Online Sports Betting Market Summary
As per MRFR Analysis, the Online Sports Betting Market was valued at 73.56 USD Billion in 2023 and is projected to grow to 150 USD Billion by 2035, with a CAGR of 6.12% from 2025 to 2035. The market is driven by increased smartphone penetration, legalization of sports betting, and advancements in technology such as AI and blockchain.
Key Market Trends & Highlights
The Online Sports Betting Market is witnessing transformative trends that enhance user engagement and market growth.
- Market Size in 2024: 78.06 USD Billion; Expected to reach 150 USD Billion by 2035.
- Fixed Odds Betting is projected to grow from 30.0 USD Billion in 2024 to 52.0 USD Billion by 2035.
- Mobile devices are becoming the preferred platform for betting, driven by convenience and accessibility.
- North America is expected to dominate the market with a valuation of 35.0 USD Billion in 2024.
Market Size & Forecast
2023 Market Size: USD 73.56 Billion
2024 Market Size: USD 78.06 Billion
2035 Market Size: USD 150 Billion
CAGR (2025-2035): 6.12%
Largest Regional Market Share in 2024: North America
Major Players
FanDuel, Bet365, Amaya Gaming, Betsson AB, Paddy Power, Flutter Entertainment, Entain, William Hill, Kindred Group, DraftKings, Caesars Entertainment, GVC Holdings, Sky Betting and Gaming, 888 Holdings, MGM Resorts International
Key Online Sports Betting Market Trends Highlighted
The Online Sports Betting Market is experiencing significant growth, driven by key market drivers such as the increasing penetration of the internet and the widespread availability of smartphones. These factors have made online betting accessible to a larger audience, enabling more participants to engage in various sports betting activities from any location. Moreover, advancements in technology, including the development of live betting platforms and user-friendly interfaces, enhance the betting experience, thus attracting a diverse demographic, particularly younger generations who are more tech-savvy. There are opportunities to be explored in this evolving landscape, particularly in emerging markets where regulatory frameworks are beginning to support online betting.
Areas that have recently made online sports betting legal or are in the process of doing so are good places for operators to grow their businesses. Also, making new betting options and fun mobile apps can take advantage of the growing need for interactive and fun betting experiences. Data analytics and artificial intelligence are helping to make betting experiences more personalized, which is a trend that has been going on for a while. This technology helps operators learn about what users like, which makes it easier to create personalized promotions and keep customers coming back. Also, the trend toward responsible gambling programs is growing, with companies and regulators working together to encourage safe betting.
This focus not only helps mitigate risks associated with gambling but also builds trust among consumers. Overall, the Online Sports Betting Market continues to evolve, presenting a dynamic environment rich with potential as it adapts to technological advancements and changing consumer behaviors.
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
Online Sports Betting Market Drivers
Increasing Online Penetration of Sports Betting Platforms
The Online Sports Betting Market is experiencing significant growth driven by the increasing penetration of online platforms. As per recent trends, global internet penetration is estimated to be around 63% of the population, translating to over 4.9 billion users actively engaging with online services. This number is expected to increase further, providing more opportunities for online sports betting platforms to attract users. Companies such as DraftKings and FanDuel are capitalizing on this trend by offering user-friendly interfaces and strong marketing campaigns that appeal to both seasoned bettors and novices alike.
The convenience of placing bets via mobile applications and websites significantly boosts participation in the betting market. Additionally, with governments in various regions, including Europe and parts of North America, legalizing online sports betting, the market is seeing progressive regulatory support that encourages growth. This regulatory shift not only enhances consumer confidence but also expands the market reach among younger demographics who predominantly use digital platforms.
Shifts in Consumer Behavior Towards Digital Options
There has been a notable shift in consumer behavior towards digital options, particularly due to the impact of the COVID-19 pandemic. According to industry surveys, over 70% of consumers reported trying online sports betting for the first time during the pandemic, a trend that has persisted as many individuals prefer the convenience and accessibility of online wagering over traditional methods. Established organizations such as Bet365 have seen a surge in registered users, reflecting this change in behavior.
As sports events return post-pandemic, this influx of new bettors is expected to substantially contribute to the revenue growth of the Online Sports Betting Market as existing organizations adapt to meet this rising demand.
