The global sports betting market size is estimated to reach USD 182.12 billion by 2030, registering a CAGR of 10.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. This growth of the market is driven by the proliferation of internet infrastructure and evolving regulatory landscape of the entire gambling industry across the world. In addition, the increase in the number of sports events and leagues worldwide such as the NFL, FIFA World Cup, Carabao Cup, and UEFA Europa League has positively influenced the growth of the market. Furthermore, an increase in disposable income and the rising usage of AI and blockchain technologies to improve the prediction algorithms in betting software are likely to boost the growth of the market during the forecast period.

Esports, which is an organized, multiplayer video game competition, played by professional players, individuals, or teams, has gained massive popularity during the COVID-19 pandemic and witnessed a surge in the number of events worldwide. Market players are utilizing the increased number of esports events to offer an opportunity for their customers to bet on such esports competitions and earn extra income. The surge in online sports events backed up by a rise in the number of esports tournaments offers stable growth opportunities for the betting industry. For instance, according to the report by the U.K. Gambling Commission, there was a huge 2922% year-on-year rise in esports betting revenue from March 2019 to March 2020.

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@: https://www.grandviewresearch.com/industry-analysis/sports-betting-market-report

Sports Betting Market Report Highlights

• North America is expected to witness a CAGR of around 11% during the forecast period. The U.S. has legalized sports betting in 36 states as of January 2023, which is a promoting factor for the regional market growth

• The online platform segment dominated the market in 2022 and is expected to showcase the highest CAGR during the forecast period

• The fixed-odds wagering segment accounted for a significant market share in 2022. However, the eSports betting segment is likely to witness growth at the fastest CAGR during the forecast period owing to the surge in demand for interactive games

• Football, also known as soccer, registered the highest market share in 2022. Horseracing, followed by football, is extremely popular and accounted for the second-highest market share