The Online Sports Betting Market Report Segments the Industry Into Sport Type (Football, Basketball, Horse Racing, Baseball, Tennis, Other Sport Types), End User (Desktop, Mobile), Betting Type (Pre-Match/Fixed-Odds and Live/In-Play), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). Market Sizing is Presented in USD Value Terms for all the Abovementioned Segments.

The global sports betting market surge from USD 107.6B in 2024 to reach extraordinary USD 231.2B by 2034, surging at a dynamic CAGR of 7.9% with mobile gaming innovations.

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Sports Betting Market Size 2025-2029

The sports betting market size is valued to increase by USD 221.1 billion, at a CAGR of 12.6% from 2024 to 2029. Digital revolution will drive the sports betting market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 33% growth during the forecast period.
By Platform - Online segment was valued at USD 101.20 billion in 2023
By Type - Basketball segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 162.64 billion
Market Future Opportunities: USD 221.10 billion
CAGR from 2024 to 2029 : 12.6%

Market Summary

The market is a dynamic and complex industry, fueled by the intersection of technology and human passion for sports. With an estimated global value of USD155 billion in 2020, this market's growth is driven by the increasing popularity of online betting platforms and the integration of advanced technologies like machine learning. These innovations enable personalized user experiences, real-time data analysis, and more accurate odds calculation. However, the industry faces significant challenges, including stringent government regulations and restrictions. For instance, in some regions, sports betting remains illegal or heavily regulated, limiting market growth potential. Additionally, concerns over problem gambling and match-fixing continue to shape the regulatory landscape.
Despite these hurdles, the future of sports betting looks promising. Technological advancements, such as blockchain and virtual reality, are poised to revolutionize the industry further. As these developments unfold, businesses must adapt and innovate to stay competitive in this rapidly evolving market.

What will be the Size of the Sports Betting Market during the forecast period?

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How is the Sports Betting Market Segmented ?

The sports betting industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Platform

  Online
  Offline


Type

  Basketball
  Horse riding
  Football
  Others


Betting Type

  Fixed Odds Wagering
  Exchange Betting
  Live/In-Play Betting
  eSports Betting


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  APAC

    Australia
    China
    India
    Japan


  Rest of World (ROW)

By Platform Insights

The online segment is estimated to witness significant growth during the forecast period.

The market is in a constant state of evolution, fueled by technological advancements and regulatory changes. The online betting segment, in particular, is thriving, driven by factors such as the expansion of the overall market, the increasing availability of mobile platforms due to Internet and smartphone penetration, and the structural migration of customers from retail to online betting in emerging markets. Technological innovations include advanced responsible gambling tools, payment gateway integration, customer support ticketing, win probability models, AML compliance software, data visualization tools, and bonus claim processes. Regulatory compliance checks, in-play betting data, sports data providers, geofencing technology, KYC compliance protocols, account management features, transaction processing speed, withdrawal processing times, real-time data feeds, betting exchange liquidity, deposit method integrations, user engagement metrics, customer identity verification, live streaming integration, mobile betting platforms, data analytics dashboards, risk management models, CRM system integration, betting platform security, fraud detection systems, user experience design, player segmentation strategies, and more.

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The Online segment was valued at USD 101.20 billion in 2019 and showed a gradual increase during the forecast period.

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Regional Analysis

APAC is estimated to contribute 33% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The Asia-Pacific (APAC) region is poised to lead The market due to its rapid expansion and significant population base. Comprising over 60% of the world's population, APAC is a burgeoning market with an increasing number of digital platforms and the adoption of online betting. Key factors contributing to this growth include the presence of gambling hubs like Macau and the rising disposable income of the population.

APAC's dominance in the global sports betting landscape is further reinforced

The global sports betting market size reached USD 103.08 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 224.12 Billion by 2033, exhibiting a growth rate (CAGR) of 8.56% during 2025-2033. The market is propelled by the rising popularity of e-sports and competitive gaming, increasing adoption of advanced technologies such as virtual reality (VR) and AR, increasing demand for personalized and ergonomic gaming peripherals, rising penetration of internet and smartphones, and cultural enthusiasm among individuals.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2025-2033. Our report has categorized the market based on platform, betting type, and sports type.

In 2023, Sports Betting Market reached a value of USD 113.54 billion, and it is projected to surge to USD 223.66 billion by 2030

In 2024, the market size of the global sports betting industry stood at over ** billion U.S. dollars. Online sports betting accounted for more than ** percent of this sum, with an annual revenue of ** billion U.S. dollars. By 2029, the overall market size was forecast to grow to over ** billion U.S. dollars.

