Sports Betting & Lottery Market

Sports Betting & Lottery Market Outlook (2024 to 2034)

Expanding at a CAGR of 12.7%, the global sports betting & lottery market is projected to increase from a valuation of US$ 268.6 billion in 2024 to US$ 890.33 billion by 2034.

Global technology advancements in smartphones and betting software, together with trends toward digitalization, made it possible for sports bookmakers to streamline their platforms and give customers a pleasurable betting experience. Furthermore, the integration of digital technology is drawing in new clients for the sports betting sector, which is driving market expansion. The loosening of regulations governing gaming and betting by certain governments worldwide is presenting profitable prospects for both customers and bookmakers.

For example, as of January 2023, sports betting is allowed in 36 states, up from 32 in 2021, according to the American Gaming Association, a group that represents the gambling industry in the United States. Moreover, consumers bet around USD 73 million in the first 10 months of 2022, which is further contributing to the overall expansion of the sports betting & lottery market size.

For example, statistics from Pure Win, an Indian gambling website, show that over 62% of all bets are placed on smartphones. Furthermore, technical developments and the worldwide trend of digitization changed people's lifestyles, which has fueled the expansion of the online platform market.

Furthermore, the demand for online sports betting has been fueled by elements, including economic expansion and rising living standards, which is subsequently leading to increased participation in luxury activities, such as gaming, thereby further contributing to the escalating sports betting & lottery market growth.

Report Attribute	Detail
Sports Betting & Lottery Market Size (2024E)	US$ 268.6 Billion
Forecasted Market Value (2034F)	US$ 890.33 Billion
Global Market Growth Rate (2024 to 2034)	12.7% CAGR
North America Market Value (2024E)	US$ 74.75 Billion
East Asia Market Growth Rate (2024 to 2034)	11.3% CAGR
Sports Betting Segment Value (2024E)	US$ 89.57 Billion
Bingo Segment Value (2034F)	US$ 50.62 Billion
Key Companies Profiled	888 Holdings Plc.; Betsson AB; Kindred Group; MGM Resorts; Caesars Entertainment; Flutter Entertainment; DraftKings Inc.; FanDuel Group; William Hill (now part of Caesars Entertainment); BetMGM (a partnership between MGM Resorts and Entain); Paddy Power Betfair (Flutter Entertainment); Lottomatica; IGT (International Game Technology); Scientific Games Corporation; Intralot S.A.; Camelot Group (UK National Lottery)

Why the Profit Rates are Increasing for Betting Service Providers?

“Increasing Instances of Events and Leagues Stimulating People's Interest Globally”

The proliferation of athletic leagues and events is driving the growth of the sports betting sector. Moreover, a sports league or tournament is a competition between teams, countries, groups, or individuals in an attempt to win a trophy or championship.

To determine the league's overall champion, all participating teams or individuals participate in these leagues, which are scheduled to take place at specific times or during specific seasons. This encourages the adoption of sports betting and has a positive impact on the future trends of the sports betting market.

More customers get the opportunity to diversify their wagering expenditures as new professional sports leagues are emerging globally. Consequently, the growth of sports leagues and events in the sports betting industry is driving the expansion of the global market.

The global expansion of digital infrastructure is one of the main reasons propelling the growth of the sports betting business. Sports betting industry development and acceptance trends are also driven by the increasing number of sports leagues and events worldwide, as well as the rise in demand for sports betting among millennials and older adults.

“Technology Proving to be Game Changer Leading to Higher Desirability”

The main developments in the sports betting sector are the increasing influence of technology, such as blockchain, virtual reality, and artificial intelligence, particularly machine learning techniques. Further, the market for sports betting is anticipated to grow throughout the forecast period due to rising consumer demand for sports betting, which is fueled by technological advances.

Leading sports betting service providers are gradually allocating a sizeable amount of their funds to machine learning techniques and systems that have shown encouraging predictive outcomes. Moreover, machine learning aids in the creation of precise forecasting models and predictive algorithms for increased betting efficiency.

As the sports betting business changes, consumers need to become more efficient by creating practical plans and making precise forecasts. It is expected that sports bettors use new machine-learning algorithms that try to forecast the results of races and games. Therefore, throughout the projection period, the global sports betting industry benefit from the rise of machine learning.

The popularity of sports betting via video streaming and instant messaging systems, as well as modifications to the market's legal environment, has an impact on the sports betting industry. Additionally, the sports betting industry benefits from increased distribution channels, middle-class consumers' rising spending power, increased product knowledge, and astute strategic marketing initiatives.

“Widespread Acceptance of Lottery and Incorporation of Advanced Techniques Helping in Increased Profit Margins”

Service demand is driven by one of the main reasons contributing to the overall increase in lottery acceptability. Global acceptability and appeal of new gambling games are increasing, which is driving industry expansion. Operators are now able to host events throughout the world because of faster internet connectivity and penetration.

Developments in banking security and internet encryption enable gamers to play safely. The incorporation of big data provides insights into consumer patterns and context. The expansion of online gambling activities has been fueled by the widespread use of the internet. The lottery field is benefitting from the internet's penetration.

