Betting on sports has been around for ages. Like gambling, it incorporates the factor of sheer luck. However, there are also many sports betting stats you have to keep in mind when making sports predictions.
The thing is:
Skillful sports betting requires a lot of statistical and theoretical knowledge. And scientific studies have proved that there are sports betters who are really good in their “craft.”
That being said:
Sports betting is still a form of gambling, and it can lead to addiction, just as any other form of gambling.
To find out more, we dug deep into the latest sports betting stats for Canada and how they fit into the big picture globally.
Here’s what we discovered.
Fascinating Sports Betting Stats (Editor’s Choice)
- The Canadian sports betting industry is expected to grow to between $1.5 billion and $2.4 billion by 2023.
- The global online gambling industry is projected to grow to US$92.9 billion by 2023.
- The global sports betting industry, together with the lottery, is worth around US$218 billion.
- Sports betting makes up 40.3% of all online betting activities.
- Sports betting revenue in the US amounted to US$1.55 billion in 2020.
- Canada legalized sports betting back in 1985.
- 70% of Canadian sports bettors are men.
Global Sports Betting Industry Stats
1. There are more than 30,000 sports betting businesses worldwide.
(Source: Statista, Statista)
30,861 as of 2020, to be exact. A recent survey that encompassed the sports betting and lottery market size found that these two industries combined are worth more than a whopping US$ 218 billion.
Around 200,000 people worldwide are employed in the sports betting market. It’s likely that this figure, alongside the number of sports betting businesses, is an underestimation.
The thing is:
There are many illegal betting houses, and, needless to say, most of them are not that keen on appearing in official statistics.
2. Total sports betting revenue in the US reached US$1.55 billion in 2020.
This represented a huge hike from US$908.9 million in 2019. Of course, the most popular sport to bet on in the US is football.
Preferences vary by region:
In the UK, horse racing is incredibly popular, yielding more than £500 million in revenue in 2019. Next comes soccer, which is massive across Europe. In Italy, for instance, most sports betting revenues come from betting on soccer.
It has to be noted:
We have to be very careful when interpreting these sports betting stats. In the UK, for instance, sports betting statistics from 2020 show that most sports betting is off course, meaning that it is not actually legal.
3. According to sports betting stats from 2021, the revenue of the soccer sports lottery in Macao equaled US$50 million in 2020.
Did you know that the gambling industry of Macao is seven times that of Las Vegas?
Mind – blown.
The former Portuguese colony of Macao is a special administrative region of China where gambling is allowed. So, it’s not surprising that such a small region reaps such profound benefits from sports betting.
4. The global online gambling industry will be worth $92.9 billion in 2023.
(Source: Visual Capitalist)
The latest gambling statistics reveal the whole industry grows quite rapidly at 11.5% annually. This is primarily thanks to a wider acceptance of sports betting, which now accounts for a whopping 40.3% of all sports betting activities.
As far as official US stats are concerned:
The most recent gambling facts show that more than US$57 billion have been made since the US Supreme Court legalized sports betting in 2018, with US$4.1$ billion collected in tax revenues.
Sports Betting Stats for Canada
5. Canada legalized sports betting in 1985.
(Source: SportsHandle, Newswire.ca)
Up until recently, single-match betting was not exactly legal in Canada. This produced a peculiar situation where people didn’t really know what to do. So, most Canadians who wanted to bet on single matches simply used the services of European providers.
However, as of August 27, 2021, single-game wagering in Canada is legal.
The thing is:
Sports gambling is quite popular in Canada. And wherever there’s at least one sport that’s extremely popular, you’ll be able to see a well-developed sports betting industry. And this is certainly the case with hockey in Canada, but also thanks to other sports that are popular in the US as well.
6. $The Canadian sports betting industry made $242 million in 2019.
(Source: LegalSportsReport; Canadian Gaming Association)
39% of revenues come from “land-based” businesses that are legal. Regulated online vendors account for only 3% of sports betting in Canada. It’s not that online sports gambling is unpopular in Canada; instead, most online businesses are not regulated (57%).
Although this may seem like a lot of businesses operate in murky waters, the situation in most other countries is a lot worse compared to how things are in Canada.
We have to take these stats with a pinch of salt:
According to the Canadian Gaming Association, sports wagering exceeded $450 million as early as 2010! The association also emphasized that a majority of sports wagering revenues are unregulated.
But wait! There’s more:
7. Recent Canadian sports betting stats and trends reveal the industry is set to grow to a staggering $2.4 billion by 2023.
This is the most optimistic prediction. Still, even conservative estimates of the growth of the Canadian sports betting sector settle on $1.5 billion.
This is huge!
Some experts believe the legalization of single-match betting will be the most important driver of this growth, while others think that online betting will do the trick.
We’ll have to wait and see.
8. IThe legalization of sports betting will boost NHL’s annual revenues to US$216 million.
Thanks to various contracts, ads, and deals between the NHL and the betting market, a significant proportion spills over into the NHL’s coffers. It’s safe to say that hockey is the best sport to bet on in Canada, as the businesses will have to fight for customers and think of some special offers and bonuses to attract consumers.
9. 70% of sports bettors in Canada are males.
This is not really surprising, as men also constitute the biggest group of sports enthusiasts. People aged 35-54 are the largest age group (46% of all sports bettors), with younger people (18 to 34) accounting for 37% of bettors and older people (over 55) for 18%.
According to the CasinoValley sports statistics database, most gamblers prefer casinos and slot machines, while around 10% engage in sports results prediction.
10. Illegal sports betting revenues might amount to $40 billion.
(Source: Canadian Gaming Association)
Back in 2010, the CGA asserted that the Canadian government had other priorities, such as violent and drug-related crime. Until these problems are solved – and it is questionable whether they will ever be solved in their entirety – illegal sports wagering will remain a big issue in Canada.
11. Sports betting is linked with a higher likelihood of developing a gambling addiction.
(Source: The Conversation, Link.Springer)
Sports odds can cause addictive behaviour, and many Canadians are anxious about the effect of the new legislation allowing provinces to legalize single-game betting. Scientific research has found that sports bettors have certain personality traits that put them at risk of developing a gambling addiction.
Gambling in sports has been a thing ever since sports were invented, and it’s likely to stay this way. But when it comes to professional sports betting, Canada is about to experience a massive boom thanks to the new legislation allowing single-match betting.
There are many Canadian sports gambling sites that offer the newest sports betting advice and tips.
Certain institutions and experts warn that the new legislation may increase gambling addiction among sports bettors and make match-fixing easier.
Although sports betting is indeed linked to an increased risk of developing a gambling addiction, we’ll have to wait and see whether this connection exists between single-match betting and addiction.
Additionally, match-fixing is usually a thing in developing countries where corruption is rampant, which is not really the case with Canada.
The Canadian Gaming Association estimates that the win rate at 40% in most provinces. These estimations mainly relate to single-match betting, which is favoured by knowledgeable bettors. It is much harder to predict the outcomes of several events, such as hockey or football matches.
Hockey, needless to say. Other sports that are popular in the US are also exciting opportunities for sports wagerers in Canada. The popularity of sports for betting also varies depending on factors such as the course of the season, whether Canadians are especially successful in a particular sport, and so on.
Yes, both globally and in Canada. With the newest legislation that allowed single-match betting, the Canadian sports betting industry is set to balloon. The most recent sports betting stats suggest the Canadian sports betting industry could be worth an eye-watering $2.4 billion by 2023.