Growth of the global sports market is forecast to accelerate, making it worth $600bn (£438bn) by 2030, according to a report published today by consultancy Kearney. The market has grown an average of five per cent annually since 2020 but that rate is expected to increase to eight per cent, the report says. “Sport is no longer a passion project for investors,” said Christophe Firth, a Partner at Kearney. “It holds promise as a high-growth, high-return investment class. New technology, format innovation and revenue diversification has created new opportunities, not least the influx of private capital and strategic investors. “However, these new entrants to the market have also raised the bar, driving increased expectations and the need for strategic thinking and professionalised operations. “Clarity of ambition and strength in execution are the watchwords as the sector moves from passion to profit, creating value while also shaping the next era of global sports.” Sports market buoyed by betting It comes as English cricket chiefs finalise a £500m injection into the Hundred from overseas investors and rugby disruptors draw up plans for the franchise-based R360 competition. Team valuations are at an all-time high, with last month’s $10bn deal for the LA Lakers setting a new record in sport and continuing a trend of the last few years. The global sports market is currently worth $417bn, of which gaming – incorporating betting, fantasy sports and video games – is the largest and fastest-growing sector at $177bn. Sports betting alone is worth $133bn, fuelled by the liberalisation of gambling regulations in the US and the ease of betting via mobile devices. Commercialising IP and matchday, which includes media rights, sponsorship and in-venue advertising, and merchandising, is the second biggest sector at $154bn. Broadcasting and streaming, encompassing subscriptions for pay-TV channels and streaming platforms as well as the advertising on those channels, is worth $86bn, says Kearney.