Online gambling refers to the gambling activities which takes place on the internet. It includes virtual casinos, poker, bingo, keno, lotteries, slots, and sports betting. Gambling has emerged as one of the most popular and lucrative businesses on the web and has been legalized in various nations.
Online gambling and betting market to grow with a CAGR of 11.5% over 2022-2030
Online gambling refers to the gambling activities which takes place on the internet. It includes virtual casinos, poker, bingo, keno, lotteries, slots, and sports betting. Gambling has emerged as one of the most popular and lucrative businesses on the web and has been legalized in various nations.
The Online Gambling and Betting Market was worth USD 53.7 billion in 2019 and is anticipated to amplify with a CAGR of 11.5% over the forecast duration of 2022-2030.
Online Gambling and Betting Market – Growth propellants and restrains
Rising internet penetration and widespread adoption of smart devices are primarily accelerating the industry growth. Alongside, the easily accessible nature of online gambling, legalization and cultural approval coupled with corporate sponsorships are augmenting market outlook. Also, availability of inexpensive mobile applications and rising disposable income of the masses are adding traction to the industry expansion.
In addition, emergence of new technologies such as virtual reality and block chain is positively swaying the market dynamics. Further, high rate of employment opportunities offered by online gambling companies is creating lucrative opportunities for the market to prosper.
On the contrary, rigid regulatory policies and laws pertaining to online gambling and rising instances of cybercrime are impeding the development of online gambling and betting market.
The outbreak of the COVID-19 pandemic paved a way for the market to witness substantial gains. Rigid restrictions on people’s movement hampered the operation of physical casinos. As a result, most of the players shifted to e-based gambling platforms, thereby accelerating the market development.
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Online gambling and betting market- Segmental insights
By type
- Sports betting
- Casinos
- Poker
- Bingo
The sports betting segment is poised to capture a high market share by 2030 ascribing to the rising use of digital platforms and increasing per capita income of individuals across the emerging economies.
Moreover, the poker segment is also projected to garner a considerable revenue share over the projected timeframe owing to the widespread popularity of online card games.
Based on device
- Desktop
- Mobile
- Others
The desktop segment is expected to generate a high revenue share over the stipulated timeline. This is credited to high performance perimeter of desktops such as better picture quality, volume, graphics, and storage capacity as compared to mobile phones.
Expounding the geographical landscape of the business sphere
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa are the major regions constituting the geographical ambit of worldwide online gambling and betting industry. Among these, Europe is projected to showcase lucrative expansion trends over the estimated timeline. This is attributed to the legalization of gambling in nations such as Italy, Malta, Spain, France, and Germany. Besides, availability of high-speed internet, growing adoption of smartphones, and surging popularity of online casinos are contributing to the regional market growth.
Also, Asia Pacific is anticipated to expand with a high CAGR over 2022-2030 due to the rising popularity of bitcoins, economic developments, and relaxation of regulations associated with online gambling and betting.
Outlook of the competitive terrain
The prominent players influencing the trends of global online gambling and betting market are GVC Holdings Plc., Betsson AB, William Hill Plc., The Stars Group, Inc., 888 Holdings Plc., Sky Betting and Gaming, Kindred Group Plc., Ladbrokes Coral Group Plc., Paddy Power Betfair Plc., Bet365 Group Ltd., Fortuna Entertainment Group, and Betfred Ltd.
Notably, Playtech in March 2021 announced the extension of its partnership with Flutter Entertainment for another five years to further increase its customer base.
William Hill Plc. In January 2019 announced the acquisition of Sweden based gambling company Mr. Green and Co AB., to strengthen its presence in the Scandinavian region.
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