• In December 2023, PointsBet launched enhanced mobile sports betting features, incorporating in‑play wagering and live streaming to elevate real-time user engagement and app interactivity.

• In January 2024, FanDuel broadened its online betting platform into additional U.S. states, leveraging the surge in legal sports betting to strengthen its national footprint.

In this report, the Online Sports Betting Market has been segmented by Sport Type, Device, Betting Type, Payment Method, and Geography.

Online Sports Betting Market, Segmentation by Sport Type

The Online Sports Betting Market has been segmented by Sport Type into Football, Basketball, Horse Racing, Baseball, E-Sports and Others.

Football
Football dominates the online sports betting market, accounting for over 40% of the total share due to its global popularity and extensive league structures. Events such as the FIFA World Cup and UEFA Champions League attract massive betting volumes. Real-time betting options and live streaming integration further drive user engagement.

Basketball
Basketball holds a substantial portion of the market with around 20% share, particularly driven by leagues like the NBA and EuroLeague. The fast-paced nature of the sport supports in-play betting, which increases user activity and spending. Mobile platforms and fantasy integration are also enhancing participation rates.

Horse Racing
Horse racing remains a traditional favorite, contributing nearly 15% to the market. It benefits from a long-established betting culture and regulated betting environments. Seasonal events like the Grand National and Kentucky Derby continue to draw high betting volumes, especially in Europe and North America.

Baseball
Baseball contributes around 10% to the online sports betting segment, with strong engagement in the U.S. and Japan. The game’s structure allows for varied bet types such as moneyline, run line, and prop bets. Seasonal leagues like MLB fuel consistent betting activity during active months.

E-Sports
E-Sports is a rapidly growing segment, currently accounting for approximately 8% of the online betting market. Titles like League of Legends, Dota 2, and CS:GO attract a younger demographic. The rise of live-streaming platforms and global tournaments significantly boost betting opportunities.

Others
This segment includes niche sports such as tennis, boxing, and golf, together contributing about 7% of the total market. These sports often gain traction during major events like Wimbledon or The Masters. Specialized bettors are drawn to these markets due to higher odds and detailed analytics.

Online Sports Betting Market, Segmentation by Device

The Online Sports Betting Market has been segmented by Device into Desktop and Mobile.

Desktop
Desktop-based online sports betting accounts for around 35% of the market. It is favored for its stable performance, larger screen interface, and multi-tab functionality, offering a more immersive experience. Despite the growth of mobile, desktops remain popular among serious bettors who prefer detailed analytics and live statistics.

Mobile
Mobile betting leads the market with approximately 65% share, driven by the widespread adoption of smartphones and betting apps. The convenience of betting on-the-go and features like push notifications, live streaming, and touch interface enhance user engagement. Mobile-first strategies are now central to platform growth and user retention.

Online Sports Betting Market, Segmentation by Betting Type

The Online Sports Betting Market has been segmented by Betting Type into Fixed Odds Betting, Exchange Betting, Live Betting, and Parlay Betting.

Fixed Odds Betting
Fixed odds betting holds the largest share, contributing over 45% to the online sports betting market. It offers predetermined odds that do not change once a bet is placed, making it appealing for risk-conscious users. Its simplicity and widespread availability across platforms support its dominance.

Exchange Betting
Exchange betting accounts for nearly 15% of the market and allows users to bet against each other rather than against a bookmaker. This model often offers better odds and increased flexibility, attracting experienced bettors who prefer greater control over their wagers.

Live Betting
Live betting, also known as in-play betting, represents around 30% of the market. It enables users to place bets during an ongoing event, enhancing engagement through real-time action. The integration of live data feeds and instant odds updates significantly contributes to its growing popularity.

Parlay Betting
Parlay betting contributes approximately 10% of the market and involves placing multiple bets that are linked together. It offers high-risk, high-reward opportunities, as all selections must win for the bet to pay out. This betting type attracts users seeking large payouts from small stakes.

