In this article, we’ll look at the top 15 countries where sports betting is popular. If you want to skip our detailed analysis of the sports betting market and its recent trends, then head straight to the Top 5 Countries Where Sports Betting is Popular.
Sports betting has become increasingly popular in recent years, as more states have allowed it. About one out of every five adults in the United States (19%) has bet money on sports in some way in the past year. Altogether, Americans have legally bet more than $220 billion on sports since a law that used to stop most states from allowing sports betting was changed in 2018.
Sports Betting Regulations and Concerns
In recent years, there has been a growing concern about the regulations surrounding sports betting and its impact. Governments and organizations are increasingly taking steps to limit or even ban certain types of gambling advertisements. Some states have introduced or proposed new rules to prevent misleading marketing that could target young bettors. This move aims to protect minors from potentially harmful influences.
One concern is the normalization of gambling, which can make it seem like a routine part of life. There’s also a concern about the potential for addiction, as some people might become compulsive gamblers.
For example, in April 2023, the Premier League made an announcement that garnered attention. They decided to ban betting companies from featuring on the front of team shirts starting from the 2026/27 season. This decision was voluntary and came after a lengthy consultation process that involved the league, its clubs, and the Department for Culture, Media and Sports. This move was part of the government’s ongoing review of gambling laws. Supporters of this decision hope it’s a step toward reducing the close association between gambling firms and sports.
However, there’s a possibility that the Premier League might vote on banning gambling companies from shirt fronts while still allowing other forms of advertising. This ongoing debate reflects the complex issues surrounding sports betting and its relationship with various aspects of society.
The Growing Popularity of Sports Betting
Sports betting has become incredibly popular among Americans, and its growth is quite remarkable. According to a survey conducted by the American Gaming Association, more than 73 million Americans are planning to bet on the NFL season. This marks a significant increase of almost 60% compared to the previous season. To put this into perspective, around 46 million people in the United States placed bets on the NFL last year, as reported by the AGA.
The expansion of legal sports betting is also a noteworthy trend. Currently, there are 37 states and Washington, D.C. where people can legally wager on sports, a substantial increase from the 18 states that allowed it at the beginning of the 2020-2021 football season. Importantly, some of the largest markets in the U.S., including California and Florida, are moving closer to legalizing sports betting, with New York also in the pipeline to join them.
The Growth of the Sports Betting Industry
The world of sports betting has experienced substantial growth in recent times. In 2022, as Grand View Research puts it, the global sports betting market reached a whopping value of $83.65 billion. And it’s not slowing down. Experts anticipate it will keep growing, with a CAGR of 10.3% from 2023 to 2030.
This expansion is largely fueled by the rise of digital technology and widespread wireless connectivity. More and more people are using smartphones for various activities, including sports betting. This shift in consumer behavior is playing a significant role in shaping the industry’s future.
DraftKings Inc. (NASDAQ:DKNG), a well-known sports betting company, has experienced a mix of successes and challenges in recent times. In August 2023, the company faced a significant setback when The Walt Disney Company (NYSE:DIS)’s ESPN, a prominent media giant, announced a partnership with Penn Entertainment Inc. (NASDAQ:PENN) to rebrand and relaunch Penn’s online sportsbook as ESPN Bet. In the deal, Penn Entertainment Inc. (NASDAQ:PENN) will pay $1.5 billion in cash and provide approximately $500 million in warrants to ESPN. Penn Entertainment Inc. (NASDAQ:PENN) plans to rename and revamp its sportsbook service in 16 U.S. states, where it holds licenses, under the new brand name ESPN Bet.
This news had an immediate impact on DraftKings Inc. (NASDAQ:DKNG)’s stock, causing it to drop substantially. In response to these developments, on Oct 4, 2023, Guggenheim, a financial analysis firm, adjusted its price target for DraftKings Inc. (NASDAQ:DKNG) from $38 to $37 but maintained a Buy rating on the company’s shares.
Despite this setback, Guggenheim’s analysis of third-party app data suggests that DraftKings Inc. (NASDAQ:DKNG) continued to perform well in the third quarter of the year.
During their Q2, 2023 earnings call, Jason Robins, the CEO of DraftKings, emphasized the company’s commitment to product improvement, emphasizing a philosophy of delivering both speed and high quality. He said the following:
“We are improving our product to have very fast philosophy with very high quality. In iGaming, we’re executing our two brand strategy while focusing on differentiating through more in-house content, including live dealer and jackpot offerings. Our persistent focus on product differentiation is already apparent in share trends. In the states, where we are currently live, we achieved OSB handle share of 35% and OSB GGR share of 32% in the quarter, which were the highest they have been since the COVID impacted second quarter of 2020.”