Technological Advancements in Betting Technologies
The Online Sports Betting Market is significantly benefiting from technological advancements in betting technologies such as live betting, AI algorithms, and blockchain. The rise of real-time betting options is appealing to users who seek engagement during live sports events. A study on sports betting technology highlights that the global investment in blockchain technology is projected to reach $23 billion by the end of 2023, indirectly benefiting online betting as companies adopt these technologies for secure transactions and data integrity.
Major players like Playtech and Evolution Gaming are leading this charge with cutting-edge solutions. Enhanced security features and user experience provided by these technologies are not only attracting new clients but also retaining existing ones, driving sustained growth in the market.
Online Sports Betting Market Segment Insights
Online Sports Betting Market Betting Type Insights
The Online Sports Betting Market demonstrates robust growth, particularly within the Betting Type segment. By 2024, Fixed Odds Betting is expected to reach a valuation of 30.0 USD billion, making it a significant player in the market. Its simplicity and popularity contribute to its dominance, capturing a substantial share of the market due to user familiarity and the fixed nature of payouts, providing bettors with clear expectations. Exchange Betting, valued at 18.0 USD Billion in 2024, is increasingly becoming a popular alternative, allowing users to set their own odds and bet against one another, which enhances the overall betting experience.
The growth of this segment indicates a shift towards more interactive and personalized wagering options in the industry. Live Betting, with an expected valuation of 20.0 USD billion in 2024, continues to gain traction as it allows users to place bets in real-time during events, tapping into the excitement of live sports and creating dynamic betting opportunities. This instantaneous nature captures the attention of sports enthusiasts, further driving market engagement. Parlay Betting, valued at 10.06 USD billion in 2024, offers bettors the allure of combining multiple bets into one wager, which could result in significantly higher payouts.
This potential for larger returns motivates bettors to engage with this format, even though it represents a smaller portion of the overall market compared to the other types. In essence, the various Betting Types within the Online Sports Betting Market cater to diverse preferences among bettors, resulting in distinct dynamics and growth trajectories for each, thereby enriching the overall market landscape.
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
Online Sports Betting Market Device Type Insights
The Online Sports Betting Market has showcased significant growth in recent years, particularly in the Device Type segmentation. By 2024, the market is expected to be valued at 78.06 USD billion, with mobile devices emerging as the driving force behind this growth. The increasing accessibility and convenience of mobile betting applications have drawn in a larger user base, which is vital for the industry as it continues to expand. Desktop platforms remain important, particularly among traditional users who prioritize detailed betting interfaces, while tablets provide a balance between the two.
As the market evolves, the shift towards mobile betting trends will likely dominate due to enhanced user experience and the rise of mobile-friendly payment solutions. With government regulations in place to ensure fair play, the significance of these device types becomes evident in both user engagement and market reach. The Online Sports Betting Market data illustrates the strong demand and potential for innovation within these device categories, highlighting opportunities for future growth and enhanced user interaction. Overall, the segment of Device Type serves as a crucial component in understanding the dynamics of the Online Sports Betting Market.
Online Sports Betting Market Sports Category Insights
The Online Sports Betting Market, specifically within the Sports Category, is experiencing robust growth, with expectations that the overall market will achieve a valuation of 78.06 billion USD in 2024. This segment encompasses diverse activities, including popular sports like Football, Basketball, Tennis, Cricket, and the rising phenomenon of Esports. Football betting remains a crucial driver, as it attracts a wide audience globally, cultivating immense participation and engagement. Basketball also contributes significantly, especially in regions where the sport has a fervent following, further solidifying its place in the market.
Tennis maintains relevance through major tournaments, creating continuous betting opportunities. Cricket's vast fan base in specific countries lends it a strategic position, effectively stimulating market demand. Moreover, Esports is rapidly gaining traction, appealing to younger demographics and predicting future market growth. These dynamics contribute to the overall expansion of the Online Sports Betting Market, which is projected to reach 150.0 billion USD by 2035, driven by increased digitalization and changing consumer preferences in online gambling activities.
