IMARC Group, a leading market research company, has recently releases report titled “United States Sports Betting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the United States sports betting market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the United States sports betting market?
The United States sports betting market size reached US$ 7.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 15.9 Billion by 2028, exhibiting a growth rate (CAGR) of 13.2% during 2023-2028.
What is sports betting?
Sports betting is the act of predicting sports results and placing wagers on them, which is a way for fans to prove their expertise or loyalty to a specific team or competitor. A variety of sports are gambled upon by different cultures, but most frequently mixed martial arts, American football, basketball, baseball, hockey, track cycling, auto racing, and boxing are bet upon. Sports betting can be made online or offline, on both professional and amateur levels. Additionally, this applies to non-human contests such as greyhound racing, horse racing, and illegal cockfighting.
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What are the growth prospects and trends in the United States sports betting industry?
The market in the United States is primarily driven by the legalization of sports betting activities across the country. This can be attributed to the introduction of favorable government initiatives for betting activities in a wide range of sports and non-sports activities. In line with this, the considerable rise in the popularity of the annual sports events and leagues in the United States is providing an impetus to the market growth. Also, the increasing penetration of high-speed internet and user-friendly betting apps is also impacting the market growth positively. The market is also propelled by the rising trend of digitalization in the industry along with the growing adoption of smart devices and wireless connectivity.
Apart from this, the increasing integration of blockchain technology and cryptocurrencies for automating real-time data is creating a positive outlook for the market. Some of the other factors contributing to the market growth include partnerships and collaborations between online sports betting organizations and sports teams, continual advancements in predictive machine learning (ML) algorithms, inflating disposable income levels of the consumers and extensive research and development (R&D) activities conducted by the key players.
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What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Platform:
Breakup by Betting Type:
- Fixed Odds Wagering
- Exchange Betting
- Live/In Play Betting
- eSports Betting
Breakup by Sports Type:
- Horse Racing
Breakup by Region:
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