Online Sports Betting - Latvia | Statista Market Forecast

Revenue in the Online Sports Betting market is projected to reach US$55.94m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 6.17%, resulting in a projected market volume of US$71.09m by 2028.
In the Online Sports Betting market, the number of users is expected to amount to 94.1k users by 2028.
User penetration will be 4.2% in 2024 and is expected to hit 5.4% by 2028.
The average revenue per user (ARPU) is expected to amount to US$739.60.
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 Latvia has experienced significant growth in recent years, driven by changing customer preferences and favorable local circumstances.

Customer preferences: Latvian customers have shown a growing interest in online sports betting, seeking convenience and a wide variety of betting options. The shift towards online platforms can be attributed to the increasing availability of smartphones and internet access, allowing customers to bet on their favorite sports events from the comfort of their own homes. Additionally, the popularity of international sports events, such as football tournaments and tennis championships, has fueled the demand for online sports betting in Latvia. Customers are also attracted to the competitive odds and promotional offers provided by online betting platforms, enhancing their overall betting experience.

Trends in the market: One of the key trends in the Latvian online sports betting market is the rise of live betting. Customers now have the option to place bets in real-time during sporting events, adding an element of excitement and engagement to their betting experience. This trend has been facilitated by technological advancements, such as faster internet speeds and improved mobile applications, enabling customers to receive real-time updates and make informed betting decisions. Live betting has become particularly popular for high-profile sports events, as customers can capitalize on rapidly changing odds and game situations. Another trend in the Latvian online sports betting market is the increasing focus on responsible gambling. Online betting platforms are implementing measures to promote responsible gambling practices and protect vulnerable customers. This includes providing self-exclusion options, setting deposit limits, and offering resources for problem gambling support. The emphasis on responsible gambling not only reflects the industry's commitment to customer well-being but also helps to maintain a positive regulatory environment in Latvia.

Local special circumstances: The Latvian online sports betting market benefits from a favorable regulatory framework. The Latvian gambling authority, the Lotteries and Gambling Supervision Inspection (IAUI), has established a licensing system that ensures the integrity and fairness of online betting operations. This regulatory framework provides customers with a sense of security and trust when engaging in online sports betting activities. Additionally, the Latvian government has taken measures to combat illegal online gambling, further strengthening the legitimacy of licensed operators in the market.

Underlying macroeconomic factors: The Latvian economy has been experiencing steady growth, which has positively impacted the online sports betting market. A growing economy translates to increased disposable income, allowing customers to allocate more funds towards leisure activities such as online sports betting. Furthermore, Latvia's membership in the European Union has facilitated cross-border transactions and access to international betting markets, contributing to the growth of the online sports betting industry in the country. In conclusion, the Online Sports Betting market in Latvia has witnessed significant growth due to changing customer preferences, including the shift towards online platforms and the popularity of live betting. The market also benefits from a favorable regulatory framework and underlying macroeconomic factors. As the market continues to evolve, it is expected that online sports betting in Latvia will continue to thrive, driven by technological advancements and customer demand for convenience and variety in their betting experience.

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.