With your newfound knowledge of recent trends in the sports betting industry, let’s delve into the countries where sports betting is popular.
Pixabay/Public Domain
Our Methodology
For the list of the most popular sports betting countries, we’ve taken market sizes of sports betting as a proxy for popularity. Therefore, we’ve ranked countries on their sports’ betting market sizes, as of 2022, in ascending order based on our estimations.
15 Most Popular Sports Betting Countries
Here is the list of the most popular sports betting countries.
15. Canada
Estimated Market Size of Sports Betting: $0.84 billion
In Canada, the popularity of sports betting is on the rise, driven by emerging trends such as online sports betting, regulated sports betting, and cryptocurrency betting. Furthermore, the industry anticipates growth in areas like virtual reality gambling, esports betting, and mobile gambling.
14. South Korea
Estimated Market Size of Sports Betting: $0.96 billion
In South Korea, legal betting options include horse racing, cycling, and boat racing at designated locations. The state-operated national lottery offers limited sports betting through Sports Toto and Sports Proto. While live sports betting choices are limited in South Korea, online sports betting websites offer better odds and a wider range of options. Football (soccer) and baseball are the most popular sports for betting, with football, especially events like the K-League and international tournaments such as the FIFA World Cup and the AFC Asian Cup, attracting the most bets.
13. Russia
Estimated Market Size of Sports Betting: 0.97 billion
The sports betting market in Russia is experiencing significant growth, with football being the most popular sport for betting, followed by ice hockey, basketball, and tennis.
12. Spain
Estimated Market Size of Sports Betting: $1.7 billion
In 2022, 38.7% of the Spanish population participated in sports betting activities. Of those who engaged in sports betting in Spain, 36.41% expressed their enjoyment of the experience. Additionally, in-play sports betting, known for enhancing engagement with the game, is a favored choice among Spanish sports bettors.
11. Germany
Estimated Market Size of Sports Betting: 2 billion
In the last few years, the sports betting market in Germany has gone through some changes. It’s getting more competitive because many companies, both from Germany and other countries, are trying to get more customers. Most people bet on sports to win money, and some do it because they find it fun and exciting.
10. Italy
Estimated Market Size of Sports Betting: $2.2 billion
Italy stands as one of the largest sports betting markets globally, with football, basketball, baseball, hockey, track cycling, car racing, mixed martial arts, and boxing being the prominent choices for betting enthusiasts in the country.
9. India
Estimated Market Size of Sports Betting: $2.47 billion
Legalizing sports betting in India is complicated because of complex laws that vary from state to state. Currently, only Sikkim, Nagaland, and Meghalaya have regulations for sports betting in India. Indians are limited in what sports they can bet on, and the available sports vary by state. For example, in Sikkim, residents can only bet on golf, chess, cricket, football, lawn tennis, and horse racing. Despite these restrictions, the cricket betting industry attracts wagers from more than 140 million regular bettors in India. During major tournaments like the Indian T20 League, the number of bettors surges to over an estimated 370 million.
8. Brazil
Estimated Market Size of Sports Betting: $2.7 billion
Sports betting has gained significant popularity among Brazil’s middle-class population, with soccer being the favored sport for betting. Due to the absence of federal regulations, numerous offshore sports betting websites have attracted Brazilian bettors. While sports betting was legalized in Brazil back in 2018, it has only been recently regulated, with a provisional decree issued in late July 2023.
7. Nigeria
Estimated Market Size of Sports Betting: $2.9 billion
The whole of Africa has seen a significant rise in sports betting, and Nigeria is no different. Soccer is incredibly popular in Nigeria, and it’s the most commonly bet-on sport. Nigerians spend roughly $15 daily on sports betting, and an estimated 60 million individuals between 18 and 40 years old are actively involved in sports betting in Nigeria.
6. France
Estimated Market Size of Sports Betting: $4.7 billion
France has a rich gambling history, and sports betting is a widely favored form of entertainment in the nation. Specifically, in France, sports betting predominantly occurs online, with 68.56% of sports enthusiasts engaging in this activity primarily through the Internet and mobile apps. Approximately 14.69% of individuals in France place sports bets several times a week, while 5.99% participate in sports betting on a monthly basis.
Click to continue reading and see the. Top 5 Countries Where Sports Betting is Popular.
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Disclosure: None. Top 15 Countries Where Sports Betting is Popular is originally published on Insider Monkey.