As per Cognitive Market Research's latest published report, the Global Sports Betting market size will be $587.57 Billion by 2030. Sports Betting Industry's Compound Annual Growth Rate will be 11.49% from 2023 to 2030. Factors Impacting on Sports Betting Market

Rapid adoption of Smartphones

The mobile-phone market has changed from a new purchase market to a replacement market when it is matured. At the same time, smartphones come into the spotlight as an alternative to feature phones in the mobile-phone market. Since the characteristics of ‘smartphones’ are greatly different from those of ‘feature phones’ in that more technologies are incorporated and more functionalities are provided to users by smartphones, factors that can affect the adoption of smartphones and feature phones might not be the same.

Some 87% of smartphone owners access the internet or email on their handheld, including two-thirds (68%) who do so on a typical day. When asked what device they normally use to access the internet, 25% of smartphone owners say that they mostly go online using their phone, rather than with a computer. While many of these individuals have other sources of online access at home, roughly one-third of these “cell mostly” internet users lack a high-speed home broadband connection. Smartphone owners under the age of 30, non-white smartphone users, and smartphone owners with relatively low income and education levels are particularly likely to say that they mostly go online using their phones. Many companies focus on developing software or apps which are easily accessible on mobile phones.

Sports betting software producers are also focusing on developing such software. Also, the handy use of smartphones attracts software developers to develop mobile-configured sports betting software. Therefore rise in the use of smartphones is expected to drive the use of the sports betting software market.

Restraints for Sports Betting Market

Risks related to sports betting. (Access Detailed Analysis in the Full Report Version)

Opportunities for Sports Betting Market

Rising Government Initiatives. (Access Detailed Analysis in the Full Report Version)

Introduction of Sports Betting

Sports betting can easily be defined as one of the most widely-spread forms of gambling. In general terms, sports’ betting is placing a wager, commonly referred to as a bet, on the outcome of a particular sports event. It dates back hundreds of years ago, although it is difficult to trace back exactly where and when it all started. It’s safe to say people have been wagering on the results of sports events ever since the latter came to be recognized as such. Some suggest bets were placed for the first time in Ancient Greece, while others insist there is evidence of similar betting activities even before that. Today, sports’ betting has achieved the status of a favorite pastime of millions of sports fans around the world. It generates mind-boggling revenues. With the advent of online bookmakers, it’s easier than ever to place a bet on favorite sport without having to leave home. Bets can be placed on all kinds of sports ranging from popular options like football and basketball to horse or greyhounds racings. Placing bets on sports, both offline and online, is considered legal in most countries throughout the globe. If you’re looking for an online betting destination, you should first make sure you bet at a legitimate web-based sports bookmaker. Usually, legit bookmakers stand out with greater transparency and openly display their license numbers, as well as the names of the authorities and commissions which regulate them. Keep in mind different jurisdictions impose different regulatory practices, some are stricter than others and vice versa. This naturally is reflected in the betting operators’ fairness to punters. Many online bookmakers welcome punters from countries where such activities are deemed illegal. Their argument for doing so is that since they’re based and licensed in jurisdictions where online betting is legal, they are not breaking the law. Sports betting can also extend to non-athletic events, such as reality show contests and political elections, and non-human contests such as horse racing, greyhound racing, and illegal, underground cockfighting.

The Sports Betting Market is estimated to be valued at USD 111.9 billion in 2025 and is projected to reach USD 298.1 billion by 2035, registering a compound annual growth rate (CAGR) of 10.3% over the forecast period.

The Sports Betting Market Report is Segmented by Sports Type (Football, Horse Racing, Tennis, and Other Sports Betting); by Betting Platform (Online and Offline); and by Geography (North America, Europe, and Rest of the World). The Market Size Will Be Provided in Value Terms in USD for all the Above-Mentioned Segments.

The market size of the global sports betting industry stood at *** billion U.S. dollars as of March 2025. Within this industry, there were over ******* employees in a total of nearly ****** businesses. Many countries participate in legal sports betting, one of the more recent being the United States. Despite being a relative newcomer, the revenue of the sports betting industry in the U.S. stood at over ** billion U.S. dollars in 2023.

U.S. sports betting market accounted for USD 32.63 Billion in 2032 and expected to expand at a compound annual growth rate CAGR of 10.2% over the forecast period according to PMR.

In 2022, the market size of the sports betting and lottery sector worldwide was valued at over *** billion U.S. dollars. This figure shows a decrease from the previous year's total of ****** billion. By 2023, the market was forecast to increase to *** billion.

