Sports Betting Market Size Worth $140.26 Billion By 2028: Grand View Research, Inc.

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Oct 19, 2021, 06:35 ET

SAN FRANCISCO, Oct. 19, 2021 /PRNewswire/ -- The global sports betting market size is expected to reach USD 140.26 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.1% from 2021 to 2028. The growing digital infrastructure and the penetration of connected devices are the key factors driving the market. Additionally, the increase in the number of sports events and leagues is driving the demand for sports betting platforms.

Key Insights & Findings:

By platform, the online segment accounted for the largest revenue share in 2020 and is expected to retain its lead over the forecast period. This can be attributed to the increase in the penetration of smartphones and connected devices across the world. The segment is anticipated to expand at the highest CAGR over the forecast period
In terms of sports type, the football segment accounted for the largest revenue share in 2020 and is expected to retain its lead over the forecast period. Additionally, this segment is likely to register the highest CAGR over the forecast period
Europe dominated the market in 2020 and is expected to retain its position over the forecast period. This can be attributed to factors such as safety laws and regulations for sports betting, popularity and large fan base of football, and the presence of many market players in the region

Read 100 page market research report, "Sports Betting Market Size, Share & Trends Analysis Report By Platform (Online, Offline), By Type (Fixed Odds Wagering, eSports Betting), By Sports Type (Football, Basketball), By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research

Sports betting is an activity of foretelling sports results and placing a bet on the result. Most bets are placed on sports, such as football, baseball, basketball, hockey, cricket, boxing, and auto racing. However, sports betting also extends to non-athletic events, such as horse racing and eSports

The COVID-19 pandemic led to the cancellation of sports events, which reduced sports betting opportunities. However, the sports betting industry is expected to witness lesser financial damage compared to other industries. As a result of the lockdown of land-based betting facilities, many customers/bettors shifted to online betting platforms. During lockdowns, the online sports betting industry witnessed an increase in participation as users had more time to spare on their phones and desktop computers, making it convenient for them to place bets.

The market has also benefitted from the growth in internet penetration, which is driving increased investments in online sports betting platforms. For instance, according to Global Social Media Overview April 2021 by DataReportal, there are more than 4.8 billion internet users across the world. Participation in online betting permits players to monitor betting activities in real-time through internet-connected devices.

Sports betting platform providers are investing in research & development activities to introduce innovations in the market and offer a better experience to users. Additionally, the growing competition is driving innovations in the sports market.

Grand View Research has segmented the global sports betting market on the basis of platform, type, sports type, and region:

Sports Betting Platform Outlook (Revenue, USD Billion, 2016 - 2028)

Offline
Online

Sports Betting Sports Type Outlook (Revenue, USD Billion, 2016 - 2028)

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

Sports Betting Sports Type Outlook (Revenue, USD Billion, 2016 - 2028)

Football
Basketball
Baseball
Horse Racing
Cricket
Hockey
Others

Sports Betting Regional Outlook (Revenue, USD Billion, 2016 - 2028)

North America

U.S.
Canada

Europe

U.K.
Germany
France
Italy
Rest of Europe

Asia Pacific

China
India
Japan
Rest of Asia Pacific

Latin America

Brazil
Mexico
Rest of Latin America
Middle East & Africa

List of Key Players of Sports Betting Market

888 Holdings Plc
Bet365
Betsson AB
Churchill Downs Incorporated
Entain plc
Flutter Entertainment Plc
IGT
Kindred Group Plc
Sportech Plc
William Hill Plc

Browse through Grand View Research's coverage of the Global Digital Media Industry:

Online Gambling Market – The global online gambling market size was valued at USD 53.7 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 11.5% from 2020 to 2027.
Esports Market – The global esports market size was valued at USD 1.1 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 24.4% from 2020 to 2027.
Gaming Market – The global gaming market size was valued at USD 97.80 billion in 2016 and is expected to witness remarkable growth over the next eight years.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.