The online sports betting market has evolved significantly over the last decade, driven by technological advancements, regulatory changes, and increased internet penetration. As of 2024, the global market size stands at approximately USD 66.91 billion. This growth trajectory is expected to continue, with the market forecasted to reach a staggering USD 163.42 billion by 2034, growing at a compound annual growth rate (CAGR) of 10.2% between 2025 and 2034.
The key drivers of this market include the increasing popularity of online betting platforms, mobile technology, and the growing acceptance of sports betting in various regions. With more countries legalizing sports betting and a larger customer base participating in digital betting activities, the market is witnessing substantial growth.
Online Sports Betting Market Size
The global online sports betting market is a thriving industry with a current market value of approximately USD 66.91 billion in 2024. The surge in demand is attributed to factors such as the increasing number of internet users, the shift from traditional betting methods to online platforms, and the advent of mobile apps that allow easy access to sports betting.
The market’s rapid growth can also be attributed to the legalization of online sports betting in numerous regions, which has created a favorable environment for operators. This market size is projected to grow exponentially, reaching an estimated USD 163.42 billion by 2034, reflecting a strong and consistent upward trajectory.
Online Sports Betting Market Trends
Several key trends are shaping the online sports betting market, and understanding these developments can offer valuable insights into the future of the industry. Here are the most prominent trends:
Mobile Betting Growth: With the increasing use of smartphones, mobile sports betting is becoming more popular. Operators are developing user-friendly mobile applications, allowing bettors to place bets on the go.
Increased Live Betting Options: Live or in-play betting is gaining traction. Real-time odds and live streaming of events are enhancing the overall betting experience.
Use of Artificial Intelligence: AI is being used to provide more personalized user experiences, analyze bettor behavior, and offer advanced predictive models.
Crypto Payments: Cryptocurrencies are becoming more integrated into the betting process, providing a secure and anonymous method of transaction.
Expansion of Esports Betting: As esports continues to grow in popularity, online betting platforms are increasingly offering esports as a betting category.
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Online Sports Betting Market Segmentation
Betting Type
Fixed Odds Wagering
Live/In-Play Betting
Sports Type
Football
Cricket
Basketball
Baseball
Horse Racing
E-Sports
Others
Device
Desktop
Mobile
Region
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
Online Sports Betting Market Growth
The online sports betting market is experiencing rapid growth, primarily due to the increasing number of sports betting enthusiasts and favorable regulatory environments. The legalization of online sports betting in key markets like the United States, Canada, and parts of Europe has further spurred this growth.
Furthermore, the rise of digital platforms, alongside user-friendly apps and websites, has made online sports betting more accessible to a broader audience. The increasing integration of advanced technologies like AI and machine learning is enhancing operational efficiency and the overall user experience, contributing to the market’s upward trajectory.
With projections indicating a CAGR of 10.2% from 2025 to 2034, the growth of the online sports betting market is not just steady, but poised to accelerate. By 2034, the industry will likely see a market value of USD 163.42 billion.
Online Sports Betting Market Analysis
The online sports betting market is segmented by various factors, including the types of sports being bet on, geographical location, and the types of betting platforms used. Major sports include football, basketball, horse racing, tennis, and cricket, each contributing significantly to the overall market. In particular, football (soccer) is the most popular sport in terms of global betting activity.
In terms of geographical segmentation, North America and Europe dominate the market, with a growing presence in the Asia Pacific region. The U.S. market, in particular, has seen a surge in online sports betting following the repeal of PASPA in 2018, enabling individual states to legalize and regulate sports betting.
Key players in the market have developed robust strategies, focusing on creating seamless platforms, expanding their reach through partnerships, and incorporating innovative technologies to stay competitive.
Online Sports Betting Market Forecast
Looking ahead, the online sports betting market is expected to continue its robust growth. Projections indicate that the market will grow at a CAGR of 10.2% between 2025 and 2034, reaching a value of USD 163.42 billion by 2034.
The forecast is driven by several factors, including ongoing regulatory changes, the proliferation of mobile devices, and a shift toward digital betting platforms. Additionally, the integration of technologies like artificial intelligence, blockchain, and virtual reality into online sports betting platforms will further enhance user engagement and market growth.
Competitor Analysis: Major Players in the Online Sports Betting Market
The online sports betting industry is competitive, with several key players dominating the global market. Below is an analysis of the major competitors in this space:
888 Holdings Plc: 888 Holdings Plc is a leading online gaming company offering sports betting, casino games, poker, and other entertainment options. They have a global presence and a strong portfolio of brands. Their continuous focus on innovation and technology helps them stay ahead in the market.
Tabcorp Group: Based in Australia, Tabcorp Group is one of the largest gaming companies in the region, providing a wide range of online sports betting services. Tabcorp is known for its extensive experience in the gambling industry and its strong brand presence.
Entain PLC: Entain is one of the world’s leading sports betting and gaming entertainment groups. Known for brands like bwin and Ladbrokes, Entain offers a comprehensive sports betting portfolio that includes live sports events, virtual betting, and esports betting.
Boyd Resorts International: Boyd Resorts International operates a variety of casinos and gaming establishments across the U.S. Their foray into online sports betting has been successful, with a growing user base in markets where online sports betting is legal.
Light & Wonder, Inc.: Light & Wonder, previously known as Scientific Games, has made significant strides in the online sports betting industry. The company has a strong portfolio of gaming products and a commitment to expanding its reach in the digital space.
Others: There are many other players in the online sports betting market, including both traditional gambling companies and emerging startups. These companies often differentiate themselves by offering unique features, localized content, or innovative technology solutions.
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