The global online sports betting industry is expected to reach $45.18 billion by the end of 2024, with mobile gambling dominating over 60% of the market share. This demand for mobile sports betting is driven by factors like changes in the regulatory landscape across the world, the broader penetration of smartphones, and the evolving digital infrastructure. Here are key insights and statistics to help you understand key trends in the mobile sports betting market.
Platform insights and statistics
Mobile sports betting platforms like Betway Tanzania dominated the online gambling market in 2023 and this trend is still ongoing in 2024. The sector is expected to record a compound annual growth rate of over 11% and maintain its dominance from 2024-2029. This segment growth is accreditable to the increasing penetration of smartphones and the boost in internet infrastructure globally.
For example, recent studies show that over 62% of all sports bets are placed through smartphones. The increasing development of innovative mobile technology has also influenced the lifestyle of players across the world, cutting to the growth of smartphone betting. Additionally, factors like improvement in people’s standards of living, financial growth, and an increase in disposable income have increased the demand for the sports betting market as a whole.
Betting type statistics
The global mobile sports betting market was dominated by fixed odds betting in 2023, recording over 25% of the revenue share. However, esports betting is expected to be the fastest-growing segment in 2024, recording over 14% CAGR.
Live betting is also expected to keep growing this year as 60% of the world has access to reliable internet on their mobile devices. That helps them to engage in leisure activities such as live betting on sports at Betway and actively enjoying the thrill.
Sports Type Statistics
Looking at the mobile sports betting market by sports type, soccer is the most popular option for bettors. The market accounts for approximately 25% of the market share, with horse racing closely ranking second at over 8% CAGR. However, baseball and basketball are expected to grow significantly from 2023-2029, recording a 10% CAGR due to growing trends towards wagering on these types of sports.
The biggest factor contributing to the increasing growth of these sports is the ever-growing number of major sports events in sports leagues like the EFL, IPL, and NFL. For example, NFL bets dominated mobile sports betting in September 2023, with NCAA football and baseball following closely.
Regional Insights
Europe accounts for the biggest mobile sports betting market in 2024, accounting for over 32% of the market share. This region is expected to keep expanding at 8% CAGR by 2029. That is because European countries are offering favorable regulations for mobile sports betting to help players avoid offshore and illegal betting platforms.
For example, the UK legalized sports betting in the 1960s and they have continued perfecting the regulations even after the rise of mobile betting platforms. The mobile sports betting sector has also witnessed notable growth in the UK thanks to the restriction of offline betting activities. However, the Asia-Pacific region is also expected to grow by 11% due to the availability of smartphones and innovations in mobile technology.