As the global sports betting market continues its upward trajectory, staying ahead of the latest trends is crucial for marketers in the industry. With projections indicating significant growth, understanding the nuances of user behavior and regional preferences is essential for effective targeting and engagement strategies. Let's dive into the key trends shaping the landscape of sports betting apps in 2024 and how marketers can leverage these insights to maximize their impact.
According to Gammastack, the global sports betting market will reach a global valuation of $49.96 billion this year. Furthermore, the global sports betting market is expected to grow at a CAGR of 7.68% until 2028 to reach $67.17 billion.
According to YouGov’s recent 2024 US bettor's research report, users bet and engage with sports betting apps differently based on age group. For example, for the youngest group of users ages 21-24, 60% of users engage with one or two apps per month. That being said, 10% of 21-24 year olds use four to five sports betting apps each month and 8% use six or more sports betting apps per month.
On the other hand, the 25-34 age group uses a wider range of sports betting platforms, with 18% using four to five apps and 9% using six or more.
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Source: YouGov
Among 35-44 aged adults, 18% use four to five apps on average each month. A smaller 9% display high levels of engagement by using six or more apps a month. Bettors aged 45-54 are less likely to use many apps but still show regular engagement. About 15% of them use four to five apps a month. A smaller 6% use six or more apps per month. Those aged 55 and above are the least likely to use multiple betting platforms. Only 6% use four to five apps, and a mere 2% use six or more.
Key takeaway: the 21-24 age groups bets with sports betting apps most frequently with 60% of users in this group engaging with 1-2 apps a month.
According to TXODDS, top sports betting markets show different characteristics, depending on region.
North America, specifically the United States, is one of the largest and fastest-growing sports betting markets globally. The U.S. sports betting market has grown into a $10 billion industry since legalization in 2018 and is projected to reach $45 billion annually once matured. Last year, the revenue from US sports betters was $10.85 billion. Looking forward, the US online gambling market will grow at a nearly 12% CAGR from 2023 to 2030.
Additionally, recent data shows that:
Key takeaway: US-based sports bettors are highly engaged and interested in wagering on the NFL, NBA and MLB.
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. Currently, the countries with the highest gross gaming revenue in Europe are the UK, followed by Italy, Germany, France, Spain and the Netherlands. Some of the most popular sports to bet on in Europe are football (soccer), tennis, basketball, cricket, rugby and ice hockey.
As the largest gambling market in Europe, the UK also has one of the best-regulated and safest gambling industries. A TXODDS survey of UK bettors found that:
Key takeaway: In the EU, the UK is the top markt with the majority of bettors regularly wagering on football (soccer).
Top sports betting countries in APAC include India, where there are many sports fans. Also, Japan and South Korea, where sports betting interest is growing.
According to TXODDS, online sports betting revenue in Asia is on track to reach $11.90 billion this year. Additionally, there’s been a surge of popularity in esports betting, particularly in countries like South Korea. Esports betting revenue is projected to reach $397.1 million this year, at an 11.7% growth rate. Interestingly, 78% of esports bettors in the region are aged 18-25.
Key takeaway: A majority of APAC-based sports bettors are highly engaged with esports betting and fall in the 18-25 age group.
Along with the usage trends named above, sports betting apps have innovated key functionality to engage users and provide a more seamless betting experience.
Live and in-play betting, where users can bet on events as they are happening in real-time, is a major trend. This is facilitated by live streaming capabilities within betting apps and real-time odds modulation.
Betting apps are enhancing cash-out features, giving users more control to cash out bets early, edit wagers, or create custom bets mid-event. This increased flexibility aims to empower users with more control over their betting strategies.
The use of advanced analytics tools, artificial intelligence (AI), and machine learning is growing to provide in-depth statistical insights, historical data analysis, and personalized betting recommendations to users. This helps inform smarter betting decisions.
Betting apps are expanding payment options to include cryptocurrencies. Others are exploring blockchain technology for enhanced transparency and security around transactions and betting markets.
Social betting features that allow users to connect, share insights, and participate in group activities are becoming more prevalent to foster community engagement around betting apps.
While still emerging, virtual reality (VR) and augmented reality (AR) technologies are being explored to create more immersive and engaging betting experiences, such as virtual stadium environments.
In the evolving landscape of sports betting apps, key trends highlight on user behavior and market dynamics.
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