Online Sports Betting - Colombia | Statista Market Forecast

Revenue in the Online Sports Betting market is projected to reach US$889.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.12%, resulting in a projected market volume of US$1.51bn by 2029.
In the Online Sports Betting market, the number of users is expected to amount to 1.3m users by 2029.
User penetration will be 1.9% in 2024 and is expected to hit 2.4% by 2029.
The average revenue per user (ARPU) is expected to amount to US$886.50.
In global comparison, most revenue will be generated United States (US$14.30bn in 2024).
With a projected rate of 48.8%, the user penetration in the Online Sports Betting market is highest Canada.

Definition:

The online sports betting market refers to the segment of the online gambling industry that involves placing bets on various sports events over the internet. This includes a wide range of sports, such as football, basketball, baseball, horse racing, tennis, and many others. Online sports betting allows customers to place bets on the outcome of sporting events in real-time, either before or during the event. These bets can be placed through various online platforms, including websites and mobile apps, which are often operated by licensed online sportsbook operators.

Additional Information

Data includes revenue figures in Gross Gambling Revenue (GGR), which is the total amount of bets placed by customers minus the amount paid out in winnings, Users, average revenue per user (ARPU), user penetration rate, and a breakdown of revenue shares of the total betting market. User and revenue figures represent B2C services.

Online sports betting on various sports such as football, basketball, tennis, cricket, golf, etc.
Esports betting on sports simulation games such as FIFA, NBA 2K, and Madden NFL
Proposition betting on specific events or outcomes in a sports game

Offline or land-based sports betting establishments such as sportsbooks and race tracks
Betting on non-sporting events such as politics, entertainment, and reality TV shows
Illegal or unlicensed online sports betting websites or apps.

The Online Sports Betting market in Colombia has been experiencing significant growth in recent years.

Customer preferences: Colombian customers have shown a growing interest in online sports betting, as it provides them with a convenient and accessible way to engage in their favorite sports activities. The ease of placing bets from the comfort of their own homes or on the go through mobile apps has attracted many customers to this market. Additionally, the availability of a wide range of sports events and betting options has further contributed to the popularity of online sports betting in Colombia.

Trends in the market: One of the key trends in the Colombian online sports betting market is the increasing adoption of mobile betting. With the widespread use of smartphones and the availability of mobile apps, customers can now place bets anytime and anywhere. This trend is expected to continue as more customers embrace the convenience and flexibility offered by mobile betting. Another trend in the market is the emergence of live betting. Live betting allows customers to place bets on ongoing sports events, adding an extra level of excitement and engagement. This trend has gained traction in Colombia, as customers seek more interactive and immersive betting experiences.

Local special circumstances: Colombia has a strong sports culture, with football being the most popular sport in the country. This has contributed to the growth of the online sports betting market, as customers are highly engaged in football matches and tournaments. The availability of betting options for football events has attracted a large customer base and has been a driving force behind the growth of the market.

Underlying macroeconomic factors: The growth of the online sports betting market in Colombia can also be attributed to favorable macroeconomic factors. The country has experienced stable economic growth in recent years, which has led to an increase in disposable income. This, in turn, has allowed customers to allocate more funds towards leisure activities, including online sports betting. Furthermore, the increasing penetration of internet services and the growing popularity of smartphones have made online sports betting more accessible to a wider audience. The improved internet infrastructure and the affordability of smartphones have enabled more Colombians to connect to online betting platforms, driving the growth of the market. In conclusion, the Online Sports Betting market in Colombia has been growing due to customer preferences for convenience and accessibility, trends such as mobile betting and live betting, the strong sports culture in the country, and favorable macroeconomic factors such as stable economic growth and improved internet infrastructure.

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Gambling Revenue (GGR) and represent what consumers pay for these products and services.

Modeling approach:

Market size is determined through a Top-Down approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP, number of internet users, and internet consumption.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, and 4G coverage.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Advertising & Media market, in a PDF format.

Sports betting is a type of gambling that refers to the activity of placing a wager on the outcome of a sporting event. Events on which wagers are made could be anything from more traditional activities like horse or dog racing to sports such as soccer and American football. Bets are typically made through bookmakers, also known as sportsbooks. These operate both as land-based establishments, for example, at casinos or betting shops, and online. The total amount of money wagered by bettors is known as a handle, while the amount of money earned by a sportsbook after paying out the winners is revenue. In 2022, the sports betting and lottery market size worldwide amounted to 235.46 billion U.S. dollars.