The global Sports Betting market size was estimated at USD 89.91 billion in 2023 and is projected to reach USD 182.02 billion in 2030 at a CAGR of 10.6% during the forecast period 2023-2030.
Sports betting refers to the act of placing a financial wager on the outcome of one or multiple games or events within a particular sporting occasion. It also encompasses the act of wagering on sports over the course of a week or an entire season-long competition. The essence of sports betting lies in the prediction of the outcome of sporting events. Bettors strive to forecast the result of an event in order to secure their wager and potentially generate a profit. The realm of sports betting encompasses iconic American sports such as the NFL, NHL, NBA, and MLB, among others. Moreover, it also encompasses a diverse array of European and otherworldly sports, making online sportsbooks a desirable option for individuals hailing from various regions around the globe.
The expansion of digital infrastructure and the widespread availability of wireless connectivity are the primary catalysts behind the burgeoning sports betting market. The advent of smartphones has revolutionized consumer behavior across a multitude of domains, including the realm of game betting. The global count of smartphone users currently stands at approximately 6.3 billion individuals, with this figure exhibiting steady growth on an annual basis. Furthermore, the escalating number of athletic competitions and leagues is fueling the surge in demand for the sports betting industry.
The market has experienced a favorable impact as a result of the COVID-19 pandemic. This can be attributed to the rise in popularity of online games, including betting and fantasy sports games, among other types. Consequently, the utilization of sports betting has considerably expanded among the global population. Therefore, it can be concluded that the pandemic has had a positive effect on this particular market.
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The expansion of the market is propelled by the proliferation of internet infrastructure and the evolving regulatory landscape of the entire gambling industry on a global scale. Moreover, the rise in the number of sports events and leagues worldwide, such as the NFL, FIFA World Cup, Carabao Cup, and UEFA Europa League, has had a positive impact on the growth of the market. Additionally, the increase in disposable income and the growing utilization of AI and blockchain technologies to enhance the prediction algorithms in betting software are expected to contribute to the growth of the market during the projected period. These factors have led to the expansion of the market and increased demand for Sports Betting solutions.
Europe to Dominate the Market
