Sports Betting Market In U.S. And Across The World Projected To Increase By 2022

• The international sports betting market is estimated to be worth $250 billion.
• The sports US sports betting market valuation has increased by $10 billion a year since 2016.
• The projected growth rate of sports betting in Asia outpaces all other regions in the world.

TALLAHASSEE, Fla. – Several states in the US have recently legalized sports betting. While the growth of sports wagering in the US may seem like a new concept, the global market has been expanding for years and expected to continue that way.

According to the international research firm, Statistica, global sports betting is currently estimated to be worth $250 billion dollars. Online sportsbooks account for approximately $39.7 billion of this amount with the rest being spread across casinos, horse racing tracks, and other retail gaming options.

While many of these online bookmakers operate from European Countries, the largest sports betting market is in Asia and the Pacific Islands (APAC). The sheer population alone leads to this being the case as more than four billion people reside in the region.

Technological advances also help spread sports gambling across the APAC. This includes greater internet connectivity which means sportsbooks are more readily available.

Sports wagering in the APAC is forecasted to expand at a compounded annual growth rate of 12.9% from 2018-2024, according to Transparency Market Research.

But, while Asia holds the largest market now, sports betting in the US is expected to grow at a rapid pace.

In a poll taken by the American Gaming Association, eight in ten Americans support the legalization of sports betting in their state.

To date, 15 states have either already passed bills that legalized sports gambling or have active sportsbooks within their borders. More states are expected to join in the coming years.

Online sports betting was recently legalized in Montana, Iowa, and Indiana, all of whom will authorize online or mobile betting platforms. This is assumed to help fuel their growth and meet projections much the same way New Jersey has.

In only nine months of operation, New Jersey sportsbooks were able to generate over $2 billion in total bets, 80% of which has come from mobile devices.

Each state has the opportunity to offer sports gambling through any means they like. Which makes estimating the projected sports betting market all the more difficult.

But, based on the attitudes of Americans and sports betting and the growth of the Asian market, the sports gambling market seems as though it will grow to new heights.

News tags: New Jersey | sports betting market