The U.S. sports betting market was valued at USD 13.66 billion in 2023 and is expected to grow from USD 15.04 billion in 2024 to USD 32.63 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period. The market is experiencing significant expansion due to legislative changes, increasing consumer demand, and the growing integration of digital technologies into sports betting platforms.
Market Overview
Sports betting involves placing wagers on the outcome of sports events, and it has long been a popular pastime for sports enthusiasts in the U.S. The legalization of sports betting in several states over the past few years has led to a surge in demand for both online and in-person betting platforms. With the Supreme Court’s decision in 2018 to lift the federal ban on sports betting, individual states have been able to legalize and regulate the practice, opening the door to a fast-growing market.
The advent of mobile betting apps and online platforms has made sports betting more accessible, while also providing a wide array of betting options for consumers. As the market matures, the integration of advanced technologies such as artificial intelligence (AI), machine learning, and big data analytics is enhancing the overall experience for users and improving operational efficiencies for operators.
Key Growth Drivers
Legalization and Regulatory Changes
Since the Supreme Court ruling in 2018, a growing number of states have legalized sports betting, significantly expanding the market. As of now, over 30 states have passed laws that regulate sports betting, and more states are expected to follow suit. The growing acceptance and regulation of sports betting by both state governments and operators is a major driver of market growth.
Increasing Popularity of Online and Mobile Betting
The shift towards digital platforms is one of the key factors contributing to the growth of the U.S. sports betting market. Online and mobile sports betting apps allow consumers to place bets easily and conveniently from their smartphones or computers, boosting engagement and attracting a wider demographic. The availability of real-time data and live betting options also enhances the betting experience for users.
Rising Sports Consumption and Engagement
The increasing popularity of professional and college sports in the U.S., combined with greater fan engagement, is fueling the demand for sports betting. Fans who already follow games closely are more inclined to place bets on various events, increasing the overall volume of wagers. Additionally, major sports leagues such as the NFL, NBA, MLB, and NHL are increasingly open to partnerships with betting operators, further legitimizing the industry.
Adoption of Advanced Technologies
Sports betting operators are investing heavily in new technologies to improve their offerings. AI and machine learning are used to analyze vast amounts of data, offer better odds, and develop targeted marketing strategies. These technologies also enhance the user experience by providing personalized content and betting recommendations, further attracting bettors to platforms.
Key Players in the U.S. Sports Betting Market
- DraftKings
- FanDuel
- BetMGM
- Caesars Entertainment
- William Hill
- PointsBet
- Barstool Sportsbook
- SugarHouse
- TwinSpires
- BetRivers
Recent Developments in the U.S. Sports Betting Industry
November 2023:
DraftKings announced the launch of a new feature within their mobile app that allows users to place in-game bets while watching live sporting events. This new feature is expected to boost engagement and increase the volume of bets placed during games.
May 2022:
FanDuel expanded its partnership with the NBA to provide exclusive betting content and odds for fans watching games, enhancing its reach in the sports betting market.
𝐂𝐥𝐢𝐜𝐤 𝐡𝐞𝐫𝐞 𝐭𝐨 𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐡𝐞 𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.polarismarketresearch.com/industry-analysis/us-sports-betting-market
Market Segmentation
The U.S. sports betting market can be segmented based on platform, type of bet, and region, allowing for a deeper understanding of the trends and opportunities in various sectors.
Sports Betting Market, Platform Outlook (Revenue – USD Billion, 2020–2034)
- Online Betting
- In-Person Betting
- Mobile Betting
Sports Betting Market, Type of Bet Outlook (Revenue – USD Billion, 2020–2034)
- Moneyline
- Point Spread
- Over/Under
- Parlay Bets
- Futures Bets
- Prop Bets
Sports Betting Market, Regional Outlook (Revenue – USD Billion, 2020–2034)
- Northeast
- Midwest
- South
- West
Regional Analysis
The U.S. sports betting market is experiencing varied growth across different regions. States such as New Jersey, Nevada, Pennsylvania, and Michigan are leading the way in terms of revenue, owing to early legalization and the presence of well-established betting platforms. As more states move toward legalization, markets in the Midwest and South are expected to see rapid growth.
Table of Contents
- Introduction
1.1. Report Description
1.1.1. Objectives of the Study
1.1.2. Market Scope
1.1.3. Assumptions
1.2. Stakeholders
2. Executive Summary
2.1. Market Highlights
3. Research Methodology
3.1. Overview
3.1.1. Data Mining
3.2. Data Sources
3.2.1. Primary Sources
3.2.2. Secondary Sources
The U.S. sports betting market is on a strong growth trajectory, supported by expanding state legalization, increased consumer interest, and the growing role of technology in enhancing the betting experience. As the market matures, industry stakeholders will focus on improving the user experience, expanding their offerings, and capitalizing on the growing demand for both online and mobile sports betting. With a CAGR of 10.2% expected during the forecast period, the market is set to become one of the largest and most dynamic sectors in the global gaming and entertainment industry.
𝐌𝐨𝐫𝐞 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐋𝐚𝐭𝐞𝐬𝐭 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐁𝐲 𝐏𝐨𝐥𝐚𝐫𝐢𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:
Consumer Identity and Access Management (CIAM) Market
Open Radio Access Network (Open RAN) Market