Global Online Gambling & Betting Market Is Likely To Grow At A CAGR Value Of Around 10.9% By 2028

05-May-2022 | Zion Market Research

The Online Gambling & Betting Market was worth around USD 61.5 billion in 2021 and is estimated to grow to about USD 114.4 billion by 2028, with a compound annual growth rate (CAGR) of approximately 10.9 percent over the forecast period. The report analyzes the Online Gambling & Betting Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Online Gambling & Betting Market.

Online gambling is defined as wagering casino or sports-type games through the internet. Gambling can take many forms, from sports betting to casino-style activities. The market is being driven by rising internet penetration and increasing use of mobile phones by users to play online games from their homes and public places. In addition, factors including simple access to internet gambling, legality and societal acceptance, corporate sponsorships, and celebrity endorsements are also driving market expansion. Market growth is likely to be aided by the increasing availability of low-cost mobile applications around the world. In addition, increased consumer knowledge of new technologies and rising disposable income are expected to propel market growth. The annual expansion of internet casinos corresponds to changes in the online space. These advancements are being made in order to acquire the necessary level of reputation in the gambling world. As a result, online casinos are focusing their investments on information solutions that provide ongoing support to players, protect the operations' legitimacy, and combat illegal activities, resulting in market development potential. The demand for sports betting has been spurred by the expanding number of sports fans around the world. The sector is driven by sports such as boxing, baseball, football, and hockey, which account for the majority of bets. However, cybercrime is on the rise in the industry. Signal tampering by phony applications and app-based hacking are two major roadblocks to industry progress.

The Online Gambling & Betting Market is segregated based on Game Form, Device, and Component. Based on Game Form, the global market is distinguished into Poker, Casino, Sports Betting, Bingo, Lottery, and Others. Based on Device, the global market is distinguished into Desktop, Mobile, and others. Based on Components, the global market is distinguished into Software and Services.

Global Online Gambling & Betting Market

In the forecast period, Europe dominated the online gaming and betting market. Europe is predicted to generate significant revenue in the worldwide online gaming and betting business, owing to strong demand from Western European countries. Due to increased awareness of gambling and betting, increased internet penetration increased population and significant GDP growth in developing countries. The Asia Pacific online gambling and betting markets are expected to grow at a significant rate in the near future. Furthermore, the rising popularity of bitcoins has led to an increase in the use of digital currency for betting in the region. Over the projected period, the Asia Pacific region's high economic growth, combined with increased expenditure on leisure activities, is likely to drive market expansion.

Key players functioning in the Online Gambling & Betting Market include Bet365 Group Ltd., Betfred Ltd., 888 Holdings plc.,  Paddy Power Betfair plc, GVC Holdings plc, Fortuna Entertainment Group, and Others.

Recent developments:

  • In 2021, To expand the Group's Safer Gambling offering, LeoVegas Group released a new layer of AI-powered messaging. Customers in the United Kingdom will be the first to get personalised onsite messages based on their behaviour and risk profile that educate and advise them about safer gaming.
  • In 2021, The FanDuel Group, which is owned by Flutter Entertainment PLC, has launched FanDuel Casino in New Jersey and Michigan. At FanDuel Casino, customers may now play live dealer blackjack, roulette, and baccarat.
  • In 2021, The market-leading sports betting and gaming platform Audacy, formerly Entercom Communications Corp., announced a multi-year deal with Entain PLC's BetMGM. The agreement will make BetQL the premier sports betting and gaming partner of Audacy throughout its best-in-class sports broadcast stations, the Audacy and Bet QL applications and digital platforms, and the "BetQL Audio Network."

Browse the full Online Gambling & Betting Market By Game Form (Poker, Casino, Sports Betting, Bingo, Lottery, and Others). By Device (Desktop, Mobile, and others). By Components (Software and Services). Report at https://www.zionmarketresearch.com/report/online-gambling-betting-market

Online Gambling & Betting Market is segmented as follows:

By Game Form

  • Poker
  • Casino
  • Sports Betting
  • Bingo
  • Lottery
  • Others

By Device

  • Desktop
  • Mobile
  • Others

By Component

  • Software
  • Services

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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