U.S. Sports Betting Market Size Worth $32.63 Billion by 2032 | CAGR: 10.2%

The U.S. sports betting market size is expected to reach USD 32.63 billion by 2032, according to a new study by Polaris Market Research. The report “U.S. Sports Betting Market Share, Size, Trends, Industry Analysis Report, Electric Tractor Market Share, Size, Trends, Industry Analysis Report, By Platform (Online and Offline); By Type; By Sports; By Application; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The United States sports betting market is experiencing significant growth. The increasing number of annual sports events and leagues, including Major League Baseball (MLB), the National Football League (NFL), the National Basketball Association (NBA), and the National Hockey League (NHL), among others, serves as a primary driver. These events attract a large audience and generate substantial betting activity, fueling market expansion.

Furthermore, the proliferation of smartphones and the widespread availability of user-friendly betting apps have made sports betting more accessible and convenient for consumers. This trend contributes to the market's growth by attracting new bettors and increasing overall betting activity. Additionally, the ongoing digitalization of the sports industry and the widespread adoption of wireless connectivity are creating a favorable environment for the sports betting market in the US. These technological advancements enable seamless betting experiences and enhance user engagement.

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Furthermore, collaborations between online sports betting organizations and sports teams contribute to market expansion by driving innovation and expanding market reach. For example, partnerships like the National Basketball Association's (NBA) betting data partnerships with Genius Sports Group (GSG) and Sports Radar enable the distribution of official data to licensed operators, enhancing the overall betting experience.

Moreover, the integration of blockchain technology with sports betting apps for the automation of real-time data using smart contracts is another catalyst for market growth. This technology enhances transparency, security, and efficiency in betting transactions, fostering trust among bettors.

U.S. Sports Betting Market Report Highlights

• In 2023, the online segment accounted for the largest growth of market share in the U.S. sports betting market. This surge in online activity during the pandemic accelerated the growth of the online segment and prompted more individuals to explore online betting options.
• The football segment is expected to grow at a significant CAGR during the forecast period. Moreover, technological advancements, such as real-time data feeds and advanced analytics, have enabled bettors to make more informed decisions when placing bets on football games. This accessibility to data and information enhances the overall betting experience and encourages greater engagement with football betting.
• The US key market players are Bet America, Caesars, Clutchbet, Desert Diamond Sports, Draft Kings, Fanduel, Fanatics, Fanduel, TVG, Twinspires.

Polaris Market Research has segmented the U.S. sports betting market report based on platform, type, sports, and application.

U.S. Sports Betting, Platform Outlook (Revenue - USD Billion, 2019 - 2032)

• Online
• Offline

U.S. Sports Betting, Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Fixed Odds Wagering
• Exchange Betting
• Live/In Play Betting
• Pari-mutuel
• E-sports Betting
• Others

U.S. Sports Betting, Sports Outlook (Revenue - USD Billion, 2019 - 2032)

• Football
• Basketball
• Baseball
• Horse Racing
• Cricket
• Hockey
• Others

U.S. Sports Betting, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Draw games
• Instant games
• Lotto
• Number games
• Others      

U.S. Sports Betting Market Report Scope