Online Sports Betting - Costa Rica

Revenue in the Online Sports Betting market is projected to reach US$88.71m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 6.24%, resulting in a projected market volume of US$113.00m by 2028.
In the Online Sports Betting market, the number of users is expected to amount to 180.6k users by 2028.
User penetration will be 2.8% in 2024 and is expected to hit 3.3% by 2028.
The average revenue per user (ARPU) is expected to amount to US$611.00.
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 Costa Rica has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to the development of the market.

Customer preferences: Costa Rican customers have shown a growing interest in online sports betting. This can be attributed to several factors. Firstly, the convenience of being able to place bets from the comfort of their own homes or on the go using mobile devices has made online sports betting a popular choice. Additionally, the wide variety of sports and betting options available online has attracted a diverse range of customers. The ability to bet on popular international sports such as soccer, basketball, and tennis, as well as local sports events, has increased the appeal of online sports betting in Costa Rica.

Trends in the market: One of the key trends in the online sports betting market in Costa Rica is the increasing use of mobile devices for betting. With the widespread availability of smartphones and the improvement of mobile internet connectivity, more customers are choosing to place their bets through mobile apps or mobile-optimized websites. This trend is expected to continue as mobile technology continues to advance. Another trend in the market is the emergence of live betting. Customers now have the option to place bets on sporting events as they are happening, adding an extra level of excitement and engagement to the betting experience. Live betting has become particularly popular among sports enthusiasts who enjoy the thrill of making predictions in real-time.

Local special circumstances: Costa Rica has a strong tradition of sports, particularly soccer, which has contributed to the popularity of online sports betting in the country. The passion for sports among Costa Ricans has created a favorable environment for the growth of the online sports betting market. Furthermore, Costa Rica has a well-established gambling industry, with a number of land-based casinos and sportsbooks. The legalization of online gambling in the country has allowed these established operators to expand their offerings to the online market, leveraging their existing brand recognition and customer base.

Underlying macroeconomic factors: The growth of the online sports betting market in Costa Rica can also be attributed to favorable macroeconomic factors. The country has a stable economy and a relatively high level of internet penetration, providing a solid foundation for the development of the online gambling industry. Additionally, Costa Rica has a favorable regulatory environment for online gambling, with a well-defined legal framework that allows operators to obtain licenses and operate legally. In conclusion, the Online Sports Betting market in Costa Rica is developing due to customer preferences for convenience and a wide variety of betting options, the increasing use of mobile devices for betting, the emergence of live betting, the passion for sports among Costa Ricans, the presence of a well-established gambling industry, and favorable macroeconomic factors such as a stable economy and a favorable regulatory environment.

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.