United States Sports Betting Market Size & Growth 2032

United States Sports Betting Market Report by Platform (Offline, Online), Betting Type (Fixed Odds Wagering, Exchange Betting, Live/In Play Betting, Pari-Mutuel, eSports Betting, and Others), Sports Type (Football, Basketball, Baseball, Horse Racing, Cricket, Hockey, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112025A5949

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United States Sports Betting Market:

The United States sports betting market size reached US$ 8.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 24.6 Billion by 2032, exhibiting a growth rate (CAGR) of 12.54% during 2024-2032. The growing number of annual sports events and leagues is fueling the market across the country.

Report Attribute	Key Statistics
Base Year	2023
Forecast Years	2024-2032
Historical Years	2018-2023
Market Size in 2023	US$ 8.5 Billion
Market Forecast in 2032	US$ 24.6 Billion
Market Growth Rate 2024-2032	12.54%

United States Sports Betting Market Analysis:

Major Market Drivers: The launch of supportive government initiatives for the legalization of activities is catalyzing the market.
Key Market Trends: The growing partnerships with major sports leagues are enhancing awareness and engagement, which is positively influencing the market growth.
Competitive Landscape: The report has provided a comprehensive analysis of the competitive landscape in the market. Also, detailed profiles of all major companies have been provided.
Geographical Trends: According to market overview, South dominates the market due to its early adoption of legalized betting, favorable regulatory frameworks, and strong sports culture. Apart from this, states in the region have quickly embraced mobile platforms, thereby leading to higher participation and revenue growth.
Challenges and Opportunities: The inconsistent state-level regulations create barriers for nationwide platforms, which hinders the market growth. However, establishing more uniform laws or federal guidelines enables consistent user experiences across states, which will continue to strengthen the market over the forecast period.

United States Sports Betting Market Trends:

Expanding Legalization Across Multiple U.S. States

The legalization of sports betting continues to expand across numerous U.S. states, facilitating the industry's substantial growth. As more states enact legislation, access to sports betting is becoming available to a broader population, thereby resulting in increased revenue streams and encouraging further investments in the industry. For instance, in July 2024, DraftKings Inc. announced the launch of its online sportsbook in Washington, D.C., pending licensure and regulatory approvals.

Increasing Mobile and Online Betting Accessibility

Mobile and online platforms are making sports betting more convenient for users, driving widespread participation. The accessibility of these platforms allows for real-time engagement, expanding user bases, and improving the overall betting experience, especially as more states legalize these options. This is contributing to the rising U.S. sports betting market value. For instance, in 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.

Growing Partnerships with Major Sports Platforms

Collaborations between betting operators and sports organizations are enhancing brand visibility and credibility. These partnerships are attracting more users by integrating betting services with sports content, allowing for seamless interactions and engaging a broader audience across multiple regions. For instance, in 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.

United States Sports Betting Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with the United States sports betting market forecast at the country and regional levels for 2024-2032. Our report has categorized the market based on the platform, betting type, and sports type.

Breakup by Platform:

Offline
Online

Offline segment holds the largest market share

The report has provided a detailed breakup and analysis of the market based on the platform. This includes offline and online. According to the report, offline represented the largest market segmentation.

The offline segment dominates the United States sports betting market, with casinos like MGM Resorts offering in-person betting experiences. Retail sportsbooks continue to attract bettors, providing a traditional setting for wagering alongside online options, significantly impacting the sports betting U.S. market share.

Breakup by Betting Type:

Fixed Odds Wagering
Exchange Betting
Live/In Play Betting
Pari-Mutuel
eSports Betting
Others

Live/in play betting exhibits a clear dominance in the market

The report has provided a detailed breakup and analysis of the market based on the betting type. This includes fixed odds wagering, exchange betting, live/in play betting, pari-mutuel, e-sports betting, and others. According to the report, live/in play betting represented the largest market segmentation.

The live/in-play betting segment dominates the United States sports betting market share, allowing real-time wagers during events. For instance, DraftKings' platform enhances user engagement by offering dynamic, in-game betting options across various sports.

Breakup by Sports Type:

Football
Basketball
Baseball
Horse Racing
Cricket
Hockey
Others

Football exhibits a clear dominance in the market

The report has provided a detailed breakup and analysis of the market based on the sports type. This includes football, basketball, baseball, horse racing, cricket, hockey, and others. According to the report, football represented the largest market segmentation.

The football segment dominates the United States sports betting market, driven by the popularity of NFL and college football. For example, DraftKings reported significant wagers during the NFL season, boosting overall market engagement. Besides this, the expanding sports industry is also stimulating the market.

Breakup by Region:

Northeast
Midwest
South
West

South currently dominates the United States sports betting market

The report has also provided a comprehensive analysis of all the major regional markets, which include the Northeast, Midwest, South, and West. According to the report, the South represented the largest segment.

According to the United States Sports betting market trends, the South currently dominates the market due to its widespread adoption of legal betting and strong sports culture. For example, Louisiana has seen rapid growth in mobile sports betting after its launch, generating substantial revenue and attracting new users. The region's passion for sports, particularly football, combined with favorable regulations, has fueled this dominance. As more southern states embrace online platforms and partnerships with major sports operators, the region continues to lead in terms of market expansion, revenue generation, and user engagement across the country.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive market price analysis, such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant, has been covered in the report. Also, detailed profiles of all major companies have been provided.

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.

United States Sports Betting Market Research Report:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: Platform Betting Type Sports Type Region
Platforms Covered	Offline, Online
Betting Types Covered	Fixed Odds Wagering, Exchange Betting, Live/In Play Betting, Pari-Mutuel, eSports Betting, Others
Sports Types Covered	Football, Basketball, Baseball, Horse Racing, Cricket, Hockey, Others
Regions Covered	Northeast, Midwest, South, West
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3699 Five User License: US$ 4699 Corporate License: US$ 5699
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Benefits for Stakeholders:

IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the sports betting market from 2018-2032.
The research report provides the latest information on the market drivers, challenges, and opportunities in the United States sports betting market.
Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the United States sports betting industry and its attractiveness.
The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.

Key Questions Answered in This Report

We expect the United States sports betting market to exhibit a CAGR of 12.54% during 2024-2032.

The increasing number of annual sports events and leagues across the US, along with the growing integration of blockchain technology with sports betting apps for automating real-time data, is primarily driving the United States sports betting market.

The sudden outbreak of the COVID-19 pandemic has led to the rising adoption of online betting and increasing utilization of various virtual currencies, such as Ripple, Bitcoin, Dogecoin, etc., for administering transactions, owing to the temporary closure of numerous retail sports-betting across the nation.

Based on the platform, the United States sports betting market can be categorized into offline and online, where offline holds the largest market share.

Based on the betting type, the United States sports betting market has been segregated into fixed odds wagering, exchange betting, live/in play betting, pari-mutuel, eSports betting, and others. Among these, live/in play betting currently accounts for the majority of the total market share.

Based on the sports type, the United States sports betting market can be bifurcated into football, basketball, baseball, horse racing, cricket, hockey, and others. Currently, football exhibits a clear dominance in the market.

On a regional level, the market has been classified into Northeast, Midwest, South, and West, where South currently dominates the United States sports betting market.

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