Global sports betting and lottery companies have experienced remarkable transformations recently, fueled by legislative changes and technological advancements. Sports betting has gained significant traction across the United States, with 38 states and Washington, D.C., having already legalized it. Meanwhile, the European Union and China tightened their regulations to ensure consumer safety and fairness. These regulatory developments, coupled with surges in mobile gaming and increased participation in major sporting events like the UEFA European Men's Championship and the Paris Olympics, have driven substantial growth in both sports betting and lotteries, signaling a rapidly evolving landscape. Revenue has expanded at a CAGR of 6.8% to $329.0 billion in 2025, with a boost of 1.2% that year. Over the past few years, the industry has been characterized by consolidation and market expansions. Major players have aggressively pursued acquisitions to bolster their technological capabilities and expand their geographical reach. Notable moves include Fanatics' acquisition of PointsBet’s U.S. operations and DraftKings' acquisition of Simplebet, focusing on enhancing live betting capabilities. Across the globe, rising disposable incomes and the allure of experiential spending have bolstered lottery and sports betting participation. In China, innovative game offerings have captivated younger demographics, contributing to record-breaking lottery sales in 2024. Despite economic fluctuations, lotteries have remained resilient, their low cost and accessibility supporting profit growth. The next few years promise continued momentum for sports betting and lotteries, driven by ongoing legalization efforts and technological innovations. As more jurisdictions worldwide consider legalizing sports betting, companies stand poised to capture a broader consumer base and tap into a thriving market formerly dominated by illegal operations. The appeal of online platforms and mobile devices, particularly among younger generations, is set to reshape the industry's trajectory, making lotteries and sports betting increasingly accessible. Challenges like gambling addiction and regulatory compliance loom large. To sustain momentum, stakeholders must strike a balance between harnessing technological advancements and ensuring consumer protection. With marquee sporting events and advances in artificial intelligence reshaping the betting experience, the industry is primed for growth, yet it must navigate ethical implications and evolving regulatory landscapes to realize its full potential. Revenue is projected to continue climbing at a CAGR of 1.8% to $359.2 billion in 2030.

Get key insights on Market Research Intellect's Online Gambling And Sports Betting Market Report: valued at USD 100 billion in 2024, set to grow steadily to USD 150 billion by 2033, recording a CAGR of 5.2%.Examine opportunities driven by end-user demand, R&D progress, and competitive strategies.

According to Cognitive Market Research, the global Sports Betting Software market size was USD 11542.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 9.80% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 4616.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.00% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 3462.66 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 2654.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.8% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 577.11 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 230.84 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.5% from 2024 to 2031.
The hunting held the highest Sports Betting Software market revenue share in 2024.

Market Dynamics of Sports Betting Software Market

Key Drivers for Sports Betting Software Market

Legalization and Regulation to Increase the Demand Globally

The growing legalization and regulation of sports activities having a bet across numerous jurisdictions is drastically using the marketplace boom. As more areas implement felony frameworks, they offer dependent surroundings for operators, ensuring compliance and enhancing market legitimacy. This regulatory clarity fosters investor self-belief, leading to greater marketplace participation and competition. Legalization also mitigates illegal bet activities, channels revenue to tax contributions, and promotes responsible gambling practices. Furthermore, regulated markets often introduce innovative betting merchandise and technologies, which attract a much wider audience. Consequently, the growth of legalized sports making a bet is creating new sales opportunities and reworking the sports activities enjoyment panorama, reaping the rewards for both operators and consumers alike.

Advancements in Technology to Propel Market Growth

Technological advancements are significantly enhancing sports, having a bet revel in and riding market growth. The speedy evolution of cell programs permits users to vicinity bets effortlessly from anywhere, increasing accessibility and consumer engagement. Data analytics offers treasured insights into making bet trends and styles, permitting operators to provide more personalized and strategic making-a-bet alternatives. Artificial intelligence similarly refines these talents by predicting consequences and improving the accuracy of odds, at the same time as additionally detecting fraudulent activities and making sure fair play. These improvements now not handiest streamline the betting technique but also create an extra immersive and dynamic consumer reveal. As the era continues to enhance, it draws extra customers to the platform, fostering growth and opposition in the sports activities having a bet enterprise.

Restraint Factor for the Sports Betting Software Market

Regulatory Challenges to Limit the Sales

While the legalization of sports betting fosters marketplace increase, it additionally introduces good sized regulatory demanding situations. The complex and diverse regulatory landscapes across areas may be daunting for operators. Compliance with varying legal guidelines and guidelines frequently involves great charges, inclusive of legal expenses, licensing expenses, and ongoing operational changes. These requirements can stress resources and inhibit market growth, specifically for smaller operators. Additionally, stringent regulations may impose regulations on advertising, patron statistics utilization, and betting practices, further complicating operations. Navigating those regulatory hurdles calls for cautious plans and adaptation, which may be a barrier to entry and growth for lots of organizations in the sports betting industry.

Impact of Covid-19 on the Sports Betting Software Market

The COVID-19 pandemic substantially impacted sports activities, making a bet software market. Initially, the suspension of primary carrying events led to a pointy decline in havin...

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Horse And Sports Betting Market Size 2025-2029

The horse and sports betting market size is forecast to increase by USD 252 million at a CAGR of 11.4% between 2024 and 2029.

