PUNE, India, July 11, 2024 /PRNewswire/ — The research methodology utilized in analysing the Sports Betting Market encompasses a thorough approach that combines primary data which is often collected through surveys, interviews, and focus groups with industry experts, bettors, and stakeholders such as regulators. This allows for firsthand insights into market trends, consumer behaviour, and regulatory challenges and secondary research utilizing reports from government sources, industry publications, and financial statements. Market sizing and forecasting techniques are employed alongside competitive analysis to provide valuable insights into the market landscape. The report encompasses platform, technology, game type and betting type segments and their analysis, which elucidates their influence on the market. The estimation methodology often adopts a bottom-up approach to accurately determine market sizes.
Reports on competitive analyses encompass company overviews, financial performances, product portfolios, and strategies of key players in the sports betting market. To assess strengths and weaknesses, a comprehensive SWOT analysis was conducted, while a PESTLE analysis was carried out to understand the impact of macroeconomic factors on the market. Also, the report includes detailed analyses of investments made by market players to enhance their global presence.
Get your Sample PDF: https://www.maximizemarketresearch.com/request-sample/31896/
The Sports Betting Market size was valued at USD 93.62 Billion in 2023 and the total Sports Betting revenue is expected to grow at a CAGR of 10.78 % from 2024 to 2030, reaching nearly USD 190.48 Billion by 2030.
Global Sports Betting Market 2023-2027: Key Highlights
Market Size in 2023:
93.62 Bn
Market Size in 2030:
190.48 Bn
CAGR:
10.78 %
Forecast Period:
2024-2030
Base Year:
2023
Number of Pages:
229
No. of Tables:
138
No. of Charts and Figures:
193
Regional Scope:
North America, Europe, Asia Pacific, and Africa, South America
Report Coverage:
Market Share, Size and Forecast by Revenue | 2023−2030, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.
Historic Market Size 2017-2023CAGR of the market during 2024-2030.Detailed information on factors that will assist Sports Betting market growth during the next seven years.An estimation of the Sports Betting market size and the impact of country’s GDP on Sports Betting market.Forecasts on upcoming trends and changes in consumer behaviour.The growth of the Sports Betting marketAnalysis of the competitive landscape and detailed information on companies.Comprehensive details of factors that will impede the growth of Sports Betting companies.
Competitive Landscape
The Sports Betting Market includes the presence of several global as well as regional key players. A few prominent players that offer Sports Betting in the market are Betson AB, Flutter Entertainment PLC, DraftKings Co., Ltd., Kindred Group PLC, 1XBET, 22BET, Sports Pesa, FORTUNA ENTERTAINMENT GROUP, LAS VEGAS SANDS CORPORATION (U.S.), Entain (U.K.), MGM Resorts International, Wynn Resorts Holdings LLC., NOVIBET (Greece), Galaxy Entertainment Group Limited, Resorts World at Sentosa Pte. Ltd., Sun International, RTSmunity a.s., Sky Infotech and others.
The sports betting market is making another exciting offering in 2024
In 2024, Vermont is set to launch mobile sports betting on January 11 after Governor Phil Scott signed the bill in June 2023. The event is well underway and marks an important step towards nationwide sports betting continuity. New users in Vermont can earn up to $300 in sign-up bonuses from FanDuel and DraftKings at launch. Meanwhile, plans for an early January 2024 launch in North Carolina have been delayed. While no date has been set, state law mandates its actual installation by June 2024. The goal is to implement sports betting in time for March Madness, despite the initial setbacks.DraftKings launched a new peer-to-peer competition game in late 2023 called Pick6. Players outside of legal gambling states can participate by making up to six over or under predictions in statistics. Reports like Prize Picks and Underdog Fantasy are popular, and the format blurs the line between gambling and fantasy sports, leading to controversy. Despite the criticism, DraftKings aimed to capitalize on this market segment. It is the first major game book to venture into this space, and may inspire others to follow suit for additional revenue.Twelve states, including Alabama, Alaska, California, Georgia, Hawaii, Idaho, Minnesota, Missouri, Oklahoma, South Carolina, Texas and Utah, still do not allow any legal sports betting. Meanwhile, states like New Mexico, Delaware and North and South Dakota allow in-person but not online gambling. As major markets, California and Texas are expected to remain without legalized sports betting for one year. California faced challenges from its Tribal Game Commission, delaying progress. In Texas, Gov. Dan Patrick has blocked the effort, and with no legislative session in 2024, any legislative proposals will have to wait until 2025, despite resident support.