Online Sports Betting Market Payment Method Insights
The Online Sports Betting Market is witnessing a significant evolution in its Payment Method segment, projected to be valued at 78.06 USD billion in 2024 and expected to grow substantially thereafter. Payment methods play a crucial role in shaping user experience and driving market growth, with E-Wallets gaining traction due to their convenience and enhanced security measures. Credit and Debit Cards remain prevalent due to their widespread acceptance and ease of use, establishing themselves as a vital component for transactions in the global landscape.
Bank Transfers are also vital, appealing to users seeking traditional, secure methods for large-scale betting. Furthermore, the emergence of Cryptocurrency introduces innovative payment solutions, attracting a tech-savvy demographic and providing anonymity and reduced transaction fees. The importance of these payment methods is underscored by their ability to cater to diverse user preferences, thereby significantly amplifying the Online Sports Betting Market revenue. As trends in mobile payments and digital wallets continue to rise, the integration of these methods into the betting ecosystem is expected to enhance user engagement and broaden market reach, resulting in robust market growth and evolving strategies among providers.
Online Sports Betting Market Regional Insights
The Online Sports Betting Market is experiencing significant growth across various regions, with the market valued at 78.06 USD Billion in 2024, projected to reach 150.0 USD Billion by 2035. North America dominates the market, with a valuation of 30.0 USD billion in 2024 and an expected growth to 55.0 USD billion in 2035, reflecting strong engagement and regulatory advancements that favor online betting. Europe follows, holding a substantial market share of 25.0 USD billion in 2024 and 50.0 USD billion in 2035, benefiting from an established sports culture and a growing acceptance of online gambling.
Meanwhile, South America shows a promising potential with a valuation of 6.0 USD Billion in 2024, increasing to 10.0 USD billion in 2035, driven by a rising interest in sports betting within the region. Asia Pacific is also significant, valued at 14.0 USD billion in 2024 and expected to reach 30.0 USD billion by 2035, fueled by a burgeoning population and increasing internet penetration. In contrast, the Middle East and Africa demonstrate a smaller market presence, with a valuation of 3.06 USD billion in 2024, growing to 5.0 USD billion in 2035, reflecting ongoing regulatory challenges and cultural barriers.
The ongoing trends, including technological advancements and shifts in consumer preferences, continue to shape the dynamics within these regional segments of the Online Sports Betting Market.
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
Online Sports Betting Market Key Players and Competitive Insights
The Online Sports Betting Market is experiencing a remarkable transformation, driven by advancements in technology, shifting consumer preferences, and regulatory changes across various regions. Competition in this market is intensifying as numerous players strive to capture audience attention through innovative offerings and improved user experience. Key factors influencing competition include the availability of mobile applications, live betting options, integration of artificial intelligence for personalized betting experiences, and lucrative promotions aimed at attracting and retaining customers. Additionally, as more countries liberalize their sports betting laws, numerous stakeholders are entering the market, amplifying the competition and creating a dynamic landscape characterized by strategic partnerships, mergers, and diversification of services.
DraftKings has established a noteworthy position within the Online Sports Betting Market, primarily bolstered by its comprehensive digital platform that offers sports betting, daily fantasy sports, and other gaming services. The company's strengths lie in its user-friendly interface, which enhances customer engagement, and its strong brand recognition as a pioneer in the fantasy sports arena. DraftKings has effectively capitalized on its first-mover advantage and leveraged extensive marketing strategies to build a loyal customer base. Its presence in multiple states in the U.S. reflects its aggressive expansion strategy, allowing it to adapt offerings based on regional market dynamics. The ongoing commitment to product innovation and significant investment in technology further strengthens DraftKings' competitive edge, enabling it to meet evolving consumer preferences and regulatory requirements.
888 Holdings is another key player in the Online Sports Betting Market, known for offering a wide array of products that include sports betting, poker, and casino games. The company has built a robust market presence through its established brand and extensive international reach, particularly in European markets. 888 Holdings' strengths are evident in its technological expertise, providing users with a seamless betting experience across multiple platforms. The company is recognized for its strategic partnerships and acquisitions that have expanded its operational capabilities and reinforced its competitive position. Additionally, 888 Holdings has placed a strong emphasis on responsible gaming practices, enhancing its reputation among consumers and regulators alike. The diverse portfolio of gaming offerings, combined with ongoing innovations and a solid commitment to regulatory compliance, positions 888 Holdings favorably within the global market landscape, allowing it to effectively navigate the challenges presented by evolving regulations and market demands.
