Sports Betting Market Growth Analysis (2024-2030): Projected to Reach USD 190.48 Billion with a 10.78% CAGR

Global Sports Betting Market Poised to Reach USD 190.48 Billion by 2030

The global sports betting market, valued at USD 93.62 billion in 2023, is projected to nearly double, reaching approximately USD 190.48 billion by 2030. This robust growth is primarily driven by the widespread legalization of sports the rapid adoption of online betting platforms.

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Sports Betting Market Growth Drivers and Opportunities

The expansion of legalized sports across various countries has significantly contributed to the market's upward trajectory. Nations such as Canada, Germany, and the Netherlands have embraced regulatory reforms, creating a conducive environment for both operators and bettors. This shift not only enhances revenue streams for governments but also ensures a safer betting landscape for consumers.

Technological advancements have further propelled the market. The proliferation of smartphones and high-speed internet has made online betting more accessible, catering to a tech-savvy audience seeking convenience and real-time engagement. Innovations like live betting, virtual sports, and AI-driven analytics offer personalized experiences, attracting a broader demographic.

Moreover, strategic collaborations between sports organizations and betting companies have opened new avenues for fan engagement. These partnerships offer exclusive content, in-play betting options, and integrated media experiences, enriching the overall sports consumption experience.

Sports Betting Market Segmentation Analysis

The sports betting market is multifaceted, encompassing various platforms, sports types, and betting types.

Platform Insights:

The market operates through both online and offline channels. Online platforms, including websites and mobile applications, have witnessed exponential growth due to their convenience and accessibility. Offline platforms, such as casinos and betting shops, continue to attract traditional bettors who value in-person experiences.

Sports Type Insights:

Football (soccer) remains the most popular sport for betting, commanding a significant market share. Other prominent sports include horse racing, basketball, cricket, and tennis. The diversity in sports offerings caters to varied regional preferences, enhancing market penetration.

Betting Type Insights:

The market offers a range of betting options, from fixed-odds betting and exchange betting to live/in-play betting. The rise of in-play betting, where wagers are placed during the event, has gained traction due to its dynamic nature and the immersive experience it provides.

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Sports Betting Market Country-Level Analysis

United States:

Since the 2018 Supreme Court decision allowing states to legalize sports betting, the U.S. market has experienced rapid growth. As of 2025, 38 states have operational sportsbooks, with billions wagered annually, predominantly through online platforms. This surge has also led to increased concerns about addiction, prompting calls for comprehensive regulatory measures.

Germany:

Germany stands as a significant player in the European sports betting landscape, accounting for 11.1% of the EU's online market. The country's stringent regulatory framework ensures a balanced approach, promoting industry growth while safeguarding consumer interests.

China:

Despite strict regulations prohibiting most forms of China boasts a substantial underground betting market. The government's crackdown on illegal betting activities and the promotion of state-run lotteries reflect efforts to control and monetize the betting landscape.

United Kingdom:

The UK represents the largest portion of the EU online , with a 34.2% share. A well-established regulatory environment, coupled with a mature market, has fostered a competitive landscape with numerous operators offering diverse betting options.

Australia:

Australia has a vibrant sports betting culture, with a significant portion of the adult population engaging in betting activities. The market is characterized by a mix of domestic and international operators, offering a wide array of betting products, particularly in horse racing and football.

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Sports Betting Market Competitor Analysis

The sports betting market is highly competitive, with key players continually striving for market share through innovation, mergers, and strategic partnerships.

Bet365:

As a leading online betting company, Bet365 boasts a brand value of $4.02 billion. Its user-friendly platform and extensive sports coverage have solidified its position in the market.

Flutter Entertainment:

Formed from the merger of Paddy Power and Betfair, Flutter Entertainment has expanded its global footprint through strategic acquisitions, including The Stars Group in 2019, creating one of the world's largest online entities.

Tipico:

Headquartered in Malta, Tipico is a prominent sports betting provider, especially in Germany, where it holds a market share exceeding 50%. In 2024, MGM Resorts International announced an agreement to acquire Tipico's U.S. sportsbook operations, aiming to strengthen its presence in the American market.

Kambi Group:

Specializing in B2B sports betting services, Kambi Group partners with various operators to provide comprehensive sportsbook solutions. In September 2022, Kambi expanded its capabilities by acquiring Shape Games, enhancing its digital offerings.

Fanatics Betting & Gaming:

Leveraging its extensive database of sports fans, Fanatics launched its sports betting division, Fanatics Sportsbook, which became operational in 16 states by March 2024. This expansion signifies the company's commitment to integrating sports merchandising with betting services.

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Sports Betting Market Conclusion

The global sports betting market is on a trajectory of significant growth, fueled by regulatory liberalization, technological advancements, and strategic industry collaborations. As the landscape evolves, stakeholders must navigate challenges such as regulatory compliance and responsible measures to sustain momentum and capitalize on emerging opportunities.

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