The Online Gambling & Betting Market was worth around USD 61.5billion in 2021 and is estimated to grow to about USD 114.4 billion by 2028, with a (CAGR) of approximately 10.9 percent over the forecast period. this report provides also an online casino, futures, and Capitalization Analysis
The Online Gambling & Betting Market was worth around USD 61.5billion 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 on casino or sports-type games over the internet. The market demand for digital gambling is being driven by the increasing adoption of smartphones, developments in internet technology, and increased spending power of individuals, among other factors. In addition, players' curiosity will be piqued as online gambling software vendors spend extensively on new technology to improve the user experience. During the forecast period, the online gambling sector is predicted to profit from a rise in female casino patronage as well as the convenience of using a cashless method of payment when gaming. The industry's growth is also being fuelled by the increased development of new technologies such as virtual reality and blockchain. Moreover, operators are generating a number of exciting tournaments and promotions that may be of interest to newcomers, and bonus programs and betting options are rising every day. The market will continue to rise as a result of this. The growing number of sports fans throughout the world has fueled the desire for sports betting. The sector is driven by sports such as boxing, baseball, football, and hockey, which account for the majority of bets.
The Covid-19 outbreak has wreaked havoc on a number of worldwide industries. The coronavirus outbreak has imposed a slew of limitations on land-based gambling venues. The offline gaming industry has been badly harmed by, among other things, restrictions on public transit, tourism, and public gatherings. This circumstance, on the other hand, is having a favorable impact on the online gaming sector. It has boosted the demand for internet-based gambling in a number of countries. The sector is predicted to grow as a result of university closures and the growing adoption of work-from-home regulations. During the pandemic-induced lockdown, non-essential services were shut down, which drove user adoption of mobile gaming. As a result, the market grew at a phenomenal rate throughout the pandemic crisis. Furthermore, in the post-pandemic phase, the market is predicted to rise at a significant CAGR.
Online gambling software market growth will be fuelled by the ease of making payments online.
Payment methods have become easier for users and online gamers as digital and mobile payments have been more widely accepted. Furthermore, online payment services provide a secure and safe way of transaction, which has boosted their use in the online gaming business. Furthermore, the more straightforward and convenient payment options encourage players to participate in the gambling sector. The convenience of remote payments opens up a world of possibilities for online gamblers to promote and drive cash flow. E-wallet services for online gaming are also available from firms like PayPal and Neteller. Furthermore, Neteller offers transactions in 26 different currencies with no transaction fees. As a result, the availability of safe digital payment methods is projected to boost virtual gaming demand.
Increased negative mental health effects and online gambling bans may stifle market growth.
Users' increasing use of internet-based gambling is having negative consequences on their mental health. The user's ability to retain mental equilibrium is being challenged by his or her growing addiction to the readily available internet-based gambling platforms. The number of suicides has been rising year after year as a result of this addiction. Pathological gambling, often known as compulsive gambling, is another addictive gambling impact. The long-term repercussions of this type of gaming could lead to conditions including chronic stress and hypertension. In addition, because of the heightened danger of compulsive gambling behavior, a number of countries have banned gambling websites. Gambling bans have been enacted in countries like Russia, the United Arab Emirates, Qatar, and Poland. Furthermore, certain countries, including India, Singapore, Japan, and others, are likely to prohibit gambling. All of these important concerns are expected to stifle market growth.
|Historic Years||2016 - 2020|
|Forecast Years||2021 - 2028|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
The Online Gambling & Betting Market is segregated based on Game Form, Device, and Component.
By Game Form, the market is classified into Poker, Casino, