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Two years after single-game sports betting was legalized in Canada, the country`s online sports betting market continues surging. The number of Canadians placing online sports bets more than doubled since 2021 and is set to reach over 16 million in 2023. However, the market is expected to grow even further up to 2027.
According to data presented by SportsLens.com, the Canadian online sports betting market is expected to double and hit 23.6 million users by 2027, or almost two times more than in the United Kingdom, the world`s third-largest online sports betting industry.
One of the Fastest-Growing Sports Betting Markets, Penetration Rate to Jump from 42.1% in 2023 to 59% in 2027
In just two years, Canada turned from a country that banned online bets into one of the fastest-growing sports betting markets. The legalization of single-game sports betting released a huge Canadian demand, which shows no signs of stopping any time soon.
According to Statista Market Insights data, in 2021, when sports betting in the country was legalized, around 6.1 million Canadians placed online bets. The number of users in the online sports betting market is expected to hit over 16 million this year, making for an astonishing 42% penetration rate. But that`s just the beginning. The entire market is set to witness even more impressive growth rates by 2027, with a forecast of nearly 24 million users and a penetration rate of a massive 59%.
That means Canada will not just reach the same size but outgrow the United Kingdom, the world`s third-largest sports betting market, in the next four years.
Statistics show the UK will see 18 times smaller user growth in the online sports betting market, with the number of Britons placing bets growing from 13.6 million to 14.8 million between 2023 and 2027. Also, UK`s penetration rate will increase from 19.8% to 21.3% in this period.
The Canadian market shows much bigger growth rates even when compared to the United States, where online sports bets were also legalized just four years ago. The number of Americans placing online bets hit around 31 million this year, making a 9.2% penetration rate. By 2027, the US sports betting market will grow to 49.2 million users, while the penetration rate will rise to 14.3%.
Canadian Sports Betting Revenues Growing 7x faster than the UK`s
Online sports betting sites, which were unallowed in Canada just two years ago, bring billions of dollars in revenue today. In 2021, the entire market grossed $280 million. However, the annual revenue tripled since then and is expected to hit $840 million this year. According to Statista, revenue will show an average annual growth rate of 11.67% between 2023 and 2027, resulting in a projected market volume of $1.3bn, or 368% more than in 2021.
The UK market is forecasted to see $5.3bn in online sport betting revenues by 2027, up from $4.21bn this year and 52% more than $3.4bn reported in 2021. This shows the Canadian market is growing seven times faster than the more mature UK online sports betting industry.
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Courtesy : https://sportslens.com/news/canadian-sports-betting-market-to-double-and-hit-23-6m-users-by-2027-almost-2x-more-than-in-the-united-kingdom/