A major driver has been the increase in government regulations designed to control illegal activities. Governments across the globe have been increasingly attending to the matter of sports betting as a result of the concern that the activity is linked with illegal practices. In the US, the introduction of sports betting regulations in 2023 has resulted in a 20% increase in sports betting activity, with the market becoming more legitimate, transparent and secure, this increasing consumer trust in advanced sports betting technologies.

Sports betting enthusiasts have already been quick to adopt the new form of betting, which is directly responsible for market growth.

Regions & players

The regions and nations covered by the full report are North America (US, Canada, Mexico), Eastern Europe (Poland, Romania, Hungary, Turkey, Rest of Eastern Europe], Western Europe (Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe), APAC (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East (UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East), Africa (Nigeria, South Africa, Rest of Africa) and Latin America (Brazil, Argentina, Colombia, Rest of Latin America).

The major companies listed in the full report are: Bet 365, GVC Holding, Stars Group, Paddy Power Betfair, William Hill, Fortuna Entertainment Group, Betfred, mybet Holding, Hong Kong Jockey Club and Kindred Group.

Online domination

The online sector dominates, with over 65% of the total sports betting market. This is best explained by the ease of use for players at any place and time, with the trend expanded by increased development of smartphones and fast-speed internet solutions. These allow platforms to develop algorithms and analyse real-time data. The general process of digitalisation further cements this irreversible evolution.

Fixed Odds favourite

Fixed Odds betting still holds the largest market share by betting type, simply because it is available across all established sports. Many bettors also argue that this type of betting is the ‘safest’. The most popular sports to bet on continue to be football (soccer), football (American), basketball, baseball, horse racing, cricket and hockey (ice).

The fastest growing and developing betting type is Esports Betting. This is clearly connected with the increasing interest in these disciplines, driven by a younger generation that enjoys this kind of competition to an extent that was previously inconceivable. It is huge and getting bigger.

Key takeaways

Four factors are dominating this evolving and expanding landscape. First, government regulations are significantly boosting the market by reducing illegal activities. Second, online platforms are leading the way due to convenience and technological advancements. Third, the US will dominate the market, driven by favourable regulations and a robust sports culture. And finally, hungry and comparatively new players such as DraftKingsand FanDuel are pushing the boundaries of innovation with advanced AI-driven tools to enhance betting precision and experience.