Sports Betting Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Platform (Online, Offline), By Sport (Cricket, FIFA, Horse Racing, Others), And By Geography - Forecasts From 2022 To 2027

Published:  Jun 2022 Report Code: KSI061613740 Pages: 120

The sports betting market was evaluated at US$90.124 billion for the year 2020, growing at a CAGR of 10.92% reaching the market size of US$186.163 billion by the year 2027.

Sports betting refers to an activity in which results of any particular sport are predicted in return for a wager on the outcome as a reward for the bet. The sports betting market is projected to witness considerable growth primarily on account of the inclination of the governments of numerous countries towards the legalization of sports betting. Furthermore, the rising penetration of various legal online platforms in some countries is further supplementing the sports betting market growth in the near future. The market is also poised to grow on account of the rising popularity of international sports events around the globe coupled with the increasing popularity of high-end sports such as cricket, soccer, and baseball, has gained much traction in the past years, which has led to a decent increase in the sponsorships for clubs, teams, players. Major betting businesses have boosted their efforts in providing endorsements for sports teams around the world as a result of the rising spending made by several sports organizations on marketing and promotional operations. Thus, the rising commercialization of sports events is considered a critical factor expected to impact market growth positively during the next five years.

The rising consumer expectations have led to the constant participation of key players in the market in the form of partnerships, collaborations, agreements, and R&D for the launch of various platforms to cater to the rising consumer expectations.  For instance, recently, in June 2020, Sportech PLC, a leading market player in the gaming technology industry of the world, announced its strategic partnership with a French gaming operator ZeTurf; this partnership aimed to deliver attractive and alternative options for betting on French racing. Similarly, in May 2020, the company announced a successful launch of Tote Betting services in Moscow for client Pari Engineering Rus. Furthermore, the growing partnerships between high-end resorts and casinos with leading market players for availing their services also show the potential for the market to grow in the near future. For example, in February 2020, William Hill, a leading sports betting company, entered into a long-term partnership agreement with the Grand Traverse Band of Ottawa and Chippewa Indians (“GTB”), a federally recognized Indian tribe, to exclusively provide online sports betting and online casino gaming throughout Michigan. Also, during the same month, the company entered into a partnership with CBS Sports with an aim to increase the reach of millions of new sports fans and fantasy players by extending its leadership in sports betting content. Moreover, in February 2019, Churchill Downs Incorporated entered into a partnership agreement with Golden Nugget Casino to launch its BetaAmerica online real-money sports betting and online casino platform in New Jersey.

However, the sports betting market may be restrained by the fact that still sports betting is considered to be an illegal activity in some parts of the world. Also, the recent outbreak of the novel coronavirus is expected to be a major factor inhibiting market growth in the short run. The intense outbreak has led to the enforcement of directives by the WHO, such as social distancing and quarantine measures in almost every country. This has led to the temporary suspension or cancellation of all the major sports events at international, regional, and national levels, including football, hockey, marathons, cricket, basketball, and more. This is considered to be one of the prime factors that are projected to hamper the market growth for the next ten to eleven months.

Growing legalization is offering lucrative opportunities

One of the major factors propelling the market growth opportunities in the rising government initiatives for the legalization of sports betting with an aim for the generation of revenue. For instance, in 2018, sports betting for the first time was legalized in New Jersey. Furthermore, the inclination of governments of various developing countries such as India and Brazil, among others, to tap the potential of revenue that the sports betting industry holds is considered to be a prime opportunity for the market to grow in the near future. For example, in 2018, the Law Commission of India stated in its report the recommendations for legalizing sports betting in the country.

The global sports betting market has been segmented based on platform, sport, and geography. By platform, the segmentation of the market has been done online and offline. By sport, the market has been classified into cricket, FIFA, horse racing, and others. Geographically, the segmentation of the sports betting market has been done into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

An online segment to witness a decent growth

By platform, the online segment is projected to witness healthy growth during the next five years. The rapid internet and smartphone penetration, coupled with the launch of new online betting platforms, are some of the key factors bolstering the growth of this segment throughout the forecast period.

Europe to hold a notable share

Geographically, the European region is anticipated to hold a substantial share in the market throughout the forecast period, primarily on account of the legalization of betting in several European countries. Also, investments by players in countries of this region for expansion of services further supplement the market growth in Europe during the next five years.

Competitive Insights

Prominent key market players in the Sports Betting market are the 888 Group, Kindred Group plc, Wiliam Hill PLC, and Churchill Downs Incorporated, among others. These companies hold a noteworthy share in the market because of their good brand image and product offerings.

Major players in the Sports Betting market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.

Recent Developments and expansions

The newly founded SI sportsbook, Sports Illustrated's first foray into US online sports betting and gaming, received Novel Corporation's quick bank transfer payment system in September 2021 owing to a partnership with 888 Holdings. Consumer deposits on the platform will be powered by Nuvel's Instant Bank Transfer technology, ensuring smooth, real-time financing of bank accounts.

