Online Sports Betting - Lithuania

Revenue in the Online Sports Betting market is projected to reach US$77.77m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 6.15%, resulting in a projected market volume of US$98.74m by 2028.
In the Online Sports Betting market, the number of users is expected to amount to 130.6k users by 2028.
User penetration will be 4.0% in 2024 and is expected to hit 5.2% by 2028.
The average revenue per user (ARPU) is expected to amount to US$740.70.
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 Lithuania has been experiencing significant growth in recent years. Customer preferences are shifting towards online platforms due to the convenience and accessibility they offer. Additionally, the local special circumstances and underlying macroeconomic factors have contributed to the development of the market.

Customer preferences: Lithuanian customers have shown a growing preference for online sports betting platforms. This can be attributed to the convenience and ease of use that these platforms provide. With just a few clicks, customers can access a wide range of sports events and place bets from the comfort of their own homes. The availability of mobile applications has further enhanced the accessibility of online sports betting, allowing customers to place bets on the go.

Trends in the market: One of the key trends in the online sports betting market in Lithuania is the increasing popularity of live betting. Customers are now able to place bets while the game is in progress, adding an element of excitement and engagement to the betting experience. This trend is driven by advances in technology, which enable real-time updates and live streaming of sports events. As a result, customers are able to make more informed decisions and adjust their bets based on the changing dynamics of the game. Another trend in the market is the diversification of betting options. Online sports betting platforms in Lithuania now offer a wide range of sports and betting markets to cater to the diverse preferences of customers. This includes not only traditional sports like football and basketball, but also niche sports such as esports and virtual sports. By expanding the range of options available, operators are able to attract a larger customer base and increase overall market participation.

Local special circumstances: Lithuania has a strong sporting culture, with a passionate fan base for various sports. This provides a fertile ground for the growth of the online sports betting market. The popularity of sports events and the high level of engagement among fans create a favorable environment for betting activities. Furthermore, the regulatory framework in Lithuania allows for the legal operation of online sports betting platforms, providing a stable and secure environment for both operators and customers.

Underlying macroeconomic factors: The growth of the online sports betting market in Lithuania is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income. As a result, more people have the financial capacity to participate in online sports betting activities. Additionally, the high internet penetration rate in Lithuania ensures that a large portion of the population has access to online platforms, further driving the growth of the market. In conclusion, the Online Sports Betting market in Lithuania is developing due to the shifting customer preferences towards online platforms, the trends in live betting and diversification of betting options, as well as the local special circumstances and underlying macroeconomic factors. With the continued growth of the market, it is expected that online sports betting will remain a popular form of entertainment and a thriving industry in Lithuania.

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.