It’s the perfect time to look back on the previous year of sports betting. Not only does that give us valuable insights about last year’s performance, but it also informs what we do this year. Using sports betting statistics, we’ll analyse significant activity in global sports betting markets during 2023.
Having looked at how different regions of the world were performing, we’ll turn our attention to 2024. We’ll identify the upcomingsports betting trendsand make some predictions for what to expect from events and customer behaviour this year. Read on to get the bigger picture of sports betting markets and their size, value and areas of interest.
Sports Betting Highlights
It’s the sporting action that creates the betting highlights, and in 2023, there were a few upsets as well as some events that went exactly as expected. These highs and lows set the tone when it comes to sports betting wins for the bookies and wins for the punters.
For example, one bookie of the prop bet that every team playing on a 12-game Sunday afternoon would make a field goal, something that had only happened once in the last 20 seasons. They paid out more than 20 million, having offered 200-to-one odds on that event.
Let’s take a look at some other 2023 events that caused spikes in betting activity.
Comebacks, Close Games and Upsets
If there’s one thing guaranteed to cause a flurry of live betting activity, it’s when a team takes an early lead. The in-play odds feed was at the centre of attention during one of the largest comebacks in NFL playoff history. The Jaguars won 31-30 after the Chargers were leading 27-0.
Needless to, many users had felt confident in backing the Chargers to win. On the flip side, there was an incredibly tight Super Bowl, with a tied score as the end of the fourth quarter approached. Punters had their hopes dashed at the last minute while others celebrated.
One particular derby seemed like a foregone conclusion, and the scoreline stayed that way. Liverpool’s 7-0 win over Manchester United was an upset, not just for Man United fans but for anyone who’d backed the Red Devils based on Liverpool’s poor form so far that season.
New Records
Another part of the sporting arena that draws betting activity is new records. There were plenty of those in 2023. In tennis, Novak Djokovic set a new record for Grand Slam wins. In basketball, it was LeBron James who overtook Kareen Abdul Jabbar’s all-time top scorer record in the NBA.
Sport is all about pushing the boundaries of achievement, and it’s a great way to capture the attention of punters. South Africa clinched their fourth Rugby World Cup win, Australia got their sixth Cricket World Cup win, and Manchester City took the treble.
However, there were also new champions; Jon Rahm succeeded for the first time at The Masters, Carlos Alcaraz won at Wimbledon, and the Texas Rangers won their first World Series.
Mobile Sports Wagers
While bookies should certainly pay attention to unique sports events, how customers can place sports wagers also made an impact in 2023. Working with a sports betting data provider, such as TXODDS, gives you the edge as you have accessible and low-latency odds feeds.
According to a recent survey from the UK Gambling Commission, 74% of in-play bettors used their mobile to place their wagers. Mobile betting is increasing in popularity thanks to accessibility and accounts for around 50% of online gambling activity overall.
Increased Access
Increased access isn’t just about customer devices. It’s also about gambling legislation. The last few years have seen significant changes in state legislation in the US.
As of 2023, the District of Columbia and 37 states offered legal sports betting in the US. Markets are growing, and that’s a trend that we can expect to continue in 2024.
Statistics Breakdowns Per Region
To get an idea of what’s been happening in the industry, let’s take a look at some recent sports betting statistics. Since each part of the world engages with placing sports bets differently and has varying rules and population sizes, it’s useful to break down the statistics by region.
UK
The UK has the largest gambling market share in Europe. On top of that, it also has one of the best-regulated and safest gambling industries. We took a look at how many people in the UK were betting and what were their favourite sports when it came to placing wagers.
- In March 2023, a survey showed that 5.1% of respondents had bet on sports in the previous month.
- 4.8% of those respondents wagered on football, showing that 94% of the share of all sports bettors in Great Britain bet on the beautiful game.
- 45% of regular gamblers bet on football in the last 12 months
US
With a large population and online sports betting expanding across many states, the US is a unique place for growth. We looked at how that’s affecting the market share, the 2023 revenue, and which sports attract the most wagers.
- In 2023, the revenue from retail and online sportsbooks was $10.85 billion
- The US online gambling market growth (CAGR) is forecast to be nearly 12% between 2023 and 2030
Recent data shows that:
- 81% of bettors placed NFL wagers
- 54% bet on the NBA
- 44% placed MLB wagers
- 34% wagered on college football
EU
Most statistics look at Europe rather than the EU, which means the UK’s numbers are included in these figures. Even so, it’s possible to get a glimpse at what’s happening in the sports betting industry in Europe.
- The market value for gambling in Europe was estimated at 81.1 billion euros in 2020. It’s forecast to increase to 126.3 billion in 2026.
- According to a report published in 2023, after the UK, the countries with the highest gross gaming revenue in Europe are Italy, Germany, France, Spain and the Netherlands.
- Some of the most popular sports to bet on in Europe include football, tennis, basketball, cricket, rugby and ice hockey.
Asia
There are some spikes in popularity in certain Asian countries, which make it an interesting sports betting market. The large population of countries like India, where there are many sports fans, combined with the growing interest in countries like Japan and South Korea.
- Sports betting revenue is on track to reach the projected revenue of $7.73 billion in 2024.
- The total online gambling market in Asia is expected to reach $11.90 billion in 2024, showing that online sports betting accounts for the largest proportion of revenue.
- A surge of popularity in esports betting, particularly in countries like South Korea. An anticipated revenue of $397.1 million in 2024, which shows an 11.7% increase.
- 78% of esports bettors in the region are aged 18-25
Trends for the Year Ahead
From the bookmakers’ point of view, sports betting is all about data analytics and insights. A historical odds database from TXODDS gives you intelligence that you can use to set future prices.
The same approach can be used when spotting sports betting trends. The data from 2023 can help us see where the industry is heading. One thing’s for sure, we can expect growth. The online sports betting market value is expected to reach 49.96 billion in 2024, which is a 14.7% increase in revenue.
Staying ahead of the curve and partnering with a top-notch odds feed provider will help you claim your share of that profit. Here are our predictions for 2024.
- Increased regulation – rules will become more specific and standardised
- Growth in specific countries – we see increased user penetration and revenue growth coming in Canada and Australia
- Increased mobile betting – usage of apps and mobile sites to bet will increase
- Closer relationships between sports viewing and wagering on sports – interactive experiences with streaming will help bookies stand out
- Innovations driven by more competition – bookmakers will upgrade their features and offerings to attract and keep customers
- Increased use of AI – processes will be streamlined as the capabilities of AI are harnessed
- Potential legal changes in Texas or California – either of these states could make moves towards legalising sports betting
- More new and casual bettors are coming to the market – recreational betting will be on the rise in 2024
- The continued surge of esports betting – betting revenues from esports will increase in Asia and other regions
An Exciting 2024
There’s a lot to look forward to in 2024. We see collaboration, growth, social betting and improved responsible gambling initiatives in the future of sports betting. Customers will still love live betting, taking a chance on prop bets, and wagering on football and the NFL.
Learning from what has come before and forming the right partnerships is crucial to success. Get more insights from TXODDS and prepare for the major sporting events of 2024.