LeoVegas' online gaming technical infrastructure, Rhino, saw an expansion into the US in June 2021. Through a contract that grants market access, LeoVegas will now deliver online casinos in the state of New Jersey.

William Hill US and Caesars Entertainment collaborated to start their online and mobile sports book in Virginia in February 2021. The app has a simple and safe registration process, as well as several possibilities to deposit as well as withdraw funds.

COVID-19 Impact on Sports Betting Market

The COVID-19 epidemic caused a significant shift in consumer behaviour toward the internet as a means of coping with their financial, social, & psychological issues during lockdowns, which was beneficial for the sports betting industry.

Sports Betting Market Scope:

Report Metric Details
 Market size value in 2020  US$90.124 billion
 Market size value in 2027  US$186.163 billion
 Growth Rate  CAGR of 10.92% from 2020 to 2027
 Base year  2020
 Forecast period  2022–2027
 Forecast Unit (Value)  USD Billion
 Segments covered  Platform, Sport, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered the 888 Group, Kindred Group plc, William Hill PLC, Churchill Downs Incorporated, Sportech PLC, The Stars Group Inc, Webis Holdings PLC, Flutter Entertainment plc
 Customization scope  Free report customization with purchase

 

Segmentation

  • By Platform
    • Online
    • Offline
  • By Sport
    • Cricket
    • FIFA
    • Horse Racing
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • United Kingdom
      • Germany
      • France
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • Australia
      • India
      • Others

Frequently Asked Questions (FAQs)

Q1. What will be the sports betting market size by 2027?
A1. The sports betting market is projected to reach a market size of US$186.163 billion by 2027. 


Q2. What is the size of the global sports betting market?
A2. Sports Betting Market was valued at US$90.124 billion in 2020.  


Q3. What are the growth prospects for the sports betting market?
A3. The global sports betting market is projected to grow at a CAGR of 10.92% over the forecast period. 


Q4. What factors are anticipated to drive the sports betting market growth?
A4. The sports betting market is projected to witness considerable growth primarily on account of the inclination of the governments of numerous countries towards the legalization of sports betting.


Q5. Which region holds the largest market share in the sports betting market?
A5. Geographically, the European region is anticipated to hold a substantial share in the sports betting market.

1. Introduction
1.1. Market Overview
1.2. COVID-19 Impact
1.3. Market Definition
1.4. Market Segmentation

2. Research Methodology
2.1. Research Data
2.2. Assumptions

3. Executive Summary
3.1. Research Highlights

4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis

5. Sports Betting Market Analysis, By Platform
5.1. Introduction
5.2. Online
5.3. Offline

6. Sports Betting Market Analysis, By Sport
6.1. Introduction
6.2. Cricket
6.3. FIFA
6.4. Horse Racing
6.5. Others

7. Sports Betting Market Analysis, By Geography
7.1. Introduction
7.2. North America
7.2.1. North America Sports Betting Market, By Platform, 2020 to 2027
7.2.2. North America Sports Betting Market, By Sport, 2020 to 2027
7.2.3. By Country
7.2.3.1. USA
7.2.3.2. Canada 
7.2.3.3. Mexico
7.3. South America
7.3.1. South America Sports Betting Market, By Platform, 2020 to 2027
7.3.2. South America Sports Betting Market, By Sport, 2020 to 2027
7.3.3. By Country
7.3.3.1. Brazil
7.3.3.2. Argentina
7.3.3.3. Others
7.4. Europe
7.4.1. Europe Sports Betting Market, By Platform, 2020 to 2027
7.4.2. Europe Sports Betting Market, By Sport, 2020 to 2027
7.4.3. By Country
7.4.3.1. United Kingdom
7.4.3.2. Germany
7.4.3.3. France 
7.4.3.4. Spain
7.4.3.5. Others
7.5. Middle East and Africa
7.5.1. Middle East and Africa Sports Betting Market, By Platform, 2020 to 2027
7.5.2. Middle East and Africa Sports Betting Market, By Sport, 2020 to 2027
7.5.3. By Country
7.5.3.1. Saudi Arabia
7.5.3.2. UAE
7.5.3.3. Others
7.6. Asia Pacific
7.6.1. Asia Pacific Sports Betting Market, By Platform, 2020 to 2027
7.6.2. Asia Pacific Sports Betting Market, By Sport, 2020 to 2027
7.6.3. By Country
7.6.3.1. China
7.6.3.2. Japan
7.6.3.3. South Korea
7.6.3.4. India
7.6.3.5. Thailand
7.6.3.6. Indonesia
7.6.3.7. Taiwan 
7.6.3.8. Others

8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix

9. Company Profiles
9.1. the 888 Group
9.2. Kindred Group plc
9.3. William Hill PLC
9.4. Churchill Downs Incorporated
9.5. Sportech PLC
9.6. The Stars Group Inc
9.7. Webis Holdings PLC
9.8. Flutter Entertainment plc

the 888 Group

Kindred Group plc

William Hill PLC

Churchill Downs Incorporated

Sportech PLC

The Stars Group Inc

Webis Holdings PLC

Flutter Entertainment plc

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