Online Sports Betting Market, Segmentation by Payment Method

The Online Sports Betting Market has been segmented by Payment Method into Credit/Debit Card, E-Wallets, Bank Transfer, and Cryptocurrency.

Credit/Debit Card
Credit and debit cards remain a widely used payment method, accounting for about 35% of the online sports betting market. Their familiarity, quick processing times, and support across most platforms make them a go-to option. However, increasing regulations have limited their use in certain regions.

E-Wallets
E-Wallets such as PayPal, Skrill, and Neteller dominate with nearly 40% market share. They offer enhanced security, fast transactions, and seamless integration with betting apps. Their growing popularity is driven by user convenience and low transaction fees.

Bank Transfer
Bank transfers contribute around 15% of the market, favored for their high transfer limits and reliability. Though slower compared to other options, they are often preferred by high-stake bettors and in regions with limited digital payment access.

Cryptocurrency
Cryptocurrency is an emerging payment method, currently holding about 10% of the market. It provides anonymity, low fees, and borderless transactions, appealing to tech-savvy users. The adoption of coins like Bitcoin and Ethereum is growing as platforms embrace decentralized finance trends.

Online Sports Betting Market, Segmentation by Geography

In this report, the Online Sports Betting Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Online Sports Betting Market Share (%), by Geographical Region

North America
North America holds a significant share of the online sports betting market, accounting for approximately 25%. The rapid legalization of sports betting in the U.S., especially post-2018, has driven strong growth. Increasing user base, mobile penetration, and partnerships with major leagues contribute to regional expansion.

Europe
Europe leads the market with around 35% share, supported by well-established regulatory frameworks and high sports engagement. Countries like the UK, Germany, and Italy have mature betting ecosystems, and the popularity of sports like football and tennis fuels consistent growth.

Asia Pacific
Asia Pacific accounts for roughly 20% of the market, driven by rising internet access and smartphone adoption. Countries such as India, China, and Australia are key contributors. The region shows strong potential despite regulatory hurdles, especially with the rise of e-sports and mobile-first platforms.

Middle East and Africa
This region contributes nearly 10% to the market, led by growing digital infrastructure and youth population. While regulatory challenges persist, countries like South Africa and the UAE show increasing interest in online betting, supported by improvements in payment systems and smartphone usage.

Latin America
Latin America represents around 10% of the global share, with Brazil, Mexico, and Argentina emerging as key markets. The expansion of legal frameworks and strong fan bases for sports like football are fueling demand. Mobile penetration and localized platforms are driving growth in the region.

This report provides an in depth analysis of various factors that impact the dynamics of Online Sports Betting Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers, Restraints and Opportunities Analysis

Drivers:

• Increasing Smartphone Penetration
• Legalization of Online Betting
• Growing Popularity of Sports Events

• Expansion into New Markets - The steady expansion into new markets has become a pivotal driver for the online sports betting market. As regulations continue to evolve across various countries, more jurisdictions are beginning to legalize and formalize online sports wagering, opening up previously untapped regions. Governments that were once hesitant due to concerns around gambling addiction or integrity in sports are now recognizing the revenue-generating potential of licensed digital betting platforms. This regulatory shift is creating a surge in demand for operators eager to establish a foothold in these newly accessible markets.

  Regions in Latin America, Africa, and parts of Asia are increasingly attracting the attention of major industry players. With large populations of tech-savvy, mobile-first users, these markets offer substantial growth potential, especially in countries where smartphone penetration and internet accessibility are rapidly increasing. Operators that can tailor their offerings to local languages, currencies, and sporting preferences are gaining early traction and establishing brand loyalty ahead of competitors.

  The growing adoption of cashless payments and digital wallets also supports this expansion, making it easier for users in emerging markets to fund their accounts securely. Many platforms are forming partnerships with local payment providers and sports organizations to build trust and relevance. Additionally, improved geo-targeting capabilities and AI-driven personalization allow betting apps to deliver highly localized content, which is vital in markets with diverse sports cultures.

