Online Sports Betting - Georgia | Statista Market Forecast

Revenue in the Online Sports Betting market is projected to reach US$13.72m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 5.54%, resulting in a projected market volume of US$17.02m by 2028.
In the Online Sports Betting market, the number of users is expected to amount to 34.7k users by 2028.
User penetration will be 0.7% in 2024 and is expected to hit 0.9% by 2028.
The average revenue per user (ARPU) is expected to amount to US$491.90.
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 Georgia has experienced significant growth in recent years, driven by changing customer preferences and favorable local circumstances.

Customer preferences: In Georgia, there is a growing interest in sports, particularly football and basketball. This has led to an increased demand for online sports betting, as fans look for ways to engage with their favorite teams and players. Additionally, the convenience and accessibility of online platforms have made it easier for customers to place bets from the comfort of their own homes or on the go.

Trends in the market: One of the key trends in the online sports betting market in Georgia is the rise of mobile betting. With the widespread adoption of smartphones and the availability of high-speed internet, more and more customers are using mobile devices to place their bets. This trend is expected to continue as mobile technology continues to advance and become more affordable. Another trend in the market is the increasing popularity of live betting. This allows customers to place bets on sporting events in real-time, adding an extra level of excitement and engagement. The availability of live streaming services has also contributed to the growth of live betting, as customers can watch the events unfold and make informed decisions.

Local special circumstances: One of the factors contributing to the growth of the online sports betting market in Georgia is the relatively lenient regulatory environment. While there are regulations in place to ensure fair and responsible gambling, the industry is not heavily restricted. This has allowed for the emergence of a competitive market with a wide range of operators offering different betting options. Furthermore, the increasing penetration of internet and smartphone usage in Georgia has created a favorable environment for online sports betting. With a large portion of the population having access to the internet, there is a significant potential customer base for online betting operators.

Underlying macroeconomic factors: The overall economic growth in Georgia has also played a role in the development of the online sports betting market. As the economy has expanded, disposable income levels have increased, allowing more individuals to participate in online betting activities. Additionally, the stability of the country's financial system and the ease of conducting online transactions have further facilitated the growth of the market. In conclusion, the online sports betting market in Georgia is experiencing growth due to changing customer preferences, including a growing interest in sports and the convenience of online platforms. The rise of mobile betting and live betting are also significant trends in the market. The relatively lenient regulatory environment, increasing internet and smartphone penetration, and overall economic growth are local special circumstances that have contributed to the development of the market.

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.