Online sports betting sites, virtually non-existent two decades ago, today bring billions of dollars in revenue each year. The entire industry is expected to continue growing in 2023, with revenue and users reaching all-time highs.
According to data presented by CasinosEnLigne.com, the online sports betting industry is expected to gross $43.5bn in 2023, or 85% more than just three years ago.
Boxing and MMA Bets to Bring the Highest Revenue of $5B in 2023
The online sports betting industry has skyrocketed over the years because this type of betting is accessible and relatively easy to start. Moreover, it offers a much wider range of betting options than most brick-and-mortar betting shops.
Today, millions of people choose online betting sites and apps for placing their bets, driving the impressive revenue growth of the entire market. According to a Statista survey, the gross gambling revenue in the online betting market, or the total value of bets placed by customers minus the amount paid out in winnings, stood at $23.55 in 2020. By the end of 2022, this figure jumped by 55% to $36.6bn.
Statista expects the entire market to continue growing this year, with revenues rising by another 19% YoY to $43.55. By 2027, this figure is projected to jump over $60bn.
The Statista survey also showed boxing and MMA are the number one sports for placing online bets, bringing around $5bn in revenue this year. As the second most-betted sport, tennis will bring close to $4bn in revenue. Football, American football, and basketball follow, with $3.7bn, $3.6bn, and $3.2bn in sports betting revenue, respectively.
Almost 157 million people to Use Sports Betting Apps by 2025; Australia, US, and UK are the Top Three Markets
Although online sports betting sites and apps have users worldwide, statistics show that almost half of all revenues come from only three countries.
As the world`s largest online sports betting market, Australia is expected to hit over $8.8bn in revenue this year. The United States ranked second, with $7.6bn in sports betting revenues, while the United Kingdom follows, with $4.2bn.
The Statista survey also showed the number of people using sports betting sites and apps more than doubled in the past five years, jumping from 48.4 million in 2018 to 127.8 million in 2023. This figure is forecast to grow by another 22% in the following years, with the total user count reaching almost 157 million people by 2025.