United States Sports Betting Market Will Hit USD 24.6 Billion By 2032 | Growth With Recent Trends & Demand
Sports Betting Market - United States
Market Statistics
Market Size in 2023: USD 8.5 Billion
Market Forecast in 2032: USD 24.6 Billion
Market Growth Rate: 12.54% (2024-2032)
According to the latest report by IMARC Group, the U.S. sports betting market size reached USD 8.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 24.6 Billion by 2032, exhibiting a growth rate (CAGR) of 12.54% during 2024-2032. The market is growing rapidly, fueled by increasing legalization and widespread digital adoption. The rise of online platforms and mobile apps is making sports betting more accessible and popular. Additionally, innovative betting options are enhancing user engagement and driving market growth.
United States Sports Betting Industry Trends and Drivers:
- Key Trends:
- Rise of In-Game Betting:
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- Consumers increasingly place bets during live events, offering dynamic and flexible betting options.
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- Use of Cryptocurrencies:
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- Growing adoption of cryptocurrencies for transactions enhances the speed and security of betting.
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- Interest in Esports Betting:
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- Increasing engagement with competitive video gaming, particularly among younger audiences.
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- Significant Investments:
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- Domestic and international operators are investing heavily in the market, entering partnerships with media outlets, sports teams, and casinos to enhance visibility and attract new customers.
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- Heavy Marketing Campaigns:
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- Companies are launching extensive marketing efforts to establish brand loyalty and increase market share.
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- Market Drivers:
- Expanding Legalization:
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- Ongoing approval of sports betting legislation across various states has led to a surge in online and offline betting platforms.
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- Increased Consumer Engagement:
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- A growing base of sports enthusiasts eager to place bets on major leagues such as the NFL, NBA, MLB, and college sports fuels demand.
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- Integration of Advanced Technologies:
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- Mobile betting apps with sophisticated software offer user-friendly interfaces and real-time data, facilitating easier wager placements from any location.
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- Convenience of Mobile Platforms:
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- The accessibility of mobile platforms is encouraging higher engagement levels, especially among younger, tech-savvy consumers.
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- Use of Artificial Intelligence and Data Analytics:
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- Operators are leveraging AI and analytics to provide personalized experiences, accurately predict outcomes, and effectively manage risks, contributing to a positive market outlook.
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- Market Outlook:
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- The United States sports betting market is poised for strong growth, driven by expanding legalization, increased consumer engagement, and advancements in technology. The ongoing trends of in-game betting, cryptocurrency transactions, and interest in esports are expected to shape the future of the market, maintaining its robust growth trajectory in the forecasted period.
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United States Sports Betting Industry Segmentation:
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
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
United States Sports Betting Market Recent Developments:
- July 2024:BetMGM introduced its mobile sports betting app across Washington, D.C., expanding access beyond its previous Nationals Park radius. This move aims to enhance user experiences and community investment, contributing to local job creation and tax revenue in the region.
- July 2024:DraftKings Inc. announced the launch of its online sportsbook in Washington, D.C., pending licensure and regulatory approvals.
- March 2024:ESPN BET launched its mobile and web sports betting platform in North Carolina, offering fans a variety of betting options. This marks the first new state launch under ESPN's partnership with PENN Entertainment, expanding legal sports betting in the state.
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
Request for customization: https://www.imarcgroup.com/request?type=report&id=5949&flag=F
Key Questions Answered in This Report:
- How big is the sports betting market in the US?
The US sports betting market was valued at USD 8.5 billion in 2023, with significant growth driven by expanding legalization and digital betting platforms. - How big is the sports betting market in 2024?
In 2024, the US sports betting market is projected to grow further, continuing its expansion with a forecasted growth rate of 12.54% from 2024 to 2032. - How much is the gambling industry worth in the US?
The US gambling industry, which includes sports betting, is a multi-billion-dollar market, with sports betting alone projected to reach USD 24.6 billion by 2032.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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