5 Sports Betting Trends of 2024
11-04-2024
Sports betting has been around since the middle of the 20th century when the government was looking for ways to lessen the spread of it throughout the country. The gambling activity quickly became a legal thing to do in most states in America.
The American Gaming Association has reported that currently 38 out of the 50 states in the country as well as the District of Columbia have legalized sports betting. With the gambling activity currently on the rise, it is of importance to keep up with its trends to see where it is propelling the country’s economy in the upcoming years. Try
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1. About 80% Of Sports Bettors Are Ages 21 to 54
About 4 out of 5 sports bettors fall within the age range of 21 to 54. People this age are constantly working their regular full-time or part-time jobs and are looking for ways to enjoy their disposable income during their free time. Sports betting is a fun and thrilling way to enjoy disposable income, especially as a sports lover.
Even older sports bettors ages 55 and older are exhibiting more interest in sports betting. These individuals expressing interest in sports betting as a hobby increased from 13% to 20% recently. This may be because retired seniors are more apt to exploring different hobbies in which they did not have time to experience when they were working their regular job.
2. Consumer Penetration Will Increase By 4.6% By 2029
User penetration is defined as the analysis of how many consumers are utilizing a product or service. It is measuring the success of how many bettors are participating in sports betting.
As of now the user penetration percentage is 11%. Because of the rising popularity in sports betting as other state governments are working to legalize it, user penetration is expected to rise to 15.6% by 2029, which is about an average of a 0.92% increase per year.
3. Sports Betting Revenue Will Be A Quarter More
The revenue for online sports betting is expected to be $9.65 billion in 2024, which is more than a quarter of the prior year’s revenue. To be exact, this will be a 26.5% increase in sports betting revenue compared to 2023. Hence, users will be spending about $55.30 more in 2029 versus 2024.
4. Average Revenue Per User Will Increase By 18% By 2029
Evaluating the current average revenue per user is essential for determining how much value the sports betting market is receiving from each person spending their disposable income on betting activities. As of the latest update on Statista in March 2024, the current average revenue generated per user in the sports betting market is $256.60. Of course, these figures could be higher or lower depending on how much the user enjoys sports betting throughout the year.
This figure is expected to rise to $311.90 by 2029, which is roughly a 17.7% increase over the next 5 years. This will be an average increase of 3.54% per year for the average revenue per user.
5. Believe It Or Not, Sports Betting User Penetration Is Higher In Canada
Compared to Canada, the United States only has a quarter of the user penetration rate that Canada possesses. Canada has a sports betting user penetration rate of 48.8% percent as of March 2024 compared to America’s current rate of 11%. This is because Canada embraces a more upscale living standard and has a bigger population compared to the United States.