The market is experiencing significant growth, driven by several key trends. One of the primary factors fueling market expansion is the increasing digital connectivity, enabling more consumers to place bets online. Another trend is the rising adoption of advanced technologies such as artificial intelligence (AI) and machine learning, which enhance the betting experience and improve accuracy. However, stringent government regulations pose a challenge to market growth, requiring operators to comply with complex rules and restrictions. Despite these challenges, the market is expected to continue its upward trajectory, offering ample opportunities for stakeholders.

What will be the Size of the Horse And Sports Betting Market During the Forecast Period?

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The market In the US continues to experience significant growth, driven by the increasing number of internet users and smartphone users. Digital infrastructure and wireless connectivity have enabled online betting to become a convenient and accessible option for individuals seeking to place wagers on athletic events.



Horse racing and horse racing wagering remain popular categories within this market, with past performance and track conditions being key factors in bettors' decision-making processes. The trend towards digitalization is further evidenced by the rise of casino organizations offering fixed odds wagering on horse races, as well as the emergence of esports betting. According to Datareportal, there are currently over 300 million monthly active internet users In the US, and the implementation of 5G networks is expected to further enhance the user experience for mobile device users.

How is this Horse And Sports Betting Industry segmented and which is the largest segment?

The horse and sports betting industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Platform

  Offline betting
  Online betting


Type

  Fixed odds wagering
  Exchange betting
  Live betting
  esports betting
  Others


Geography

  Europe

    Germany
    UK
    Italy


  APAC

    China
    India
    Japan


  North America

    Canada
    US


  South America

    Brazil


  Middle East and Africa

By Platform Insights

The offline betting segment is estimated to witness significant growth during the forecast period.

The market encompasses both online and offline platforms. While online betting is growing in popularity, offline betting remains the largest segment due to various factors. Some individuals prefer the traditional betting experience and are not comfortable with technology. Additionally, government regulations in certain regions limit sports betting to offline channels. Offline betting, including horse racing, is accessible through local bookies and betting shops, allowing customers to bet on credit. The convenience and flexibility of paying later contribute to the continued popularity of offline betting. Despite advancements in technology and the rise of online platforms, offline betting maintains a significant presence In the market.

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The offline betting segment was valued at USD 219.80 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 48% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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In Europe, the market has experienced significant growth due to the increasing popularity of online betting and the widespread use of smartphones. With Internet connectivity rates averaging between 50% and 60% among European internet users, online betting platforms have gained traction. Regulatory frameworks have become more permissive towards both online and offline betting, creating a secure environment for sports enthusiasts. The presence of numerous bookmakers in major European countries such as Germany, the UK, France, Italy, and Poland, along with the popularity of various sports activities, has further fueled market expansion. Overall, the digital infrastructure and wireless connectivity have enabled easy access to athletic events, making horse and sports betting an increasingly popular pastime in Europe.

Market Dynamics

Our horse and sports betting market researchers analyzed the data with 2024 as th

The United States Sports Betting Market is expected to grow at a CAGR of 13.01% during 2025-32, reaching a market value of approximately USD 13.32 billion in 2032.

The size of the Online Sports Betting Market was valued at USD 48.17 Million in 2023 and is projected to reach USD 104.18 Million by 2032, with an expected CAGR of 11.65% during the forecast period. Recent developments include: December 2023: Betsson collaborated with Racing Club de Avellaneda for the upcoming 2023/2024 season. Starting May 19, the Swedish brand logo would be featured on the upper back of the men’s and women’s First Division football teams’ shirts for local and international matches., September 2023: Betsson was awarded a license to offer online sports betting on the locally regulated market in France. The operations in France would run in collaboration with a local partner. The launch in the country took place during the fourth quarter of 2023 under the Betsson brand., March 2023: OpenBet, a multinational company that provides sports betting entertainment, expanded its presence in the United States with a day-one launch in Massachusetts.. Key drivers for this market are: Increasing Popularity of Online Gambling, Advancement In Security, Encryption, and Streaming Technology. Potential restraints include: Regulatory Uncertainty And Compliance. Notable trends are: Increasing Popularity of Online Gambling.

Virtual Sports Betting Market size is estimated to be valued at USD 14.88 Bn in 2025 and is expected to expand at a CAGR of 18% reaching USD 47.43 Bn by 2032.

The size of the U.S. Sports Betting Market market was valued at USD 2.75 billion in 2023 and is projected to reach USD 5.53 billion by 2032, with an expected CAGR of 10.5 % during the forecast period. Recent developments include: In July 2022, 888 Holdings acquired William Hill, creating a global betting and gaming leader by bringing together two highly complementary businesses and combining two of the industry’s leading brands. , In August 2021, Entain announced to acquire US-based esports betting company Unikrn. The company plans to acquire Unikrn’s technology platform, products and team, citing a lack of existing scale among skill-based wagering platforms. .