Report Summary

The sports betting industry is experiencing significant growth, driven by the increasing legalization of platforms and strategic advertising efforts by operators. Currently, one-third (33%) of consumers have engaged in some form of sports betting over the past year, with over half (58%) of these bettors placing wagers at least once a week. As more states embrace legalization, the market’s expansion offers savvy bettors ample opportunities to leverage their sports knowledge. However, it will be critical for sports betting operators to continue to innovate and adapt to appeal to consumers’ varying preferences in an effort to maintain users, as half (52%) of sports bettors indicate that they are loyal to one sportsbook.

Sports betting has seamlessly integrated into popular culture, particularly resonating with younger audiences who find it an exciting extension of their sports fandom. This rising popularity underscores the industry’s potential to educate and empower a broad consumer base, transforming casual viewers into informed participants who can make strategic decisions based on comprehensive insights. The industry’s trajectory highlights not only its economic potential but also its ability to enhance the overall sports entertainment experience for fans nationwide.

This report looks at the following areas:

  • The US sports betting market and performance
  • Factors impacting the sports betting landscape
  • Sports betting history, interest, frequency, and interest by sport
  • Reasons for choosing a specific sportsbook
  • Sports betting platform awareness
  • Consumer attitudes toward sports betting

The sports betting industry is on a hot streak, drawing consumers eager to turn their fandom into cash, blending passion with profit for a leisurely thrill.

Gabe Sanchez, Automotive Analyst

Market Definitions

For the purposes of this Report, Mintel has used the following definitions:

A sports bettor is any respondent aged 22+ who has participated in betting on a sporting event at a casino, a sporting event online or through an app, or bet on daily fantasy sports in the past 12 months.

A respondent open to sports betting is someone who indicates interest in betting on any of the following sports in the future: pro football, pro basketball, college football, baseball, college basketball, horse racing, boxing/MMA, soccer, auto racing, esports, hockey, or golf.

A sportsbook is a betting establishment with which a person can wager on sporting events. The sportsbook can either be in person or online. Online betting is any wager that is placed through the internet, while mobile betting takes place through a mobile application or on a mobile device.

This Report builds on the analysis presented in Mintel’s Sports Betting – US, 2023. For more of an overview of gambling within the US with an emphasis on casino-style gambling, please refer to Mintel’s Gambling Overview – US, 2024.

Table of Contents

  1. Executive Summary

    • Key issues covered in this Report
    • Overview
    • What you need to know
    • Consumer trends: key takeaways
    • Consumer trends: key takeaways (cont’d)
    • Market predictions
    • Opportunities
    • Leverage social features to boost engagement and retention
    • Enhance visibility: integrate in person betting and arena based innovations
    • Empower new bettors: implement education-based platforms to bridge knowledge gaps
    • Harness streaming partnerships to engage younger consumers
  2. Market Dynamics

    • Market context
    • Market drivers
    • Consumer sentiment fell by 13% in May
    • Graph 1: consumer sentiment index, 2021-24
    • US sports betting revenue has significant growth potential
    • FanDuel leads in digital advertising spend
    • Graph 2: digital advertising overview, YTD share of spend – analyzed sportsbooks, 2024
    • Millennials make up a large share of the population
    • Legalization, growth, and responsible promotion
    • Mergers and acquisition across the market
  3. Consumer Insights

