Betting Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global betting market was valued at USD 82.3 billion in 2022, and a CAGR of 10.7% is expected during the forecast period. The demand for sports betting is increasing due to the increasing use of smartphones, and the penetration of connected devices is driving growth in the market significantly. Online sports betting is gaining popularity during the pandemic due to an upsurge in e-sports.

The increasing use of smartphones has led to the wide availability of sports betting. Lucrative leagues all around the world are driving the demand in the betting market. The increasing craze for the English Premier League and the Indian Premier League is driving growth in the market significantly.

Impact of Covid-19

COVID-19 has had a mixed impact on the betting market. The rising trend of e-sports during the pandemic has driven the growth in the market significantly. With physical sports events canceled or postponed due to lockdowns and restrictions, there was a significant shift towards online betting platforms, which boosted the online betting sector. With a halt in traditional sports events, there was a surge in interest and participation in sports betting. With people spending more time at home due to lockdown and social distancing, participation in e-sports betting increased. Due to the lockdown, people had more leisure time to spend on activities like betting. Though the cancellation of sporting events had led the market towards a significant decline in sports betting revenue, the economic impact of the pandemic due to job losses and financial uncertainties caused a significant slowdown in the market.

Growth Drivers

Increasing disposable income all around the world is inspiring people to spend a large amount on betting, and more people now have discretionary funds to spend on leisure activities like betting. The integration of sports betting into mainstream culture, including partnerships with sports leagues and teams, is driving significant growth in the market. Live betting and in-play wagering have attracted new customers and increased engagement among existing users. Betting operators are expanding into new markets, both domestically and internationally, tapping into new customer bases and driving overall market growth.

Changing consumer preferences, including a growing acceptance of gambling as a form of entertainment, have contributed to the growth of the market. The popularity of the Indian Premier League and the English Premier League is increasing worldwide, and betting has gradually become a part-time income source for people all around the world, driving the growth in the market.

Segmentation

Platform

·         Offline

·         Online

Betting Type

·         Fixed Odds Wagering

·         Exchange Betting

·         Live Betting

·         E-Sports Betting

·         Others

Sports Type

·         Soccer

·         Cricket

·         Baseball

·         Basketball

·         Tennis

·         Horse Riding

·         Hockey

·         Others

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Betting Market Platform Type Segmentation

On the basis of platform type, the betting market is segmented into offline and online. Online platforms are the leading segment and are expected to dominate during the forecast period due to the increasing number of online platforms and the presence of online companies like Dream 11 and Bet365. It allows users to place bets on various sports events via the internet. They offer a wide range of betting markets, competitive odds, and convenient features, such as live betting and cash-out options. It enables users to bet against each other rather than against a bookmaker.

Betting Market Sports Type Segmentation

On the basis of sports type, the betting market is segmented into soccer, cricket, baseball, basketball, tennis, horseback riding, hockey, and others. Soccer is the most popular game in the world, and the and the increasing popularity of soccer all around the world is driving growth in the betting market. The English Premier League, La Liga, and other leagues are providing an opportunity for gamblers to invest a large sum of money in soccer.

Cricket is another popular game in the world. Increasing efforts by the ICC to globalize cricket in countries like Germany, France, Sweden, Italy, Russia, and other parts of the world are driving growth in the betting market. Dream 11, My 11 Circle are the betting companies providing an opportunity to sports and betting enthusiasts to invest a large amount of money and to earn as well. Cricket betting is especially popular in countries like India, Pakistan, Australia, England, and the Caribbean. Major events like the ICC T20 World Cup, IPL, Big-Bash League, CPL, LPL, and hundreds are attracting consumers to invest and earn through betting activity.

Hockey betting is prominent in countries with strong hockey cultures, such as Canada, the USA, Russia, Sweden, and Finland. Baseball betting is most prevalent in countries like the United States of America, Japan, South Korea, and Latin American countries. Basketball enjoys world-wide popularity, with betting markets thriving in regions like the United States, Europe, China, and the Philippines. Leagues such as the NBA in the United States, the Euroleague, and the CBA in China are attracting consumers.

Regional Outlook

On the basis of the regions, the betting market is segmented into 5 regions: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America is the leading segment due to increasing disposable income, and the increasing interest of people in sporting events like the NBA, baseball, and all sports is driving growth in the market significantly. Cultural attitudes toward gambling and economic conditions are driving growth in the market. Some regions in the world have a more liberal approach to gambling, while others have stricter regulations, limiting growth opportunities.

The Asia-Pacific region, especially countries like China, India, and Japan, is witnessing significant growth in the market due to increasing disposable income and the increasing number of sports events taking place in the region. These are the factors driving the growth in the market. The increasing popularity of cricket and soccer worldwide is driving significant growth in the market. Latin America is also witnessing moderate growth due to the increasing popularity of soccer in the region, especially in countries like Brazil, Argentina, and Chile. Increasing sports events, growing digital infrastructure, and the penetration of connected devices are driving growth in the betting market.

Key Players

·         William Hill Plc

·         Dream 11

·         My 11 Circle

·         Spartech Plc

·         IGT

·         Flutter Entertainment Plc

·         Churchill Downs Incorporated

·         Entain Plc

·         Bet365

·         888 Holdings Plc

·         Betsson AB

·         Other Players