The U.S. sports betting market was valued at approximately USD 13.76 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 10.5% from 2024 to 2030. This anticipated growth is being driven by a combination of factors, most notably a significant transformation in the regulatory environment surrounding the gambling industry. Alongside this regulatory shift, the continued development of digital infrastructure is expected to have a substantial positive impact on market dynamics. During the COVID-19 pandemic, there was a notable increase in online sports betting, driven by a surge in interest in e-sports and other forms of virtual betting, as traditional sports events faced disruptions. Additionally, the widespread adoption of smartphones has made sports betting more accessible and convenient for users, which in turn has been a critical driver of the market's expansion both in the U.S. and globally.
In terms of market share, the United States accounted for over 15% of the global sports betting market in 2023. The industry continues to benefit from trends such as increasing digitalization, technological innovation, and a rising number of smartphone users, all of which have enabled sports betting platforms to enhance user interfaces and offer a more seamless and engaging betting experience. Additionally, relaxations in legal frameworks and increased efforts to regulate betting and gambling activities are expected to unlock significant growth opportunities for market players. For example, as reported by the U.S. Gaming Association, sports betting was legal in 36 states as of January 2023, compared to 32 states in 2021, indicating ongoing regulatory momentum.
The growing number of sports tournaments and leagues, such as the NFL, FIFA World Cup, and Carabao Cup, is also contributing to increased consumer engagement and driving further growth within the market. In parallel, the rise in disposable income among consumers is creating more opportunities for discretionary spending, including participation in sports betting activities. Furthermore, the integration of cutting-edge technologies such as artificial intelligence (AI) and blockchain is revolutionizing the betting ecosystem. These technologies are being used to enhance prediction algorithms and ensure transparency and security, which is expected to further support the industry's growth during the forecast period.
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Here’s a comprehensive FAQ covering key aspects of the US sports betting market, including legality, popular betting types, and market trends.
1. How big is the U.S. sports betting market?
The global U.S. sports betting market size was valued at USD 13.76 billion in 2023 and is expected to reach USD 15.09 billion in 2024.
2. What is the U.S. sports betting market growth?
The global U.S. sports betting market is expected to grow at a compound annual growth rate (CAGR) of 10.5% from 2024 to 2030 to reach USD 27.5 billion by 2030.
3. Which segment accounted for the largest U.S. sports betting market share?
The online platform segment dominated the market with the largest revenue share of 58.0% in 2023. This segment is witnessing growth due to the quick adoption of internet-connected gadgets like smartphones, laptops, and tablets.
4. Who are the key players in U.S. sports betting market?
Some key players operating in the U.S. sports betting market include 888 Holdings Plc, Bet365, Betsson AB, Churchill Downs Incorporated, DraftKings, Entain plc, FanDuel Group, Flutter Entertainment Plc, IGT, Kindred Group Plc, Sportech Plc
5. What are the factors driving the U.S. sports betting market?
The major shift in the regulatory landscape of the gambling sector, the developing digital infrastructure, and the increasing usage of smartphones are the factors driving the market growth.
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