For more details on the offerings, Request a sample report:
https://www.maximizemarketresearch.com/request-sample/31896/
Market Overview
Sports betting is gradually proving to be another source of revenue for the sports industry; billions of dollars are spent on various athletic performances every year. The legalization of sports betting in many countries has created new opportunities for collaboration between sports bodies and betting companies, which has led to increased revenues. Therefore, the sports betting sector contributed a large portion of its global revenue slice of the sports market. It has also promoted engagement and passion for sports among fans as those who are watching the games stand to benefit from the outcome financially. Nevertheless, some possible ethical issues and other adverse effects have been voiced concerning sports betting, including the tendency for match-fixing and gambling disorders, which have become an obstacle to the development of the sports betting market.
In 2023, the sports betting industry in America experienced significant growth, marked by the launch of multiple new markets and the introduction of new sportsbook brands. States like Ohio, Kentucky, Massachusetts, and Maine began to embrace sports betting, helping create a vibrant industry. Ohio in particular emerged as a key state with more than $7 billion in wagers and substantial taxable revenue. Massachusetts implemented changes to advertising laws for sports publications, affecting state promotion guidelines. Meanwhile, Florida saw the revival of its sports betting market following legal challenges, with the Hard Rock Bet app re-entering the scene after court rulings favored its operations. Newcomers like Fanatics Sportsbook and ESPN BET have entered the fray, signaling a potential shift in market leadership dominated by established players like FanDuel and DraftKings. Overall, 2023 will be remembered as a pivotal year for the sports betting industry in the United States, marked by expansion, regulatory challenges and the influx of impressive new operators.
Sports betting in 2024 is painted with brushstrokes of innovation, personalization and cutting-edge technology. As the industry continues to evolve, bookmakers can expect a more immersive, safe and social experience. From the rise of esports to the integration of cryptocurrency and sophisticated betting in sports, the future of sports betting will be a testament to how flexible and revolutionary an industry can be that continues to push the boundaries of what’s possible.
Segment Overview
MMR has segmented the market based on by Platform (Online, Offline), by Game Type ( Football, Baseball, Basketball, Hockey, Cricket, Boxing, Horse racing, Other), by Betting Type (Fixed Odds Wagering, Exchange Betting, Live/In-Play Betting, eSports Betting, Others), and Region (APAC, Europe, North America, Middle East and Africa, and South America).
Based on the Platform segment, the Online Platform sub-segment dominated the global sports betting industry. Thanks to the changing customer preferences, emerging trends, and local special circumstances, the online segment held the highest revenue share of 62.70% in 2023. The segment is further expected to grow at a substantial CAGR and offer lucrative growth opportunities for the sports betting market players during the forecast period. The convenience and accessibility of online platforms have made it easier for customers to place bets on their favorite sports events from the comfort of their homes, leading to an increase in participation. The integration of advanced technologies, such as live streaming and in-play betting, has enhanced the overall betting experience for customers. The rising adoption of mobile devices for online betting is also driving the segment’s growth, as customers can now place bets anytime and anywhere.
Several key trends have shaped the future of online sports betting. Mobile betting continues, making it easier and offering an enhanced experience through improved apps. Betting on sports is on the rise, helped by real-time updates and integration with streaming services for dynamic betting options. Cryptocurrency adoption is expanding, allowing for faster transactions and greater privacy, although withdrawal methods are still worth considering. AI and data analytics play a key role in decision-making, from predicting outcomes to detecting anomalies. Esports gambling is booming, with growing markets and partnerships fueling its popularity. Regulatory changes around the world, such as the recent introduction of Brazilian legislation, reflect an increasing number of industries that are being scrutinized for their compliance and consumer protection. Virtual Reality (VR) and Augmented Reality (AR) are emerging technologies poised to revolutionize gambling experiences, providing an immersive environment and enhanced fan engagement. Through platforms such as social media and peer communities, social betting provides an interactive experience and community engagement.
