Global sports betting market expected to reach $187bn by 2030

A market study by Grand View Research has forecasted that the global sports betting market will reach a revenue of $187billion by 2030, rising at an annual rate of 11% from its current $100bn revenue. 

The report attributes the rise to further uptake of online sports betting as well as the continued emergence of Esports betting markets and further regulatory expansion in major markets like the US, Canada, and Australia.

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Separate studies suggest that online sports betting has already overtaken physical sports betting and now accounts for approximately 60% of the total market share. 

Within online sports betting, mobile sports betting is considered the most convenient method, enabling bettors to place bets through their mobile phones. 

In the UK, approximately half of all online bets are placed on mobile phones, and this share is likely to increase as mobile devices continue to improve and 5G rollout expands. 

Overall, the report indicates a likely compound annual growth rate (CAGR) of 12.9% for online betting. This would see revenue rise from the $100bn recorded in 2024 to $187.39bn in 2030.  

As well as a change in the way people place bets, the study’s authors expect an increase in the total number and size of bets placed. 

This increase will be fuelled by regulatory changes across the world. In the US, around 40 states, as well as D.C. and Puerto Rico, have already legalised sports betting, and more may follow in the coming years. 

Canada allows provinces to determine their own regulatory frameworks, but only Ontario currently has regulated online betting. Alberta and other provinces are expected to follow suit. 

In Australia, in-play or live betting is currently unregulated, according to the country’s licensing laws. If that changes, it would likely see more wagers placed and revenue increase as in-play betting has seen considerable growth. 

In the UK, sports betting is legal and has existed in various forms for centuries. Horseracing became a popular pastime in the 17th Century, and it saw the introduction of modern event odds. It formed the precursor to the country’s modern sports betting market. 

Today, horseracing remains one of the most popular markets in the UK, but globally, football is the most popular sport for betting. Tennis and basketball are the next most popular sports. Esports is maturing as a betting market, especially in Asian countries, and it will continue to grow in other markets. 

Football’s international events and global fanbase make it popular in all of the largest markets. When it comes to the largest markets, Europe accounts for nearly half (48%) of global sports betting, primarily thanks to its well-established and regulated markets. In-play and live betting markets are especially popular in Europe. 

The Asia Pacific region represents one of the fastest-growing markets; however, due to the increased rate of mobile technology penetration. Challenges do exist in countries like Japan and India, where betting is heavily restricted. 

But, similar rules exist in China, which is also home to Macau, the largest gambling hub in the world, thanks to the special administrative region having legalised gambling during the Portuguese colony era of the 1850s. Countries like the UAE look likely to adopt similar rules that would enable some people to bet in certain areas, providing further market growth.