Sports betting is on the rise, as more people are becoming interested in it during the Covid-19 pandemic. The online segment has benefited the most out of the situation.
New studies are projecting a high rise in market size for online sports betting. In 2019, the segment’s market size was $24.99 billion. This number is expected to rise to $59.53 billion in 2026, with a compound annual growth rate (CAGR) of 13.6%
Interest in both traditional sports and esports has been rising. Esports, in particular, is seeing a large influx of fans. From 397.8 million estimated viewers in 2019, esports is expected to reach 577 million viewers in 2024.
When it comes to the most popular sports to bet on, soccer is No.1. That is not surprising, as it’s the most popular sport globally, with around four billion fans. The FIFA segment was the largest in 2019, with $2.37 billion and an expected CAGR of 12%.
In terms of the most popular type of bet, the line-in play is No.1. A line-in play is also called a live/in-game bet, and it’s a bet placed while the game is still running. In 2019, it had a 31.9% market share and an expected CAGR of 11.8%.
Furthermore, Europe takes the crown for the largest region. In 2019, it accounted for 48.6%, or $12.14 billion, and is expected to reach $26.3 billion in 2026, with a CAGR of 12.1%.
North America is the region with the highest expected CAGR, 15.8%. That is primarily due to the favorable climate for sports betting in the US. Since 2018, when the Supreme Court legalized sports betting, many states have legalized it within their borders.
Some of the biggest companies in the industry are 888 Holdings PLC (UK), Flutter Entertainment PLC (UK), Bet 365 Group Ltd (UK), Entain PLC (UK), DraftKings (US), and Churchill Downs Incorporated (US).
