Sports betting is one of the biggest and fastest-growing markets on the planet. And it’s only expected to grow year by year. Overall, the market consists of sales sold by sports betting entities such as different organizations as well as individual traders.
The sports market consists of offline and online betting entities where bets are placed on sports events. In this article, we’ll go over some of the key statistics and some upcoming predicted feature growth figures, which will allow us to get a glimpse into the future of sports betting.
There isn’t complete information about all individual sectors and different entities, but we can easily get a good look at how the market might grow with the current figures we have publicly available.
Statistics Divided By Market
Undoubtedly, football is the most popular sport. This is especially true for the betting market, where football almost completely tops the stats. It’s a sport with a huge fanbase, and with all-star players that have an enormous following on the field, and on social media as well.
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According to some stats published by Sportsradar, over 70% of all worldwide betting comes from betting on soccer. This accounts for both legal betting, and illegal betting channels as well. Not by chance, the FIFA World Cup is the sports event that sees the most activity.
American football is the most popular betting activity for bettors in the United States of America. NFL bets account for half the betting activity that goes on in the USA. It’s the most popular sport in the whole continent, so it’s no wonder it’s also the sport that’s the most bet on.
Basketball is one of the most popular sports in the world, so no surprise it’s the third most bet on sport worldwide. During March Madness, an astounding traffic of bets amounting to 3.1 billion dollars circulate worldwide. After the pandemic, online bets have surged, which accounts for a 206% increase in online bets compared to 2019.
How Has The Market Grown?
From 2022 to 2027 the online betting market is predicted to grow at a pace of 10.23%, with COVID being the most positively impactful event for the sport. Even though many markets ground to a halt during the pandemic, sports betting marketing benefited from the pandemic greatly.
One of the most popular sports for online sports betting are football, basketball, as well as tennis and horse racing. In terms of online sports betting, after the pandemic Europe emerged as the most popular market for online bettors. This may be due to the largely legalized betting market in Europe.
For the most part, in the USA many states forbid online gambling by law. Even though in many parts of Asia, online sports betting, and betting in general is forbidden, 33% of the entire worldwide gambling win payout comes from Asia.
However, simply due to the sheer number of people who live in Asia, that market numerically accounts for one of the biggest worldwide, despite the strict gambling regulations.
By number, the online betting and casino market is the 49th largest industry in the world, surpassing many of the centuries-old industries. The global online betting and online gambling market will very likely hit the mark of $112.09 billion by the year 2025.
Will The Online Betting Market Continue To Grow?
Online betting only continues to grow, despite the pandemic dialing down and countries and towns freely operating with on-site betting shops. Even though it’s relatively early to tell, the online betting market will likely grow to $93 billion.
By all accounts this rate of growth is impressive, however, this includes both sports betting and gambling.
eSports Is Getting More And More Popular
As a rising sports event, eSports are more and more popular. Games like DotA and Counter-Strike: Global Offensive are just growing. From the available stats from 2020, Counter-Strike: Global Offensive was one of the most popular betting activities online.
53% of all eSports bets were made on CS GO, followed by Dota 2, with 35% of the total betting shares, and League of Legends with 7% of the claim, despite being the most popular gaming activity out of the three.
However, League of Legends had the highest average bet at $39 per bet. The two other games recorded bets lower than League of Legends with $25.50 per bet.