Global Online Sports Betting Market Insights Forecasts to 2033

• The Global Online Sports Betting Market Size Was Valued at USD 56.59 Billion in 2023
• The Market Size is Growing at a CAGR of 11.15% from 2023 to 2033
• The Worldwide Online Sports Betting Market Size is Expected to Reach USD 162.92 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Online Sports Betting Market Size is Anticipated to Exceed USD 162.92 Billion by 2033, Growing at a CAGR of 11.15% from 2023 to 2033.

Market Overview

Online sports betting is betting on the endings of sporting events using online platforms. It has gained popularity because of its convenience and the wide range of choices. Individuals have the opportunity to place bets on a wide range of sports, including popular leagues such as the NFL and Premier League, as well as less mainstream sports like darts and sports. Several variables, including the significant change in the online betting market legal environment, the increasing use of connected devices, and the advancement of digital infrastructure, are driving the demand for sports betting. The main factors driving the expansion of the online sports betting business are the growing demand for eSports and the expanding popularity of sports. In addition, the widespread availability and accessibility of sports betting have resulted from rising smartphone usage, which is driving the sports betting market.  Furthermore, key market players include Betr Holdings, Inc. (Betr), DraftKings Inc., MGM Resorts, 888 Holdings Plc, Bet365, Betsson AB, Churchill Downs Incorporated, and Entain plc.

 For Instance, In January 2024, The Miami-based betting and media company Betr Holdings, Inc. (Betr) announced new market entry agreements for online sportsbooks and casinos in Pennsylvania as well as online sportsbooks in Colorado and Kentucky. It is still planned for Betr to release Sportsbook V1 in time for the 2024 NFL season.    

Report Coverage

This research report categorizes the market for the global online sports betting market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global online sports betting market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global online sports betting market.

Driving Factors

Due to the rapid adoption of internet-connected devices such as smartphones and tablets, there has been a global increase in the amount of online betting activity. Those who watch live betting have the opportunity to make quick decisions that, with careful betting, could result in significant profits. Consequently, future sports betting activity will be greatly impacted by live betting streaming on smartphones and tablets. Due to there are many mobile apps and online platforms available, as well as easy access to the Internet, modern consumers can readily participate in easy interactions with sportsbooks. The digital revolution is expected to pick up steam throughout the estimated period and ultimately drive the sports betting market. 

Restraining Factors

Increased negative effects on mental health and limitations on internet gaming. Another effect of a gambling problem is pathological gambling, often known as compulsive gambling. These types of games can have long-term negative effects on blood pressure and chronic stress, which restricts the sports betting market.

Market Segmentation

The global online sports betting market share is classified into type, sports type, and platform.

• The line-in-play betting segment is expected to hold the largest share of the global online sports betting market during the forecast period.   

Based on the type, the global online sports betting market is divided into fixed odds wagering, exchange betting, line-in-play betting, esports betting, and others. Among these, the line-in-play betting segment is expected to hold the largest share of the global online sports betting market during the forecast period. Line-in-play betting, sometimes referred to as in-play or live betting, is a type of sports betting that lets players gamble on a range of results while a sporting event occurs in real time. Line-in-play betting offers dynamic odds that alter in real time based on the game's developments and ongoing activity, in contrast to traditional betting, which places bets prior to the event.

• The football segment is expected to hold the largest share of the global online sports betting market during the forecast period.   

Based on the sports type, the global online sports betting market is divided into football, basketball, baseball, horse racing, cricket, hockey, and others. Among these, the football segment is expected to hold the largest share of the global online sports betting market during the forecast period. The Premier League, UEFA/EURO, FIFA, and other leagues contribute to the football sub-segment. The FIFA World Cup is one of the biggest occasions for football and gambling enthusiasts. The money line bets, outright bets, in-play bets, accumulator bets, and special bets are the basic categories into which FIFA gambling falls.

• The mobile segment is expected to hold the largest share of the global online sports betting market during the forecast period.     

Based on the platform, the global online sports betting market is divided into website, mobile, iOS, android, and others. Among these, the mobile segment is expected to hold the largest share of the global online sports betting market during the forecast period. The increasing use of smartphones and mobile applications are driving the rapid expansion of mobile platforms. With the unmatched ease of mobile betting, bets can be made anywhere, at every moment.

Regional Segment Analysis of the Global Online Sports Betting Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Europe is anticipated to hold the largest share of the global online sports betting market over the predicted timeframe.

Europe is anticipated to hold the largest share of the global online sports betting market over the predicted timeframe. The substantial online sports betting market in the European Union, coupled with the increasing interest in sports. Companies looking to increase productivity, safety, and efficiency in their material handling and transportation operations will likely see a substantial increase in the use of online sports betting in the forecast period. Europe's sizable online sports betting market is one of the primary factors driving the demand for online sports betting in the region. Online streaming games are played in a highly demanding setting in the eSports sector, typically professionals.

Asia Pacific is expected to grow at the fastest pace in the global online sports betting market during the forecast period. The growing percentage of citizens in the Asia Pacific region engaging in various sports betting activities is a major factor driving the growth of the sports betting market, as several countries in the region are legalizing gambling and drawing in foreign market participants. The gambling population is primarily concentrated in China and India.   

North America is anticipated to hold a significant share of the global online sports betting market over the predicted timeframe. Increasing digital and secure mobile services are expected to drive demand in North America. The necessity for sportsbooks and betting apps is being driven by the gambling regulations in three US states Nevada, Pennsylvania, and New Jersey. For instance, in July 2021, Entain PLC launched "Gambling Responsibly America," an app that supports responsible gaming. RG24/7 and EPIC Risk Management partnered together to create the app.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global online sports betting market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Betr Holdings, Inc
• DraftKings Inc.
• MGM Resorts
• 888 Holdings Plc
• Bet365
• BK8
• Betsson AB
• Churchill Downs Incorporated
• Entain plc
• Flutter Entertainment Plc
• Kindred Group Plc
• Sportech Plc
• William Hill Plc
• Rabona
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In September 2023, DraftKings Inc. announced that it would open its highly regarded mobile sportsbook in Kentucky. To operate online sports betting in the Commonwealth, DraftKings and ECL Corbin, LLC, a wholly owned subsidiary of ECL Entertainment, LLC, dba The Mint Gaming Hall at Cumberland ("Williamsburg") and Cumberland Run ("Corbin") agreed last month.

• In August 2023, The BetMGM iGaming and online sports betting brand launched in the United Kingdom, marking the beginning of MGM Resorts' goal to grow the BetMGM brand into foreign markets. MGM Resorts, or the "Company," made the announcement.

Market Segment 

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global online sports betting market based on the below-mentioned segments: 

Global Online Sports Betting Market, By Type  

• Fixed Odds Wagering
• Exchange Betting
• Line/In-Play Betting
• eSports Betting
• Others

Global Online Sports Betting Market, By Sports Type  

• Football
• Basketball
• Baseball
• Horse Racing
• Cricket
• Hockey
• Others

Global Online Sports Betting Market, By Platform

• Website
• Mobile
• iOS
• Android
• Others

Global Online Sports Betting Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa