According to numerous studies, the global sports betting market is expected to expand at a CAGR of 8.83% from 2018 to 2024, when it will reach approximately $155.49 billion. Sports betting is gaining popularity in many countries due to the new regulations being imposed and the innovative approaches being taken. Let’s have a look at the top 5 markets for online betting platforms.
Sports betting in the United Kingdom is fully legalized and regulated, so there are many sportsbooks that are very popular among its citizens.
Sports betting is regulated by the Gambling Commission. According to the Sports Business Journal, around 56% of sports betting takes place online, with the other half taking place through land-based betting companies.
Among the most popular sports disciplines to bet on are horse racing and football. All types of bets are allowed and widely used.
Do not miss: Online Betting Legislations
Gambling is popular in the Philippines - the country earned a Gross Gaming Revenue of around $5.6 billion in 2018, with sports betting contributing a large percentage of that revenue.
Sports betting in the Philippines is fully legal, regulated, widespread, and popular. Citizens usually choose boxing, European football, and popular American sports to bet on.
Online gambling operators that want to provide their services to players in various Asian countries often get licensed by the Cayagan Freeport special economic zone, and online betting platforms for Philippine residents are regulated by the Philippine Amusement and Gaming Corporation (PAGCOR).
In general, the Latin American market is very promising with regards to the online gambling and betting industries. Colombia became the first South American country to legalize online casinos and sportsbooks in 2016, and today the market is quickly growing and expanding.
Online sports betting is regulated by Coljuegos, which has become quite international, accepting operators from many different countries. The sports betting licensing fee is $160,000.
The most popular types of betting are football, pari-mutuel horse racing wagers, and greyhound bets.
Online betting, a popular activity in Spain, is regulated by the Spanish Gaming Act. Spanish citizens usually place bets on numerous types of sports events, such as football, tennis, and basketball. The most popular bet types include win/loss, over/under, and handicap betting.
The market is developing fast. In 2017, online gambling generated €560 million, with sports betting significantly contributing to revenues. By 2020, revenues are expected to reach €1-1.5 billion.
Do not miss: Africa and Sports Betting
While online gambling is illegal in Australia, online sports betting is a fully legal and regulated industry. In Australia, people bet on most professional sporting events, making online betting a huge market - in 2017, $10.1 million was wagered on sports betting in total.
It is estimated that over half a million Australian adults place sports bets monthly, both in betting shops and online. As for popular sports disciplines, more than half of sports betting in Australia is on major league rugby and football.