Since the legalization of sports betting in the United States, the industry has experienced phenomenal growth. In February 2024, total alcohol consumption in all states with legalized sports betting was exceed $310 billion. Leading the pack are New Jersey, Nevada, New York, Illinois and Pennsylvania, which together account for more than half of the alcohol. In 2023 alone, the total sports betting arm reached more than $119 billion, up 28% from last year. This follows the biggest growth since 2021, when total consumption was $57 billion, driven by the legalization of sports betting in several new countries. A key driver of this growth is the increasing number of people involved in sports betting. From January to December 2021, the number of adults betting on sports regularly increased by 80%. As of January 2024, legal sports betting will be available in 38 states, most of which allow retail betting, and about 30 allow online betting. FanDuel and DraftKings dominate the market, holding most of the market share together. FanDuel remained in first place but faced competition from DraftKings, which briefly surpassed it in late 2023, before FanDuel regained the lead in early 2024. This competitive edge highlights the rapid growth and competition in the US. emphasis on the sports betting industry.
Sports Betting Handle, Revenue, Hold, & Taxes Statistics by State in Most Recent Month
RANK
STATE
HANDLE
REVENUE
HOLD
TAXES
MONTH
1
New York
$1,965,468,151
$211,706,706
10.80 %
$107,887,645
Jan-24
2
New Jersey
$1,719,170,088
$170,758,334
9.90 %
$24,346,725
Jan-24
3
Illinois
$1,314,056,821
$126,360,303
9.60 %
$20,517,094
Dec-23
4
Pennsylvania
$858,106,230
$97,672,796
11.40 %
$25,169,556
Jan-24
Request For Free Sample Report:
https://www.maximizemarketresearch.com/request-sample/31896/
Geography Overview
The United States led the North America sports betting market with the highest revenue share of 78.45% in 2023 and the United States sports betting market is expected to grow at a CAGR of 8.12% during the forecast period. According to the MMR analysis, there has been substantial growth and financial influence of the sports betting industry in the United States in recent years. The total United States tax revenue, from sports betting, has exceeded USD 5 billion, achieved in less than six years since its legalization beyond Nevada’s borders in 2018. In 2023, over 40% of the total tax revenue, worth USD 2.15 billion was generated from sports betting, indicating a prosperous year for sportsbook operators. The known hold on total sports betting income remained at 9.1%, significantly above the industry average of 7% in 2022.
Related Reports:
Online Gambling and Betting Market size is expected to reach nearly USD 132.99 Billion by 2030 with a CAGR of 9.98% during the forecast period.
Global Board Sports Market is projected to grow at a CAGR of 5.3% during the forecast period, from 2024 to 2030, to reach a market size of USD 52.90 Bn. by 2030, up from USD 36.85 Bn. in 2023.
B2B Sports Nutrition Market was valued at USD 4.50 billion in 2023 and is expected to grow to USD 7.29 billion by 2030, at a CAGR of 7.14 % during the forecast period 2024-2030.
Fantasy Sports Market size was valued at USD 25.97 Billion in 2023 and the total Fantasy Sports revenue is expected to grow at a CAGR of 7.8% from 2024 to 2030, reaching nearly USD 57.4 Billion by 2030.
Sports Betting Kiosk Market is expected to grow at a CAGR of 7.05% during the forecast period and the market is expected to reach US$ 2.41 Bn. by 2030.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems.
Contact Maximize Market Research:
3rd Floor, Navale IT Park, Phase 2
Pune Bangalore Highway, Narhe,
Pune, Maharashtra 411041, India
sales@maximizemarketresearch.com
+91 96071 95908, +91 9607365656
Follow Us: LinkedIn | Twitter | Facebook | Instagram
Logo: https://mma.prnewswire.com/media/2457992/Maximize_Market_Research_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/sports-betting-market-maryland-hits-usd-5-37-bn-in-mobile-wagers-tennessee-surges-49-in-june-super-group-exits-us-over-betway-profit-concerns-finds-maximize-market-research-302194927.html
Technology5 days ago
Technology5 days ago
Coin Market5 days ago
Coin Market5 days ago
Technology4 days ago
Technology4 days ago
Coin Market5 days ago
Technology5 days ago