    • Consumer fast facts
    • Consumer fast facts (cont’d)
    • Sports betting participation
    • Consumers participate in various forms of sports betting
    • One in three consumers are elevating their game with sports betting
    • Sports betting stands out among consumers
    • Graph 3: betting types in the past 12 months, 2024
    • Rising stakes: increase in sports betting activity
    • Graph 4: sports betting in the past 12 months, 2022-24
    • Age is a factor in participation
    • Graph 5: sports betting in the past 12 months, by age, 2024
    • Decoding the generational divide in sports betting
    • Younger men and women shape the sports betting market
    • Graph 6: sports betting in the past 12 months, by gender and age, 2024
    • Diversify engagement to appeal to multicultural consumers
    • Graph 7: sports betting in the past 12 months, overall vs Black and Hispanic consumers, 2024
    • College educated consumers lean into sports betting
    • Graph 8: sports betting in the past 12 months, those with college degree vs overall, 2024
    • Policy restrictions pose a threat to participation of college students
    • Convenience, entertainment contribute to parent participation
    • Graph 9: sports betting in the past 12 months, moms vs dads, 2024
    • Highlight inclusivity in sports betting
    • Graph 10: sports betting in the past 12 months, overall vs LGBTQ+, 2024
    • Sports betting interest
    • Take an omnichannel approach to experiences
    • Graph 11: sports betting future interest, 2024
    • Regulatory limits on sports betting interest
    • Graph 12: betting type interest, 2024
    • Empower consumers to drive interest
    • Graph 13: sports betting interest, 2022-2024
    • Bet on younger consumers, win big
    • Graph 14: sports betting interest, by age, 2024
    • Hedge your bets with older consumers
    • Engage diverse demographics for market growth
    • Graph 15: sports betting interest, by gender and age, 2024
    • Emphasize education, empowerment and influencers
    • The Caitlin Clark Effect
    • Expand reach among multicultural consumers
    • Graph 16: sports betting interest, overall vs Black and Hispanic consumers, 2024
    • Highlight multilingual options to break barriers, build trust
    • Graph 17: sports betting interest, by language spoken in the home, 2024
    • Parents indicate an interest in future sports betting
    • Graph 18: sports betting interest, moms vs dads, 2024
    • Reaching betting-savvy parents
    • Sports betting frequency
    • Increase in activity among bettors
    • Graph 19: sports betting frequency, 2022-2024
    • Younger sports bettors lead the charge…
    • Graph 20: sports betting frequency, by age, 2024
    • …but there is some opportunity among older consumers
    • Uptick in betting
    • Graph 21: more often vs the same amount, by age, 2024
    • Bet wisely: champion responsible gambling in sports betting
    • Graph 22: “I wish there were better protections in place to keep people from gambling too much” (any agree), by age, 2024
    • Ensuring safe gambling practices
    • FanDuel highlights responsible gambling
    • Improve frequency among multicultural consumers
    • Graph 23: sports betting frequency, overall vs Black and Hispanic consumers, 2024
    • Multicultural consumers present opportunity
    • Graph 24: sports betting behavior – change in the past 12 months, overall vs Black and Hispanic consumers, 2024
    • Ease discontent among Black consumers
    • Graph 25: “I am not happy with the amount I’ve bet lately” (any agree), overall vs Black and Hispanic consumers, 2024
    • Tailoring sports betting to meet the lifestyle of today’s parents
    • Graph 26: weekly sports betting, moms vs dads, 2024
    • Mothers present opportunity for growth
    • Graph 27: sports betting behavior – change in the past 12 months, moms vs dads, 2024
    • Ways to reach mothers
    • Sports betting behavior
    • Betting behaviors influence frequency
    • Betting offers consumers another way to engage
    • Graph 28: sports betting behavior – viewing, by age, 2024
    • Go beyond traditional advertising to differentiate
    • Graph 29: attitudes toward advertising (% any agree), by age, 2024
    • Mobile betting strong across age segments
    • Graph 30: sports betting behavior – method, by age, 2024
    • Bet on it: bridge the digital divide in sports betting
    • Graph 31: sports betting behavior – method, by betting frequency (at least a few times per week), 2024
    • Integrate sports betting at the game
    • LGBTQ+ consumers less likely to engage with sporting events
    • Graph 32: sports betting behavior – viewing, LGBTQ+ vs overall, 2024
    • LGBTQ+ consumers are more likely to bet on sports in person
    • Graph 33: sports betting behavior – method, LGBTQ+ vs overall, 2024
    • Mobile betting fuels multicultural participation
    • Graph 34: sports betting behavior – method, overall vs Black and Hispanic consumers, 2024
    • Sports betting participation and interest by sport
    • Participation has increased across sports
    • Graph 35: sports betting participation by sport, 2023 vs 2024
    • Interest increases across sports
    • Graph 36: sports betting interest by sports, 2023 vs 2024
    • Younger consumers drive betting participation across sports
    • Graph 37: have bet on this sport, and would do so again, by age, 2024
    • Opportunity to go beyond younger demographics
    • Graph 38: have not bet on this, but would be interested in betting on it in the future, by age, 2024
    • Appeal to first time bettors, drive participation across sports
    • Graph 39: have not bet on this, but would be interested in betting on it in the future, by age, 2024
    • Opportunity for horse racing in the digital gambling space
    • Black consumers indicate an interest in professional and collegiate basketball
    • Graph 40: have bet on basketball, and would do so again, Black consumers vs overall, 2024
    • NBA 2k24 pick’em feature
    • DraftKings leverages Kevin Hart
    • Avid sports bettors spread their bets
    • Graph 41: have bet on this sport and would do so again, by betting frequency (at least multiple times a week), 2024
    • Sports betting platform awareness
    • Top spenders lead in awareness
    • FanDuel, DraftKings lead awareness
    • Graph 42: sports betting platform awareness, 2024
    • Beware of the underdog
    • Younger consumers indicate heightened awareness beyond top sportsbooks
    • Graph 43: sports betting platform awareness, by age, 2024
    • Gender parity presents opportunity
    • Graph 44: sports betting platform (select) awareness, 22-34s by gender, 2024
    • Parents indicate heightened awareness of particular sportsbooks
    • Graph 45: sports betting platform awareness, by parental status, 2024
    • Driving awareness, and consideration among mothers
    • Reasons for choosing a sportsbook
    • Align with preferences to generate loyalty
    • Graph 46: reasons for choosing a sportsbook (any rank), 2024
    • Social aspects, guidance influence younger consumers
    • Graph 47: reasons for choosing a sportsbook, by age, 2024
    • Bet on personalization
  4. Competitive Strategies

    • PENN Entertainment inks deal with ESPN
    • Dave & Busters offers wagering
    • Sportsbooks reconsider offering prop bets
    • Fanatics offers retail incentives
    • DraftKings hires Chief Responsible Gaming Officer
    • FanDuel promotes safe gaming
    • Over/Under bar provides a sports betting experience
  5. Appendix

    • Market definition
    • Consumer research methodology
    • Generations
    • Abbreviations and terms

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