Sports betting has transformed into a major industry and it continues to grow every year at an impressive rate.
It’s almost an impossible task to estimate the actual size of the sports betting market as a big portion remains unregulated.
However, sports betting forms about 40% of the entire gambling industry, which also includes casinos, poker, lotteries etc.
What is the size of the sports betting market?
According to a study from Zion Market Research, the global sports betting market stood at around USD 104.31 billion in 2017.
This study was conducted for both online and offline markets in areas such as North America, Latin America, Asia, Europe, and Africa.
The online betting market was estimated to be USD 45.8 billion in the same year. Hence, offline platforms still bring more than half of the business for betting companies. In the coming years, the share of online betting is set to increase. But, as things stand, betting companies still earn a lot of their money from offline outlets.
Soccer betting is the biggest money-puller on the sports betting market. It’s a common sight to see advertisements of betting companies in European soccer. Other sports such as Baseball, Basketball, and Tennis are also quite popular among sports fans.
In recent years, the popularity of e-Sports has grown exponentially among bettors. We expect to see some interesting developments in this section of sports betting too.
The future of sports betting
According to the same study, the sports betting market should grow at an impressive compound annual growth rate of 8.83% until 2023.
Hence, the sports betting market should be worth USD 155.49 Billion in 2023. The online betting market is back to witness significant growth as it should reach 94.4 Billion in 2023.
The study predicts that sports betting should witness major growth in Asia Pacific countries. Most countries in this region are expected to undergo economic growth in the coming years.
Hence, we should see more bettors in the region in the future. We could also witness relaxed betting laws in the countries of this region.
Furthermore, similar breakthroughs in betting laws could also result in a huge boost in the sports betting market in the United States.