Press release
Emerging Trends to Drive Sports Betting Market Growth at 5.1% CAGR Through 2029
Sports Betting Market
Sports Betting Market Size Growth Forecast: What to Expect by 2025?
The dimension of the sports betting market has significantly expanded in the past few years. The market, estimated to be worth $112.81 billion in 2024, is predicted to increase to $119.26 billion in 2025, translating to a compound annual growth rate (CAGR) of 5.7%. Factors contributing to this growth over the historic period include a surge in the number of sports events, an expansion in the millennial demographic, an uptick in disposable income, and increased accessibility to smartphones and smart computing devices like PCs and laptops.
How Will the Sports Betting Market Size Evolve and Grow by 2029?
Over the next few years, the sports betting market size is projected to experience robust growth, anticipated to reach $145.6 billion in 2029 with a 5.1% Compound Annual Growth Rate (CAGR). The expected expansion in this period is contributed by the escalating interest in virtual sports betting, emphasis on product innovation, the surge in the adoption of 5G network, an increase in consolidations, urban development, and an amplified internet penetration. Forecast period trends primarily include an emphasis on the application of augmented and virtual reality, the provision of mobile betting services, the implementation of artificial intelligence on betting platforms, an increase in investments, strategic partnership entries, the use of blockchain technology, and live streaming-integrated mobile sportsbook.
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What Drivers Are Propelling the Growth of Sports Betting Market Forward?
The proliferation of sports leagues and events is set to drive the growth of the sports betting market. A sports league or event is essentially a competitive gathering of clubs, countries, teams, or individuals vying for a championship title. These leagues are prearranged to follow a set schedule or season, throughout which all teams or participants are mandated to join to decree the eventual victor of the league or event. For example, on the basis of research conducted and released by Wire, currently, there exist over 100 active professional leagues in different kinds of sports worldwide. The creation of new professional sports leagues worldwide is affording consumers with avenues to diversify their betting spends. As such, the burgeoning sports leagues and events are contributing to the expansion of the sports betting market.
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What Are the Key Trends Driving Sports Betting Market Growth?
Leading firms in the sports betting market are utilizing technological advancements like AI-driven platforms and real-time betting to deliver more dynamic and interactive betting options, boosting real-time engagement and user experience. In-play or real-time betting enables gamblers to bet on distinct outcomes during an ongoing sports event, with the odds and opportunities constantly changing in line with the unfolding game. For example, in September 2024, Sportradar AG, a sports company from Switzerland, unveiled its micro markets product, which provides highly detailed, real-time betting options. This offering uses artificial intelligence (AI) and broad data analytics to handle hundreds of thousands of data points for each match. This feature ensures the betting options are diverse and current, and it includes unique bets on specific occurrences within a game, such as forecasting the next point in a tennis game or the result of a serve. This innovative product amplifies the engagement of bettors by enabling them to bet on precise short-term outcomes during a sporting event, considerably expanding the array of available betting chances.
What Are the Key Segments in the Sports Betting Market?
The sports betting market covered in this report is segmented -
1) By Type: Live/In-Play, Fixed Odd Betting, Exchange Betting, Daily Fantasy, Spread Betting, Pari-Mutuel, Other Types
2) By Sports Type: Football, Basketball, Baseball, Horse Racing, Cricket, Hockey, E-Sports, American Football, Other Sports Types
3) By Platform: Online, Offline
Subsegments:
1) By Live/In-Play Betting: Real-time betting during events, In-game betting options
2) By Fixed Odd Betting: Traditional betting with set odds, Pre-match betting on various outcomes
3) By Exchange Betting: Peer-to-peer betting platforms, Betting exchanges where users set their own odds
4) By Daily Fantasy Sports (DFS): Single-day contests, Season-long fantasy leagues
5) By Spread Betting: Betting against a spread or margin, Types include point spread and total points betting
6) By Pari-Mutuel Betting: Pool betting where payouts depend on the total amount wagered, Commonly used in horse racing
7) By Other Types: Proposition (Prop) Betting, Accumulator Betting, Teaser Betting, E-sports Betting
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Who Are the Key Players Shaping the Sports Betting Market's Competitive Landscape?
Major companies operating in the sports betting market include Flutter Entertainment plc, Bet365 Group, Entain PLS, Caesars Entertainment, Kindred Group plc, Churchill Downs Incorporated, DraftKings Inc., Betsson AB, 888 Holdings, IGT, Dream11, 1xBet, 22bet, PureWin, 20Bet, Sattamatka5com, Go Winning, Wozo Gaming, FDJ - La Francaise des Jeux, Betclic Everest Group, Royal Panda, Lapalingo, Bet3000, Bayes Esports, Mail.ru Games, Lottohelden, FCwetten, Sazka, Synot Tip, Tipsport, winline.ru, FanDuel Sportsbook, BetMGM, Barstool Sportsbook, PointsBet, BetRivers, FOX Bet, Sporttrade Inc, SuperDraft Inc, BetWarrior, Bplay, William Hill, LSports Data, Mostbet, Bettilt, Shangri La Live, Parimatch, NetBet, Unibet.
What Geographic Markets Are Powering Growth in the Sports Betting Market?
Western Europe was the largest region in the sports betting market in 2024. The regions covered in the sports betting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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