The sports betting market has been experiencing significant growth in recent years, with projections indicating a rise from $114.2 billion in 2024 to $124.39 billion in 2025. This growth is expected to continue, with the market size reaching $153.71 billion by 2029 at a compound annual growth rate (CAGR) of 5.4%. Several factors contribute to this growth, including an increase in sports events, a rise in the millennial demographic, and the accessibility of smartphones and intelligent computing devices.
One key driver of market expansion is the increase in the number of sports leagues and related activities. With over 100 professional leagues operating globally, customers have more options to diversify their betting expenses. This influx of sports leagues and events contributes to the growth of the sports betting market.
In terms of trends, companies in the sports betting industry are focusing on technological enhancements such as live betting and AI-driven platforms. Live betting allows bettors to wager on specific outcomes during an ongoing sports event, with constantly updating odds and options based on the game’s progress. AI-driven platforms aim to provide dynamic and interactive wagering options, enhancing the user experience.
The sports betting market is segmented by type, sports type, and platform, offering various options for bettors. Subsegments include live/in-play betting, fixed odd betting, exchange betting, daily fantasy sports, spread betting, pari-mutuel betting, and other types. Additionally, the market is divided by sports type, including football, basketball, baseball, horse racing, cricket, hockey, e-sports, American football, and other sports types.
Major companies operating in the sports betting market include Flutter Entertainment plc, Bet365 Group, Entain PLS, Caesars Entertainment, and Kindred Group plc. Western Europe was the largest region in the sports betting market in 2024, with other regions covered in the report including Asia-Pacific, Eastern Europe, North America, South America, Middle East, and Africa.
Overall, the sports betting market is poised for continued growth, with advancements in technology, increasing interest in virtual sports betting, and the emergence of new sports leagues driving expansion. For more information and insights, visit the full report at https://www.thebusinessresearchcompany.com/report/sports-betting-global-market-report.