Everyone is walking around dehydrated. Water alone runs straight through you, so you need electrolytes to hold on to it. One sachet hydrates you like several bottles of water, stops cramp, keeps you sharp and clears a hangover.
Tested directly, a commercial sports drink was no better than plain water: when 13 everyday drinks were compared for how much fluid people still held four hours later, the sports drink sat in the same group as cola, coffee, tea, beer and orange juice, while only a rehydration solution and milk retained more. On cramp, athletes who cramp and athletes who do not have been found to have the same sweat volume and the same sweat sodium, potassium and chloride, and both marathon and Ironman crampers show no electrolyte or fluid difference from those who finish uncramped; a Cochrane review of magnesium, the other mineral sold for cramp, found it unlikely to meaningfully reduce cramp frequency in the older adults where it has been tested most. On hangover, drinking water alongside alcohol prevents only a little of it and does nothing once one has begun, so the dehydration account these products lean on is itself shaky. What is genuinely well evidenced is the medical use the category borrows its name from: a rehydration solution given to a child with diarrhoea keeps roughly 24 in every 25 of them off an intravenous drip.
The category sells a mechanism, and the mechanism is real: sodium and glucose together do pull water across the gut wall, which is why a rehydration solution can keep a child with diarrhoea off a drip. What has never followed is evidence that a well person drinking one during ordinary exercise ends up better off than they would have been with a glass of water.