The online sports betting market allows users to place wagers on various sports events and leagues through websites and mobile applications. Sports betting provides an engaging and entertaining way for sports enthusiasts to increase their involvement in games. Rising internet and smartphone penetration coupled with the ability to bet on a wide variety of sports from anywhere and anytime has boosted the popularity of online sports betting. Key factors driving the growth of this market include growing digitalization across developing countries, increasing number of tech-savvy bettors, legalization of online sports betting globally, and availability of live sports streams.
Global Online Sports Betting Market is estimated to be valued at USD 50.13 Bn in 2024 and is expected to reach USD 89.28 Bn by 2031, growing at a compound annual growth rate (CAGR) of 8.6% from 2024 to 2031.
Key Takeaways
Key players operating in the online sports betting market are 888 holdings PLC, Entain PLC, BET 365, Betsson AB, Flutter Entertainment PLC, Draftkings Inc., Kindred Group PLC, 1XBET, 22BET, Sportpesa. The online betting market is consolidated with top players accounting for majority market share. Increasing digital influence and higher internet and smartphone penetration is driving sports fans and bettors towards using online platforms for sports betting over traditional methods.
Rapid adoption of mobile wagering and integration of advanced technologies like machine learning and AI for betting odds calculation and personalized betting experiences is surging the in the global Online Sports Betting Market Growth. Technological advancements like live streaming, cashless transactions, augmented and virtual reality are providing more engaging user experiences and incentivizing new user acquisition. Adoption of blockchain technology can enable transparent transactions and enhance security and regulation compliance.
Get More Insights On- Online Sports Betting Market
