United States Sports Betting Market to Cross USD 24.6 Billion by 2032

United States Sports Betting Market Overview
Market Size in 2023: USD 8.5 Billion
Market Forecast in 2032: USD 24.6 Billion
Market Growth Rate: 12.54% (2024-2032)

The U.S. sports betting market is expanding rapidly, driven by increasing legalization and advancements in technology. This growth is fueled by the rising adoption of mobile betting and the growing focus on personalized and engaging betting experiences. According to the latest report by IMARC Group, the market size reached USD 8.5 Billion in 2023. The market is expected to reach USD 24.6 Billion by 2032, exhibiting a growth rate (CAGR) of 12.54% during 2024-2032.

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United States Sports Betting Industry Trends and Drivers:

The United States sports betting market is witnessing rapid growth, driven by expanding legalization across various states and rising consumer participation. The removal of federal restrictions on sports betting has opened the door for states to regulate and legalize the practice, leading to an increase in land-based and online betting platforms. Major cities such as New York, New Jersey, and Las Vegas are becoming hotspots for sports betting activity, where the demand for traditional and mobile betting options continues to rise. This trend is expected to continue as more states pass legislation to legalize sports betting, propelling market expansion.

Moreover, the increasing collaboration between sports leagues and betting operators is a significant growth-inducing factor. Major professional leagues, such as the NFL, NBA, and MLB, have begun forming partnerships with betting companies to offer exclusive promotions, sponsorships, and fan engagement opportunities. This is driving awareness and acceptance of sports betting, increasing market demand.

Key trends in the U.S. sports betting market include technological advancements and the rise of mobile betting applications. Mobile platforms, which allow users to place bets in real-time, are gaining popularity due to their ease of use and accessibility. Operators are integrating innovative features such as live odds updates, cash-out options, and personalized user experiences to engage consumers and enhance the betting process. Moreover, the use of data analytics and artificial intelligence (AI) in predicting game outcomes and optimizing betting strategies is becoming a major differentiator for leading companies in the industry.

Additionally, efforts by state governments to regulate sports betting and generate tax revenues are also contributing to market expansion. Numerous states are capitalizing on the opportunity to boost their economy by establishing legal frameworks for sports betting, increasing investments and job creation. Furthermore, conducive lending conditions and partnerships between sports leagues, media companies, and betting operators are creating a favorable environment for market growth, attracting domestic and international investments.

The rise of integrated platforms that combine sports betting with entertainment and live sports streaming is catering to the preference of consumers for convenience and enhanced experiences, facilitating overall industry expansion. In line with this, the COVID-19 pandemic has heightened the adoption of online sports betting, as traditional retail venues faced restrictions and closures. Consumers have shifted toward digital platforms, leading to a rise in mobile betting activity and creating a favorable industry outlook overall.

United States Sports Betting Industry 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

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.

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Key highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Strategic Recommendations
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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