online. The company is known for its user-friendly interface and robust security measures, ensuring a safe and enjoyable gambling experience.
Product Offered:
Bet365 provides a diverse portfolio of betting options, including football, horse racing, tennis, cricket, and basketball, as well as casino, games, poker, and bingo rooms. Their platform supports both mobile and web-based access, catering to a wide range of customer preferences.
2023 Financial Summary:
In 2023, Bet365 Group Ltd. reported a revenue of $4,016.09 million and a gross profit of $2,094.06 million, reflecting a gross margin of 52.14%. This performance underscores Bet365’s strong market position and its ability to deliver consistent growth and profitability in the online sports betting sector.
Flutter Entertainment plc.
Company Profile:
Founded in 2016, Flutter Entertainment plc is an international sports betting and gambling company headquartered in Ireland. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
Business Overview:
Flutter Entertainment operates mainly in North America, Europe, and Australia, owning popular brands such as Betfair, FanDuel, Paddy Power, PokerStars, Sky Betting & Gaming, and Sportsbet. The company is committed to providing a fair and enjoyable betting experience while maintaining the highest standards of responsible gambling.
Product Offered:
Flutter Entertainment offers a full range of sports betting services, including fixed odds, live betting, and virtual sports, along with a variety of online casino games. Their platform, Paddy Power, provides a broad range of deposit methods and an extensive selection of betting markets.
2023 Financial Summary:
For the year ended 2023, Flutter Entertainment plc achieved a revenue of $3,148.19 million and a gross profit of $1,323.33 million, with a gross margin of 42.03%. The company’s financial results highlight its successful expansion strategies and strong brand presence in key markets.
DraftKings
Company Profile:
DraftKings, established in 2012, is a digital sports entertainment and gaming company based in the United States. It provides daily fantasy sports, sports betting, and iGaming opportunities to its users.
Business Overview:
DraftKings primarily serves the North American and European markets, offering both B2C (business-to-consumer) and B2B (business-to-business) services. The company is known for its innovative approach to sports betting, combining technology and user engagement to create a dynamic gaming experience.
Product Offered:
DraftKings offers a comprehensive sportsbook featuring various betting options such as spreads, moneylines, totals, alternate lines, and futures across multiple sports including baseball, basketball, boxing, cricket, and more. They also provide an app accessible on multiple devices, enhancing user convenience.
2023 Financial Summary:
In 2023, DraftKings reported a revenue of $1,629.78 million and a gross profit of $640.74 million, achieving a gross margin of 39.31%. The financial data indicates DraftKings’ robust growth trajectory and its potential to capture a larger share of the online sports betting market.