What is a Major Hindrance in the Sports Betting and Lottery Industry?

“Government and Laws Coupled With Addiction Dangers”

Several variables contribute to the lottery market's expansion. There are strict laws and guidelines in place in countries to control gaming. The public interest is safeguarded by doing this. It is anticipated that the high dangers involved in gambling impede industry expansion. Therefore, the implementation of stringent laws and regulations as well as the significant dangers involved with the service is restricting market expansion.

Country-wise Analysis

As digitalization becomes more common, several hosts are expanding their business in other parts of the world with countries, including the United States, China, Canada, and South Korea. The market in South Korea is forecasted to hold a significant sports betting & lottery market share in East Asia.

Why is the United States Becoming a Top Priority for Service Providers?

“Several Sporting Events Organized Throughout the Year Making it Profitable for Betting”

Attribute	United States
Market Value (2024E)	US$ 66.98 Billion
Growth Rate (2024 to 2034)	11.9% CAGR
Projected Value (2034F)	US$ 205.45 Billion

The United States rapidly emerged as a top priority for service providers in the sports betting arena, thanks largely to the sheer volume of sporting events organized throughout the year. Major leagues, such as the NFL, NBA, MLB, and NHL are hosting regular seasons, playoffs, and championships.

The frequency and variety of betting opportunities are unmatched. Additionally, the recent legalization of sports betting in several states created a fertile ground for service providers looking to tap into this lucrative market. The diversity of sports, from college athletics to professional events, further broadens the betting landscape.

What is the Reason Behind the Increasing Revenue Share of China in the East Asian Region?

“High Incomes Incorporated with Huge Population Working as Driving Factor”

Attribute	China
Market Value (2024E)	US$ 22.53 Billion
Growth Rate (2024 to 2034)	12.6% CAGR
Projected Value (2034F)	US$ 74.02 Billion

China's rising position in the sports betting market is attributed to several interrelated factors, with high incomes and a large population at the forefront. The growing affluence among citizens led to increased disposable income, allowing more individuals to participate in sports betting. Alongside this economic growth, China's vast population provides a substantial customer base, which naturally enhances market potential.

Category-wise Insights

The market is segmented into several categories, including sports betting, bingo, and keno. Service providers are making it very easy for customers to engage in their favorite kind of betting as easily as possible.

What Services are Highly Desired by Customers in the End Market?

“Lotteries Including Lotto and Instant Scratch Tickets Making Roof Hitting Profits”

Attribute	Lotteries Including Lotto & Instant Scratch Tickets
Segment Value (2024E)	US$ 113.26 Billion
Growth Rate (2024 to 2034)	14.1% CAGR
Projected Value (2034F)	US$ 423.95 Billion

In the end market for gaming and gambling, lotteries emerged as a highly desired service among consumers. Products, such as Lotto and instant scratch tickets are particularly popular, driving significant profits for operators. These offerings attract a wide demographic due to their accessibility and the instant gratification they provide. Instant scratch tickets, in particular, are favored for their convenience, allowing players to engage quickly without the need to wait for drawing results.

The simplicity and low entry cost of lotteries appeals to casual players, while the large jackpot prizes entice participants who are more serious. As consumer preferences continue to evolve, more suppliers are also expanding their portfolios to include several digital platforms, therefore increasing accessibility and engagement.

Which Age Group is a Big Customer for Sports Betting and Lotteries?

“Consumers Aged to 45 Years Contributing Heavily in This Interest”

Attribute	Consumers Aged to 45 Years
Segment Value (2024E)	US$ 111.48 Billion
Growth Rate (2024 to 2034)	14.5% CAGR
Projected Value (2034F)	US$ 432.5 Billion

The primary demographic contributing significantly to sports betting and lotteries are consumers aged to 45 years. This age group exhibits a strong interest in these activities, often preferring traditional betting methods and established lottery formats. Their participation is driven by several factors, including a better financial standing and a fondness for the thrill and entertainment value these activities provide.

Competitive Landscape

Key players in the sports betting & lottery market are now working towards bringing technology to help customers engage in betting activities more easily, which is further positively impacting sports betting & lottery market trends.

• In September 2021, Nuvei Corporation partnered with 888 Holdings Plc. to provide SI Sportsbook, a newly launched online sports betting platform, with its Instant Bank Transfer payment service.

Fact.MR provides detailed information about the price points of key players in the sports betting & lottery market positioned across the world, sales growth, production capacity, and speculative technological expansion, in this new market report.

Segmentation of Sports Betting & Lottery Market Research

• By Product & Service :

  • Lotteries Including Lotto and Instant Scratch Tickets
  • Sports Betting
  • Keno and Vlts
  • Bingo Etc.

• By Major Market :

  • Consumers Aged to 45
  • Consumers Aged 46 to 55
  • Consumers Aged Above 55

• By Region :

  • North America
  • Western Europe
  • Eastern Europe
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa