Global Sports Betting Market Size in 2024
The global sports betting market in 2024 continues its upward trajectory, solidifying its place as one of the most dynamic sectors in the global entertainment and gaming industry. Driven by increasing digitalization, regulatory changes, and the widespread popularity of major sporting events, the market has seen remarkable growth across all continents.
Estimated Market Value in 2024
In 2024, the global sports betting market is estimated to surpass USD 105 billion in total revenue. This figure includes both online and offline betting activities, covering a wide range of sports such as football (soccer), basketball, baseball, horse racing, cricket, and emerging categories like eSports.
Online Sports Betting Growth
Online sports betting accounts for more than 60% of the total market, representing a value of over USD 63 billion. The rise in smartphone penetration, user-friendly betting apps, and real-time data analytics has transformed the betting experience, attracting a new generation of users who prefer convenience and instant access.
Regional Market Insights
North America
The North American sports betting market, particularly the United States, has experienced a significant boom since the repeal of PASPA in 2018. In 2024, the U.S. market alone is projected to reach USD 14–17 billion in gross gaming revenue. States like New York, New Jersey, Pennsylvania, and Ohio have become top markets, fueled by partnerships with sports leagues and aggressive advertising.
Europe
Europe remains a mature and highly competitive market, contributing approximately USD 35–40 billion to the global total. The United Kingdom, Germany, Italy, and Spain are among the key players, with well-established regulatory environments and strong consumer demand for both pre-match and in-play betting.
Asia-Pacific
Asia-Pacific continues to be one of the most lucrative yet complex regions for sports betting. With a market size estimated at USD 25–30 billion in 2024, countries like China (primarily through illegal or grey markets), India, and Australia are key contributors. Regulatory challenges persist, but the appetite for cricket, football, and eSports betting is enormous.
Latin America
Latin America has emerged as a growth frontier, especially with recent legislation in Brazil and Argentina. The region is projected to generate USD 5–7 billion in 2024, with expectations of rapid growth over the next few years due to mobile-first users and the cultural importance of football.
Africa
Africa is an emerging market with increasing smartphone usage and a young population that is highly engaged with football. Nigeria, Kenya, and South Africa are at the forefront, contributing to an estimated USD 2–3 billion in 2024. Mobile money and SMS betting remain dominant transaction methods.
Key Drivers of Market Growth
- Legalization and regulation: Governments across the world are recognizing the tax revenue potential of sports betting, leading to formal legalization in many markets.
- Technological innovation: AI, machine learning, and blockchain technologies are enhancing the accuracy of odds, fraud detection, and user personalization.
- Live and in-play betting: The popularity of real-time wagering has increased dramatically, particularly among younger demographics.
- Sponsorships and integrations: Collaborations between sportsbooks and sports franchises or media platforms are expanding the reach and legitimacy of betting brands.
Market Segmentation by Sports
- Football (Soccer) remains the most bet-on sport globally, accounting for over 40% of all wagers.
- Basketball, especially the NBA, is gaining popularity in the U.S. and Asia.
- Cricket, particularly in India and the UK, sees massive volumes during international tournaments.
- eSports betting is emerging as a multi-billion-dollar category, especially among users aged 18–34.
Outlook for 2025 and Beyond
As more markets open up and technology continues to evolve, the global sports betting market is projected to reach USD 130 billion by 2026. The focus will increasingly shift to responsible gambling, AI-powered analytics, and hybrid entertainment models that blend betting with streaming and social media.
The market in 2024 is not just growing—it is transforming how sports fans engage with their favorite games, offering not only a betting experience but a deeply interactive and personalized entertainment ecosystem.
