$6.4bn
$XXX.Xm
6,415
835
$XXX.Xm
The Horse and Sport Betting industry has undergone significant change over the past decade, as online and mobile betting websites have gained a greater foothold in the market, eroding the traditional dominance of Tabcorp. Punters are increasingly choosing to bet online, rather than through retail outlets. Revenue is expected to grow at an annualised 3.7% to $6.4 billion over the five years through 2023-24. This result includes an expected increase of 4.2% in 2023-24, as in-person gambling venues continue to recover from declines brough on by the COVID-19 pandemic. A sharp recovery in spectator sport participation and horseracing attendances is also likely to boost revenue. These trends are likely to offset the ongoing effect of cost of living pressures on gambling expenditure in Australia, which is weighing on the performance on bookmakers in all segments of the industry. Betting on sporting events is the industry's fastest growing segment primarily because of a strong growth in wagers placed through digital channels and fixed-odds betting. This segment has expanded to the detriment of on-course totalisators at horseraces. Consolidation has also occurred because of frequent acquisitions, with several larger companies increasing their market share by acquiring smaller betting firms. For example, the parent company of Ladbrokes acquired Neds in 2018, while the Sportsbet and BetEasy brands were combined following the merger of their overseas parent companies, Flutter Entertainment and the Stars Group. These trends have helped propel Ladbrokes and Sportsbet to market leaders in online wagering, and contributed to falling enterprise and establishment numbers over the past five years.Industry revenue is projected to continue growing over the next five years, albeit at a slower rate. A projected increase in real household discretionary income and the continued growth of online wagering will drive industry-wide expansion. Yet, the growth of online wagering is likely to slow, as the over saturated market leads to consolidation and smaller operators leave the industry. These trends, along with a possible tightening of regulatory conditions, are forecast to weigh on profit margins over the coming years. Overall, industry revenue is forecast to rise at an annualised 1.0% over the five years through 2028-29, to $6.7 billion.
Industry revenue has grown at a CAGR of 3.7 % over the past five years, to reach an estimated $6.4bn in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 |
---|---|---|
Tabcorp | 2,640.0 | |
Paddy Power Australia | 2,228.9 | |
Entain Group | 894.0 |
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Industry revenue is measured across several distinct product and services lines, including Online racing wagering, Retail racing wagering and Online sport wagering. Online racing wagering is the largest segment of the Horse and Sports Betting in Australia.
Smartphones are shifting punters to online racing betting
Industry operators provide gambling services, including totalisator and betting services. Gamblers generally place wagers on horseraces and sporting matches. The industry includes online gambling services but excludes casinos and lottery operations.
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ANZSIC 9209 - Horse and Sports Betting in Australia
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
The pandemic accelerated consumer uptake of online wagering, which has constrained retail outlets. Extended lockdowns led many punters in Australia to shift from betting in p...
Learn about an industry's products and services, markets and trends in international trade.
As punters shift online, the distribution of product segments was sharply reconfigured. Instead of betting on sporting matches at an in-person venue, many punters are increas...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
The size of the population typically determines the size of the gambling market. Given most of Australia’s population is on the eastern seaboard, it naturally follows that th...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Competition is much higher in online wagering, because barriers to entry are lower. Retail wagering is often defined by regional monopolies and exclusive licensing, which is ...
Learn about the performance of the top companies in the industry.
The rise of online bookies has eroded Tabcorp and RWWA’s monopoly position as a retail wagering provider. The online segment is far more competitive, which limits the market ...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Per capita gambling expenditure is on the rise, fuelling higher wagering yields. A rise in gambling expenditure in 2023-24 is set to drive a moderate growth in revenue, both ...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Profit margins have stagnated because of high competition. The rise of online bookmakers have strengthened industry-wide profit margins over the long-term, but more recently ...
Including values and annual change:
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Key data sources in Australia include:
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The market size of the Horse and Sports Betting industry in Australia is $6.4bn in 2024.
There are 835 businesses in the Horse and Sports Betting industry in Australia, which has declined at a CAGR of 1.7 % between 2018 and 2023.
The market size of the Horse and Sports Betting industry in Australia has been growing at a CAGR of 3.7 % between 2018 and 2023.
Over the next five years, the Horse and Sports Betting industry in Australia is expected to grow.
The biggest companies operating in the Horse and Sports Betting market in Australia are Tabcorp, Paddy Power Australia and Entain Group
Online racing wagering and Retail racing wagering are part of the Horse and Sports Betting industry.
The company holding the most market share in Australia is Tabcorp.
The level of competition is high and increasing in the Horse and Sports Betting industry in Australia.