  This global reach not only expands revenue streams but also provides companies with protection against market saturation or legislative changes in individual regions. The diversification of jurisdictional risk means that setbacks in one country can be offset by growth in another. As such, strategic market entry and cross-border scalability have become essential components of long-term growth in the online sports betting industry.

Restraints

• Concerns About Addiction and Responsible Gambling
• Payment Processing Challenges

• Competition from Illegal Operators - Despite widespread growth, competition from illegal operators remains a major restraint in the online sports betting market. Unlicensed betting websites and offshore operators continue to attract users by offering unregulated promotions, higher payouts, and fewer restrictions. These platforms often operate beyond the reach of national laws, making enforcement difficult and allowing them to thrive in regions with weak or fragmented regulatory frameworks.

  Illegal operators also undermine the credibility of the entire sector. They often lack responsible gaming tools, data security measures, and fair betting practices, putting consumers at risk. Yet, due to aggressive marketing tactics and anonymity in payment systems, many bettors—especially in countries with high taxation on legal betting—still prefer these grey market alternatives. This diverts significant revenue away from licensed businesses and reduces government tax income.

  The presence of unregulated platforms creates a major challenge for legitimate operators who are bound by compliance rules, identity verification, and consumer protection mandates. This creates an uneven playing field where legal platforms must incur higher operational costs while their illegal counterparts cut corners to offer seemingly better deals. It also leads to consumer confusion, as casual users often struggle to distinguish between legitimate and unauthorized sites.

  Addressing this issue requires coordinated international efforts, better public awareness campaigns, and stronger enforcement through technology-driven monitoring tools. Until these illicit actors are curbed effectively, they will continue to pose a significant threat to trust, safety, and profitability within the regulated online sports betting industry.

Opportunities

• Innovative Product Offerings
• Strategic Partnerships and M&A Activity
• Personalization and Customer Engagement

• Integration of Blockchain Technology - The integration of blockchain technology presents a transformative opportunity for the online sports betting market. Blockchain enables increased transparency, security, and efficiency in managing transactions and verifying outcomes. With the ability to record every bet and transaction on an immutable ledger, blockchain fosters trust among users who often question the fairness or reliability of traditional betting platforms. This technology can ensure that odds, results, and payouts are tamper-proof, leading to a higher level of user confidence and retention.

  Another benefit is the introduction of cryptocurrency payments, which streamline deposits and withdrawals while enabling global participation without traditional banking restrictions. This appeals particularly to users in countries with underdeveloped financial systems or high remittance fees. Crypto transactions also provide anonymity and lower transaction costs, making betting more accessible and efficient for a wider audience. For platforms, blockchain minimizes fraud and chargebacks, ultimately improving profitability.

  Smart contracts are also gaining traction as a blockchain application within the sector. These automated agreements can execute bet settlements instantly once predefined conditions are met, eliminating the need for intermediaries. This reduces operational overhead and enhances user satisfaction by delivering faster and fairer payouts. For large-scale tournaments or live betting, smart contracts can improve scalability and minimize disputes, thereby increasing platform reliability.

  Decentralized platforms are starting to emerge, allowing peer-to-peer betting without a central authority. This not only democratizes the betting experience but also introduces new business models that empower users as stakeholders. As blockchain adoption increases and regulatory clarity improves, its integration will become a critical innovation point, helping operators gain a competitive edge in an evolving and digitally-native market landscape.

Key players in Online Sports Betting Market include:

• Flutter Entertainment (FanDuel, Paddy Power)
• DraftKings Inc.
• BetMGM (MGM Resorts & Entain JV)
• Bet365
• 888 Holdings Plc
• Entain plc (Ladbrokes, Coral)
• William Hill (Caesars Entertainment)
• Penn Entertainment (Barstool Sportsbook)
• PointsBet
• Betr Holdings, Inc.
• FOX Bet (Fox & Stars Group)
• TwinSpires (Churchill Downs)
• Golden Nugget Online Gaming
• Fanatics Betting & Gaming

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Market Share Analysis
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis