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This is a question that's impossible to answer because a lot of revenues aren't reported.
However, there are plenty of firms that estimate the size of the industry and it's incredible to see how big online sports betting has become.
A new infographic by LBS reveals the spectacular growth of betting sites. Statistica has estimated the online sports betting market will be worth $56.7 billion by 2018. To help you compare, Costa Rica's entire GDP is the same.
We've seen this industry grow from nothing to billions in revenues in less than 20 years. Intertops launched the first online sportsbook twenty years ago (1996) and we've seen the market grow sharply ever since.
How big can the industry grow? The sky is really the limit and I expect more growth in the next twenty years than the past twenty years. However, that'll be largely dependant on the USA regulating online gambling. If the US regulates online gambling we could see more rapid growth in the industry than we've ever seen before.
While rapid growth will be dependant upon regulation in the big unregulated markets (USA, Canada, Asia, etc.), there will also be growth opportunities due to innovation. For example, virtual reality is becoming a reality right now and it won't be long before online bookmakers look to take advantage of the new technology.
Millenials are also helping the industry grow. Sports betting is more accepted among this generation and the majority of young adults are aware of the opportunities available online, including sports betting.
Sports are also becoming more popular among casual fans. There are lots of huge sports websites where fans can go to discuss news and many of these websites advertise gambling to readers, which increases awareness.
Growing the world economy will greatly help the sports betting industry grow as well. For example, as India develops a bigger middleclass, that'll likely result in more residents having disposable income for entertainment. Many Indians love cricket, but the cricket betting market is still maturing and nowhere near the size of other major sports.
Sports betting can provide great entertainment, but you have to make sure you manage your bankroll. Everyday there are hundreds of events to wager on around the world. Bigger sports such as football, soccer, basketball, baseball, golf, hockey and tennis command most of the attention, but you can bet on just about any sport.
While not overly popular, you can even bet on entertainment markets such as reality TV, music/movie award shows and more. Typically sports bettors don't care about these markets, but sportsbooks are trying to appeal to other demographics, including women. In recent years, more women are starting to enjoy betting.
With many countries around the world already regulating online gambling, the industry isn't going anywhere and it's unlikely that growth will be hard to find. Millions of people enjoy betting and technology has helped make betting not only more accessible, but it has made it a lot more entertaining thanks to the great features offered by bookmakers.
For example, you can watch live streaming sites at most UK bookmakers. You could be in the UK and watching live horse racing in Australia online while you bet. A lot of bookmakers also offer statistics, trends and betting news to help punters hunt down the best bets. Bonuses and promotions are also higher than they've ever been.
