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
How big is the United States sports betting market?
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.
What is sports betting?
Sports betting is a form of gambling where individuals place wagers on the outcomes of sporting events. It involves predicting the results of various sports, such as football, basketball, and horse racing. Sportsbooks, either physical locations or online platforms, facilitate these bets and offer odds that reflect the perceived likelihood of specific outcomes. Bets can range from simple ones like predicting the winner of a game to more complex propositions involving point spreads or over/under totals. In recent years, sports betting has gained immense traction as entertainment and a multi-billion-dollar industry, attracting enthusiasts and professional gamblers across the United States while raising ethical and regulatory considerations.
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What are the growth prospects and trends in the United States sports betting industry?
The United States sports betting market is primarily driven by the rapid expansion of legalized sports betting in multiple states due to changing regulations. Moreover, the widespread popularity of sports and the integration of online and mobile betting platforms that make it more convenient for individuals to participate is positively influencing market growth. Apart from this, the rising partnerships between sports leagues, teams, and betting operators that enhance the overall sports betting experience are propelling market growth. Additionally, the increasing acceptance of sports betting as entertainment and the potential for revenue generation has catalyzed market growth. Furthermore, numerous technological advancements in data analytics and in-game betting options that enhance the overall sports betting experience are contributing to market growth.
What is included in market 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
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