Market Insights Digital eServices Online Gambling

Online Sports Betting - Worldwide

Worldwide

Revenue in the Online Sports Betting market is projected to reach €39.94bn in 2023.
Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 10.30%, resulting in a projected market volume of €59.12bn by 2027.
In the Online Sports Betting market, the number of users is expected to amount to 174.5m users by 2027.
User penetration will be 1.7% in 2023 and is expected to hit 2.2% by 2027.
The average revenue per user (ARPU) is expected to amount to €312.60.
In global comparison, most revenue will be generated in Australia (€8,291.00m in 2023).
With a projected rate of 42.1%, the user penetration in the Online Sports Betting market is highest in Canada.

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

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Analyst Opinion

The online sports betting market has experienced tremendous growth in recent years, with an increasing number of sports enthusiasts turning to digital platforms to place bets on their favorite events and teams. Factors such as advancements in technology, the proliferation of smartphones, and improved internet connectivity have fueled this expansion. Additionally, the widespread legalization of sports betting in various jurisdictions has attracted new players to the market and spurred investment in innovative products and services, such as in-play betting and cash-out features, which have enhanced the overall user experience.

One of the key drivers of the online sports betting market is the increasing popularity of live streaming and the integration of sports data analytics into betting platforms. These advancements allow bettors to make more informed decisions and engage in real-time wagering, resulting in a more exciting and immersive experience. Furthermore, the growing interest in niche sports and esports has opened up new opportunities for operators to cater to a wider range of audiences and expand their market reach..

However, the online sports betting market also faces several challenges, including concerns related to problem gambling, regulatory uncertainty, and the need for robust cybersecurity measures to protect user data and prevent fraud. To address these issues and sustain growth, operators must invest in responsible gambling initiatives, develop secure platforms, and maintain open communication with regulators to ensure compliance with ever-changing legal frameworks. In conclusion, the online sports betting market is poised for continued growth in the coming years, as long as industry stakeholders collaborate to create a safe, responsible, and innovative environment for both new and seasoned bettors.

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.