Online Sports Betting - Hungary | Statista Market Forecast

Revenue in the Online Sports Betting market is projected to reach US$123.80m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.63%, resulting in a projected market volume of US$162.80m by 2029.
In the Online Sports Betting market, the number of users is expected to amount to 355.3k users by 2029.
User penetration will be 2.9% in 2024 and is expected to hit 3.7% by 2029.
The average revenue per user (ARPU) is expected to amount to US$429.70.
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 Hungary has been experiencing significant growth in recent years.

Customer preferences: Hungarian customers have shown a strong interest in online sports betting due to its convenience and accessibility. With the rise of smartphones and improved internet connectivity, more people in Hungary have access to online sports betting platforms. Additionally, the younger generation in Hungary is particularly attracted to the excitement and entertainment value that online sports betting offers.

Trends in the market: One of the key trends in the Hungarian online sports betting market is the increasing popularity of live betting. Live betting allows customers to place bets on ongoing matches or events, adding an extra level of excitement and engagement. This trend is driven by the desire for immediate gratification and the ability to make informed decisions based on real-time information. Another trend in the market is the growing number of sports and events available for betting. Hungarian customers now have access to a wide range of sports, including football, basketball, tennis, and more. This expansion of options has attracted a larger customer base and increased the overall volume of bets placed.

Local special circumstances: One of the unique characteristics of the Hungarian online sports betting market is the strong presence of local sports. Football, in particular, is a highly popular sport in Hungary, and local leagues and matches attract a significant number of bets. This local interest in sports creates a sense of community and loyalty among Hungarian customers, further driving the growth of the online sports betting market.

Underlying macroeconomic factors: The growing Hungarian economy has played a role in the development of the online sports betting market. As disposable income increases, more people in Hungary have the financial means to participate in online sports betting. Additionally, the overall stability of the Hungarian economy has created a favorable environment for the growth of the online sports betting industry. In conclusion, the Online Sports Betting market in Hungary is experiencing significant growth due to customer preferences for convenience and accessibility, as well as the increasing popularity of live betting. The presence of local sports and the overall stability of the Hungarian economy are also contributing factors to the market's development.

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.