United States Sports Betting Market Overview
Market Size in 2023: USD 8.5 Billion
Market Forecast in 2032: USD 24.6 Billion
Market Growth Rate: 12.54% (2024-2032)
According to the latest report by IMARC Group, the U.S. sports betting market size reached USD 8.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 24.6 Billion by 2032, exhibiting a growth rate (CAGR) of 12.54% during 2024-2032. The market is growing rapidly, fueled by increasing legalization and widespread digital adoption. The rise of online platforms and mobile apps is making sports betting more accessible and popular. Additionally, innovative betting options are enhancing user engagement and driving market growth.
United States Sports Betting Industry Trends and Drivers:
The United States sports betting market is experiencing rapid growth, largely fueled by the increasing legalization of sports gambling across numerous states. The expansion of online and mobile sports betting platforms has been a key trend, making wagering more accessible and convenient for consumers. These platforms offer a wide range of betting options, including in-play betting, which is gaining popularity due to the excitement it adds to live sporting events. Another notable trend is the rising integration of sports betting within professional sports leagues, with teams and organizations forming partnerships with betting companies. This collaboration is driving higher engagement, as fans can now place bets directly through league-affiliated platforms.
Moreover, the use of data analytics and AI in predicting outcomes is becoming more prevalent, enhancing the user experience and providing more sophisticated tools for bettors. The COVID-19 pandemic, which disrupted traditional sports schedules, also accelerated the shift toward virtual sports and eSports betting, a segment that continues to expand as consumer interest grows. As a result, the market is evolving to accommodate both traditional sports betting and emerging digital formats, leading to greater diversification and engagement.
The market is primarily driven by the increasing state-level legalization of sports betting, which has opened up new revenue streams for both operators and state governments. As more states introduce legislation allowing sports betting, the market continues to expand, attracting both established players and new entrants. Another important driver is the technological advancements that have made online and mobile sports betting more user-friendly and secure. Innovations in mobile apps, geolocation services, and payment methods have made it easier for consumers to place bets from anywhere, significantly boosting the market's accessibility.
Additionally, the growing popularity of professional sports in the United States, coupled with the increased media coverage of betting odds and predictions, is fueling consumer interest in sports wagering. Partnerships between sports leagues and betting platforms are further contributing to market growth, creating a seamless integration between live sports and real-time betting. The rise of digital marketing and social media campaigns by betting companies has also played a role in reaching a broader audience, particularly among younger demographics. Besides, as consumer behavior shifts toward digital consumption and mobile entertainment, sports betting is emerging as a preferred activity for many sports fans, driving continued market expansion.
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United States Sports Betting Industry Segmentation:
The report has segmented the market into the following categories:
Breakup by Platform:
- Offline
- Online
Breakup by Betting Type:
- Fixed Odds Wagering
- Exchange Betting
- Live/In Play Betting
- Pari-Mutuel
- eSports Betting
- Others
Breakup by Sports Type:
- Football
- Basketball
- Baseball
- Horse Racing
- Cricket
- Hockey
- Others
Breakup by Region:
- Northeast
- Midwest
- South
- West
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
United States Sports Betting Market Recent Developments:
- July 2024:BetMGM introduced its mobile sports betting app across Washington, D.C., expanding access beyond its previous Nationals Park radius. This move aims to enhance user experiences and community investment, contributing to local job creation and tax revenue in the region.
- July 2024:DraftKings Inc. announced the launch of its online sportsbook in Washington, D.C., pending licensure and regulatory approvals.
- March 2024:ESPN BET launched its mobile and web sports betting platform in North Carolina, offering fans a variety of betting options. This marks the first new state launch under ESPN's partnership with PENN Entertainment, expanding legal sports betting in the state.
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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Key Questions Answered in This Report:
- How big is the sports betting market in the US?
The US sports betting market was valued at USD 8.5 billion in 2023, with significant growth driven by expanding legalization and digital betting platforms. - How big is the sports betting market in 2024?
In 2024, the US sports betting market is projected to grow further, continuing its expansion with a forecasted growth rate of 12.54% from 2024 to 2032. - How much is the gambling industry worth in the US?
The US gambling industry, which includes sports betting, is a multi-billion-dollar market, with sports betting alone projected to reach USD 24.6 billion by 2032.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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