Sports Betting in North America is slated to flourish at a CAGR of 12% from 2022–2032

A recent study conducted by Fact.MR anticipates significant growth in the sports betting market, with a projected compound annual growth rate (CAGR) of 10.3% between 2022 and 2032. By 2032, the market is expected to reach approximately US$ 225.65 million. The proliferation of sports leagues and events is identified as a primary driver behind the increasing demand for sports betting services. As new professional sports leagues emerge worldwide, customers are expanding their betting expenditures, contributing to the market’s exponential growth.

Furthermore, the integration of artificial intelligence (AI) and blockchain technology in sports betting applications is a notable trend gaining traction throughout the forecast period. The global digital revolution has facilitated the widespread adoption of cloud platforms for data storage, while commercial and retail online transactions and payments have surged.

Moreover, the rapid advancement of Internet speeds has led to a significant increase in the consumption of digital content over the past five years. These technological advancements are expected to shape the landscape of the sports betting services market in the coming years, driving innovation and enhancing user experiences.

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From 2017 to 2021, sales in the sports betting market experienced notable growth, with a compound annual growth rate (CAGR) of 5%. Successive governments have been enacting legislative frameworks aimed at facilitating consumer earning expansion and career experiences. For instance, in May 2018, following the Supreme Court’s overturning of the Professional and Amateur Sports Protection Act (PASPA), eight states in the United States have decriminalized sports betting, contributing to the market’s growth.

The increasing demand for digitalization is expected to have a significant impact on the online segment of the market, which is projected to grow substantially during the forecast period. Additionally, successive governments continue to enact legislative frameworks aimed at providing consumers with opportunities for earning expansion and career advancement.

Will the Asia Pacific Continue Dominance in the Global Sports Betting Market?

The Asia Pacific market for sports betting accounted for approximately 30% of revenue in 2021 and is projected to grow at a robust compound annual growth rate (CAGR) of 10.9% during the forecast period from 2022 to 2032. A significant contributing factor to this growth is the inclusion of a substantial percentage of young populations who actively participate in various sports activities.

Countries such as China and India exhibit a strong cultural inclination towards gambling, further driving market expansion in the region. The collective influence of these factors positions the Asia Pacific market to grow at the fastest rate compared to other regions.

Moreover, a significant proportion of young individuals in the Asia Pacific region actively engage in various regional sports activities. This trend is expected to fuel market demand further, contributing to the overall growth of the sports betting market in the region.

Additionally, the increasing penetration of the internet and smartphones, coupled with rising disposable income among the middle class, is anticipated to serve as catalysts for regional market growth. These factors create favorable conditions for the proliferation of online sports betting platforms, thereby stimulating market expansion across the Asia Pacific region.

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Key Segments Covered in the Sports Betting Industry Survey

  • By Platform :
  • Offline Sports Betting
  • Online Sports Betting
  • By Betting Type :
  • Fixed Odds Wagering Sports Betting
  • Exchange Sports Betting
  • Live/In Play Sports Betting
  • Pari-mutuel Sports Betting
  • E-Sports Betting
  • Others Sports Betting Types
  • By Sports Type :
  • Sports Betting in Football
  • Sports Betting in Basketball
  • Sports Betting in Baseball
  • Sports Betting in Horse Racing
  • Sports Betting in Cricket
  • Sports Betting in Hockey
  • Sports Betting in Other Sports

Competitive Landscape

To gain a competitive edge in the market, the major players focus on developing engaging websites and offering exclusive deals. Companies are also focusing on integrating technology such as APIs to improve functionality and provide a more user-friendly interface. Third-party offers are also available in the market that progress requirements for sports betting companies.

  • Endeavor Group Holdings Inc., a US-based entertainment and sports company, acquired OpenBet from Scientific Games in September 2021 for US$1.2 billion in cash ($1 billion) and Endeavor’s Class A common stock ($200 million).
  • Viscus Infotech Ltd., an Indian software company, generates sports betting applications and offers algorithm-based sportsbook betting solutions.

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Key players in the 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.

Key Takeaways from Sports Betting Market Study

  • During the forecast period, the Europe region is expected to grow at a CAGR of 11.6%
  • During the forecast period of 2022 to 2032, the North American segment is anticipated to grow at a CAGR of around 12%.
  • The Asia Pacific region attributed for around 30% revenue in 2021
  • Football accounts for around 24% of the market and is expected to grow significantly.
  • Following football, horse racing held the second-largest sales volume and is anticipated to expand at a 10.5 percent CAGR during the forecast period.

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