United States Sports Betting Market Report 2023-2028, Trends, Share, Size, Demand | Future Scope

IMARC Group, a leading market research company, has recently releases report titled "United States Sports Betting Market Report by Platform (Offline, Online), Betting Type (Fixed Odds Wagering, Exchange Betting, Live/In Play Betting, Pari-Mutuel, eSports Betting, and Others), Sports Type (Football, Basketball, Baseball, Horse Racing, Cricket, Hockey, and Others), and Region 2023-2028." The study provides a detailed analysis of the industry, including the United States sports betting market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the United States sports betting market?

The United States sports betting market size reached US$ 7.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 15.9 Billion by 2028, exhibiting a growth rate (CAGR) of 13.2% during 2023-2028.

What is sports betting?

Sports betting is the practice of predicting the outcome of sports events and placing wagers on these predictions. It is a form of bet that is gaining popularity among individuals. Sports bettors, or punters, wager on various aspects of a sporting event, such as the final score, point spreads, or individual player performance. The objective is to accurately forecast the result and, if successful, receive a payout based on the odds set by the sportsbook. It typically involves selecting a sporting event, choosing a specific outcome, and determining the money to bet. Odds are then assigned to each possible outcome by bookmakers or sportsbooks, reflecting the perceived likelihood of that outcome occurring. Higher odds often correspond to less probable outcomes and offer larger potential payouts. It includes numerous sports, such as football, basketball, baseball, and soccer. Nowadays, sports betting is evolving with the advent of online sports betting platforms, making it more accessible to a wider audience.

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What are the growth prospects and trends in the United States sports betting industry?

The United States sports betting market is primarily driven by the legalization and regulation of sports betting in various states. In 2018, the U.S. Supreme Court smashed down the Professional and Amateur Sports Protection Act (PASPA), enabling individual states to legalize sports betting, thus creating a more permissive and regulated environment. In addition, the increasing demand among consumers for sports betting due to the allure of potentially winning money while watching sports events attracts numerous audiences, further influencing the market growth. Moreover, various technological advancements have made sports betting more accessible and convenient through mobile apps and online platforms, which makes it easier for individuals to place bets from the comfort of their homes or on the go, thus representing another major growth-inducing factor. Besides this, the increasing partnerships and sponsorship among major sports leagues and teams due to the potential of sports betting provide additional revenue streams for sports organizations while serving as a marketing tool to attract more bettors, accelerating market growth.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Platform:

Offline
Online

Breakup by Betting Type:

Fixed Odds Wagering
Exchange Betting
Live/In Play Betting
Pari-Mutuel
eSports Betting
Others

Breakup by Sports Type:

Football
Basketball
Baseball
Horse Racing
Cricket
Hockey
Others

Breakup by Region:

Northeast
Midwest
South
West

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