Market Insights Digital eServices Online Gambling

Online Sports Betting - Colombia

Colombia

Revenue in the Online Sports Betting market is projected to reach €0.82bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 12.21%, resulting in a projected market volume of €1.30bn by 2028.
In the Online Sports Betting market, the number of users is expected to amount to 1.2m users by 2028.
User penetration will be 1.9% in 2024 and is expected to hit 2.4% by 2028.
The average revenue per user (ARPU) is expected to amount to €0.82k.
In global comparison, most revenue will be generated in Australia (€9,048.00m in 2024).
With a projected rate of 48.9%, the user penetration in the Online Sports Betting market is highest in Canada.

Key regions: Brazil, Germany, Japan, Europe, South Korea

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Online Sports Betting market in Colombia has been experiencing significant growth in recent years.

Customer preferences: Colombian customers have shown a growing interest in online sports betting, as it provides them with a convenient and accessible way to engage in their favorite sports activities. The ease of placing bets from the comfort of their own homes or on the go through mobile apps has attracted many customers to this market. Additionally, the availability of a wide range of sports events and betting options has further contributed to the popularity of online sports betting in Colombia.

Trends in the market: One of the key trends in the Colombian online sports betting market is the increasing adoption of mobile betting. With the widespread use of smartphones and the availability of mobile apps, customers can now place bets anytime and anywhere. This trend is expected to continue as more customers embrace the convenience and flexibility offered by mobile betting. Another trend in the market is the emergence of live betting. Live betting allows customers to place bets on ongoing sports events, adding an extra level of excitement and engagement. This trend has gained traction in Colombia, as customers seek more interactive and immersive betting experiences.

Local special circumstances: Colombia has a strong sports culture, with football being the most popular sport in the country. This has contributed to the growth of the online sports betting market, as customers are highly engaged in football matches and tournaments. The availability of betting options for football events has attracted a large customer base and has been a driving force behind the growth of the market.

Underlying macroeconomic factors: The growth of the online sports betting market in Colombia can also be attributed to favorable macroeconomic factors. The country has experienced stable economic growth in recent years, which has led to an increase in disposable income. This, in turn, has allowed customers to allocate more funds towards leisure activities, including online sports betting. Furthermore, the increasing penetration of internet services and the growing popularity of smartphones have made online sports betting more accessible to a wider audience. The improved internet infrastructure and the affordability of smartphones have enabled more Colombians to connect to online betting platforms, driving the growth of the market. In conclusion, the Online Sports Betting market in Colombia has been growing due to customer preferences for convenience and accessibility, trends such as mobile betting and live betting, the strong sports culture in the country, and favorable macroeconomic factors such as stable economic growth and improved internet infrastructure.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Gambling Revenue (GGR) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies, and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, the urban population, the usage of key players, and attitudes toward online services.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.