Sports Betting Global Market Opportunities And Strategies To 2031

The global sports betting market reached a value of nearly $58,073.11 million in 2021, having declined at a compound annual growth rate (CAGR) of -7.59% since 2016. The market is expected to grow from $58,073.11 million in 2021 to $185,265.98 million in 2026 at a rate of 26.1%. The market is then expected to grow at a CAGR of 5.85% from 2026 and reach $246,146.39 million in 2031.

Growth in the historic period resulted from an increase in number of sports events, growth in millennial population, a rise in disposable income, and increasing access to smartphones and smart computing devices such as PCs, laptops. The market was restrained by the coronavirus pandemic, high taxation on casinos, weather conditions, and concerns about illegal activities in sports betting.

Going forward, increasing focus of virtual sports betting, focus on product innovations, increasing adoption of 5G networks, increasing in mergers and acquisitions, urbanization, and an increase in internet penetration. Factors that could hinder the growth of the sports betting market in the future include stringent government regulations, limited betting advertisements outside the USA, and cybersecurity and data privacy risks associated with sports betting.

The sports betting market is segmented by type into live/in-play, fixed odd betting, exchange betting, daily fantasy, spread betting, pari-mutuel and other types. The fixed odd betting market was the largest segment of the sports betting market segmented by type, accounting for 28.33% of the total in 2021. Going forward, the daily fantasy segment is expected to be the fastest growing segment in the sports betting market segmented by type, at a CAGR of 28.41% during 2021-2026.

The sports betting market is segmented by sports type into football, basketball, baseball, horse racing, cricket, hockey, e-sports, American football, and other sports type. The football market was the largest segment of the sports betting market segmented by sports type, accounting for 22.6% of the total in 2021. Going forward, the e-sports segment is expected to be the fastest growing segment in the sports betting market segmented by sports type, at a CAGR of 29.5% during 2021-2026.

The sports betting market is segmented by platform into online and offline. The online market was the largest segment of the sports betting market segmented by platform, accounting for 57.9% of the total in 2021. Going forward, the online segment is expected to be the fastest growing segment in the sports betting market segmented by platform, at a CAGR of 31.6% during 2021-2026.

Asia Pacific was the largest region in the sports betting market, accounting for 37.7% of the total in 2021. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the sports betting market will be Middle East, and North America where growth will be at CAGRs of 32.9% and 30.6% respectively. These will be followed by Eastern Europe, and Western Europe where the markets are expected to grow at CAGRs of 28.9% and 27.3% respectively.

The global sports betting market is moderately fragmented with large number of players operating in the market. The top ten competitors in the market made up to 25.51% of the total market in 2021. Flutter Entertainment plc was the largest competitor with 7.37% share of the market, followed by Bet365 Group with 5.98%, Entain PLS with 5.24%, Caesars Entertainment with 3.51%, Kindred Group plc with 1.26%, Churchill Downs Incorporated with 0.74%, DraftKings Inc. with 0.69%, Betsson AB with 0.35%, 888 Holdings with 0.22%, and IGT with 0.14%.

The top opportunities in the sports betting market segmented by type will arise in the fixed odd betting market segment, which will gain $35,324.9 million of global annual sales by 2026. The top opportunities in the sports betting market segmented by sports type will arise in the football market segment, which will gain $30,988.1 million of global annual sales by 2026. The top opportunities in the sports betting market segmented by platform will arise in the online market segment, which will gain $99,285.5 million of global annual sales by 2026. The top opportunities in the sports betting market size will gain the most in the USA at $51,178.0 million.

Market-trend-based strategies for the sports betting market include focus on adoption of augmented reality and virtual reality, focus on providing mobile betting services, focus on implementation of artificial intelligence in betting platforms, focus on increasing investment, focus on entering into strategic partnerships, focus on the use of blockchain technology and focus on live streaming-integrated mobile sportsbook.

Player-adopted strategies in the sports betting market include expanding recreational customer base through strategic acquisitions, expanding international presence by entering new markets, strengthening business operations through the launch of new services, and improving customer base through collaborations and partnerships.

To take advantage of the opportunities, the publisher recommends the sports betting companies to increase adoption of augmented reality (AR) and virtual reality (VR), increase focus on mobile sports betting, implement artificial intelligence (AI) and blockchain, focus on live streaming-integrated mobile sportsbook, target fast-growing sports types, expand in emerging economies, offer competitive prices, leverage social media, target millennials and target online bettors.

This report describes and explains the sports betting market and covers 2016-2021, termed the historic period, and 2021-2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.