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.
Report Highlights
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.
Sports betting involves predicting the outcomes of sports events and placing bets on them, allowing fans to demonstrate their knowledge or loyalty to a particular team or athlete. Various cultures engage in betting on a range of sports, with some of the most common ones being mixed martial arts, American football, basketball, baseball, hockey, track cycling, auto racing, and boxing. Sports betting can occur through online or offline means, and it spans both professional and amateur levels. Furthermore, it extends to contests involving animals like greyhound racing, horse racing, and illegal cockfighting.
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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.
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
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