World Sports Betting Market to Hit $155B by 2024, Study Says

World Sports Betting Market to Hit $155B by 2024, Study Says

Sports betting has been making major news around the world in recent years, and it’s paying off as the value of the industry is climbing.

According to the GlobeNewsWire, a report from Zion Market Research claims sports betting is on a steady course of growth and has been since 2017.

Per the report, the global sports betting market was valued at around $104.31 billion in 2017 and is expected to reach approximately $155.49 billion by 2024, growing at a healthy Compound Annual Growth Rate (CAGR) of 8.83% between 2018 to 2024.

The report covers the sports betting industry both on a global and regional scale including the United States, United Kingdom, France, Germany, China, Japan, India, Brazil, the Middle East and Africa.

Over the next five years, a different report by research firm Technavio anticipates that sports betting is “expected to post a CAGR of more than 10%" from 2019-23, according to a report.

The Zion Market Research report attributes that growth in part to several governments that have lifted prohibitions against sports betting. Most notably in America, PASPA was the federal ban that existed in the U.S. until May 2018 when the Supreme Court struck it down.

The Zion report lists 888 Holdings PLC as one of the major contributors to the rise due to its activity in the U.S. and various recently established partnerships with companies across the country to facilitate sports betting services.

The Zion report does, however, conclude that while some countries have opened the way for sports betting, others, such as Albania and Uganda recently have banned the practice. That "might hamper the development of the sports betting market on a global scale in the future" according to the report.

Digital Age Propels Sports Wagering

The report maintains an overall positive outlook and credits the continuous technological developments of the digital age. The rise of mobile wagering applications for use on smartphones as well as enhanced online platforms brings betting to the masses in ways never seen before.

The market is bifurcated into online and offline categories, and the report anticipates the online segment will dominate in the coming years thanks to “increasing awareness regarding the online betting platform.”

Sports betting, the report states, holds roughly 70% of all global gambling revenue, which is a bigger piece of the pie than any other type of gambling.

While the Zion report lists data involving wagering on all major sporting events, European soccer betting remains the most popular and generates the greatest amount of betting revenue.

The Zion report adds that while the Asia Pacific region held the lion’s share of the market back in 2017, the North American market is expected to experience a “noteworthy rate of growth” over the next five years.

Along with 888, the Zion report also lists GVC Holdings PLC, Kindred Group, Paddy Power Betfair PLC, William Hill PLC, Bet365 Group Ltd., and DraftKings as key contributors.