Online Sports Betting - Slovakia | Statista Market Forecast

Revenue in the Online Sports Betting market is projected to reach US$150.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 6.33%, resulting in a projected market volume of US$191.80m by 2028.
In the Online Sports Betting market, the number of users is expected to amount to 290.8k users by 2028.
User penetration will be 4.3% in 2024 and is expected to hit 5.4% by 2028.
The average revenue per user (ARPU) is expected to amount to US$641.90.
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 Slovakia has been experiencing significant growth in recent years.

Customer preferences: Slovakia has a strong sports culture, with a high level of interest in various sports such as football, ice hockey, and tennis. This has contributed to the popularity of online sports betting in the country. Customers enjoy the convenience and accessibility of placing bets online, as well as the ability to bet on a wide range of sports events from around the world. In addition, the availability of live streaming and real-time updates on sports events has further enhanced the online sports betting experience for customers in Slovakia.

Trends in the market: One of the key trends in the online sports betting market in Slovakia is the increasing use of mobile devices for betting. With the widespread adoption of smartphones and tablets, more and more customers are choosing to place their bets on the go. This trend has been facilitated by the development of mobile betting apps, which provide a seamless and user-friendly interface for customers to place their bets anytime and anywhere. Another trend in the market is the growing popularity of in-play betting. In-play betting allows customers to place bets on a sports event while it is in progress, giving them the opportunity to react to the changing dynamics of the game and potentially increase their winnings. This type of betting has gained traction in Slovakia due to the excitement and engagement it offers to customers.

Local special circumstances: One of the unique aspects of the online sports betting market in Slovakia is the strict regulation and licensing requirements imposed by the government. In order to operate legally in the country, online sports betting operators must obtain a license from the Ministry of Finance. This ensures that customers are protected and that the market operates in a fair and transparent manner. The licensing process includes thorough background checks and financial audits, which contribute to the overall credibility and trustworthiness of the market.

Underlying macroeconomic factors: The growth of the online sports betting market in Slovakia can be attributed to several underlying macroeconomic factors. Firstly, the increasing disposable income of the population has allowed more people to participate in online sports betting. As people have more money to spend on leisure activities, they are more likely to engage in online sports betting as a form of entertainment. Secondly, the advancements in technology have played a significant role in the development of the online sports betting market. The availability of high-speed internet connections, mobile devices, and innovative betting platforms has made it easier for customers to access and engage with online sports betting services. Lastly, the legal and regulatory framework in Slovakia has provided a stable and secure environment for online sports betting operators. The strict licensing requirements and regulations have helped to build trust among customers and ensure the integrity of the market. In conclusion, the online sports betting market in Slovakia is thriving due to customer preferences for convenience and accessibility, the adoption of mobile betting, the popularity of in-play betting, strict regulation and licensing requirements, and underlying macroeconomic factors such as increasing disposable income and advancements in technology.

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.