Online Sports Betting - Canada | Statista Market Forecast

Revenue in the Online Sports Betting market is projected to reach US$989.20m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 9.07%, resulting in a projected market volume of US$1.40bn by 2028.
In the Online Sports Betting market, the number of users is expected to amount to 24.5m users by 2028.
User penetration will be 48.9% in 2024 and is expected to hit 61.0% by 2028.
The average revenue per user (ARPU) is expected to amount to US$51.86.
In global comparison, most revenue will be generated Australia (US$9.76bn in 2024).
With a projected rate of 48.9%, 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 Canada has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the growth in the Online Sports Betting market in Canada is the increasing popularity of sports betting among Canadian consumers. Canadians have always had a strong interest in sports, and betting on sports events has become a popular pastime for many. The convenience and accessibility of online sports betting platforms have made it easier for Canadians to participate in this activity.

Trends in the market: One trend in the Online Sports Betting market in Canada is the shift towards mobile betting. With the widespread adoption of smartphones and the increasing availability of mobile apps, more and more Canadians are choosing to place their bets on sports events using their mobile devices. This trend is expected to continue as mobile technology continues to advance and become more integrated into people's daily lives. Another trend in the market is the increasing number of online sports betting platforms that are catering specifically to the Canadian market. These platforms offer a wide range of sports events to bet on, as well as competitive odds and promotions targeted towards Canadian bettors. This has created a highly competitive market, with online sports betting platforms vying for the attention and loyalty of Canadian consumers.

Local special circumstances: One unique aspect of the Online Sports Betting market in Canada is the legal framework surrounding sports betting. While sports betting is legal in Canada, it is regulated at the provincial level. This means that each province has its own set of rules and regulations governing sports betting, and online sports betting platforms must comply with these regulations in order to operate legally in Canada. This can create challenges for online sports betting platforms, as they must navigate the different regulatory requirements in each province.

Underlying macroeconomic factors: The growth of the Online Sports Betting market in Canada can also be attributed to underlying macroeconomic factors. Canada has a strong economy, with a high standard of living and a large population. This provides a large customer base for online sports betting platforms to target. Additionally, the Canadian government has been supportive of the online gambling industry, recognizing the potential economic benefits that it can bring. This has created a favorable environment for the growth of the Online Sports Betting market in Canada. In conclusion, the Online Sports Betting market in Canada is experiencing significant growth due to the increasing popularity of sports betting among Canadian consumers, the shift towards mobile betting, the increasing number of online sports betting platforms catering to the Canadian market, the unique legal framework surrounding sports betting in Canada, and the underlying macroeconomic factors such as a strong economy and government support.

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. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies, and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, the urban population, the usage of key players, and attitudes toward online services.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Digital 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.