Key Companies in the Online Sports Betting Market Include
- DraftKings
- 888 Holdings
- Paddy Power
- William Hill
- FanDuel
- MGM Resorts International
- Scientific Games
- Betfair
- Caesars Entertainment
- PointsBet
- Kindred Group
- Smarkets
- Bet365
- Flutter Entertainment
Online Sports Betting Market Developments
Recent changes in the Online Sports Betting Market show that platforms are still being improved and that the market is in a strong position. In the third quarter of 2023, DraftKings added a more user-friendly interface and powerful analytics tools to get people more involved. In the second quarter of 2023, FanDuel, which is owned by Flutter Entertainment, had about 47% of the market. By the fourth quarter of 2023, this had grown to about 51%, making it the clear leader. Based on the records we have, Scientific Games did not release any major suites in September 2023.
 In July 2023, Betfair did not make a publicized purchase. Instead, 888 Holdings, now Evoke plc, has been working on integrating the William Hill assets it bought in June 2022. Its performance has been steady throughout the first quarter of 2025. Flutter's FanDuel, DraftKings, and Caesars are all expanding into new markets, and more and more people are betting online. This means that the industry is set to grow, thanks to new technologies and changing rules.
Online Sports Betting Market Segmentation Insights
Online Sports Betting Market Betting Type Outlook
- Fixed Odds Betting
- Exchange Betting
- Live Betting
- Parlay Betting
Online Sports Betting Market Device Type Outlook
Online Sports Betting Market Sports Category Outlook
- Football
- Basketball
- Tennis
- Cricket
- Esports
Online Sports Betting Market Payment Method Outlook
- Credit/Debit Card
- E-Wallets
- Bank Transfer
- Cryptocurrency
Online Sports Betting Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
-
Middle East and Africa
|
Report Attribute/Metric
|
Details
|
|
Market Size 2023
|
73.56 (USD Billion)
|
|
Market Size 2024
|
78.06 (USD Billion)
|
|
Market Size 2035
|
150.0 (USD Billion)
|
|
Compound Annual Growth Rate (CAGR)
|
6.12% (2025 - 2035)
|
|
Report Coverage
|
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
|
|
Base Year
|
2024
|
|
Market Forecast Period
|
2025 - 2035
|
|
Historical Data
|
2019 - 2024
|
|
Market Forecast Units
|
USD Billion
|
|
Key Companies Profiled
|
DraftKings, 888 Holdings, Paddy Power, William Hill, FanDuel, MGM Resorts International, Scientific Games, Betfair, Caesars Entertainment, PointsBet, Kindred Group, Smarkets, Bet365, Flutter Entertainment
|
|
Segments Covered
|
Betting Type, Device Type, Sports Category, Payment Method, Regional
|
|
Key Market Opportunities
|
Mobile betting growth, Emerging markets expansion, Integration of blockchain technology, Live betting innovations, Enhanced user experience features.
|
|
Key Market Dynamics
|
Regulatory changes, Mobile app adoption, Payment method diversification, E-sports integration, Enhanced user experience
|
|
Countries Covered
|
North America, Europe, APAC, South America, MEA
|
Online Sports Betting Market Highlights:
Frequently Asked Questions (FAQ) :
In 2024, the Online Sports Betting Market is expected to be valued at 78.06 USD billion.
The market is projected to grow at a CAGR of 6.12 percent during the period from 2025 to 2035.
North America is forecasted to dominate the market with a value of 30.0 USD billion in 2024.
By 2035, the market value for Europe is expected to reach 50.0 USD billion.
Fixed Odds Betting is projected to have a market size of 60.0 USD billion by 2035.
Major players in the market include DraftKings, 888 Holdings, and Caesars Entertainment.
Live Betting is estimated to be valued at 20.0 USD billion in 2024.
The South American online sports betting market is projected to reach a value of 10.0 USD billion by 2035.
Challenges such as regulatory issues and market volatility may impact the growth of the market.
In 2024, the Exchange Betting segment is expected to be valued at 18.0 USD billion.
