How big is the sports betting industry?
The sports betting market has exploded internationally in recent years and growth is expected to continue. But just how big is the sports betting industry?
One of the biggest themes in the gambling sector in recent years has been the expansion of sports betting in new jurisdictions, most notably in the US.
The impact of the Covid-19 pandemic on government revenues has only accelerated the trend for more jurisdictions to consider legalising sports betting.
The sports betting industry is now thought to be worth around US$150bn a year, up from US$85 billion in 2019.
Prominent operators on the market include 888 Group, Kindred Group plc, Wiliam Hill PLC, and Churchill Downs Incorporated.
Where is sports betting legal?
Sports betting of some kind is legal in: Argentina, Australia, Brazil, Canada, China, Colombia, Costa Rica, Ghana, India, Kenya, Mexico, The Netherlands, New Zealand, Nigeria, Peru, The Philippines, Russia, South Africa, the UK, many European countries and in many states in the US.
Sports betting in the US
The US passed sports betting legislation in 2018, making it legal for individual states to choose whether or not to allow it. So far, 17 states and Washington DC offer some form of legal sports betting, and three more states voted in favour of sports betting on the November 2020 ballot.
The future of sports betting
Continued growth in the sports betting market is expected into 2021 with more countries moving towards legalisation, the number of operators growing and international sports growing in popularity.
Despite moves to ban or limit gambling sponsorship in sports in several countries in Europe, major sports betting companies continue to be a major investor in the sponsorship of sports teams.
Meanwhile, as a result of many of the most popular sports leagues seeing activity suspended after the initial outbreak of the Covid-19 pandemic, players have discovered new sports betting markets, from Ukrainian table tennis to the worlds of esports and virtual sports.
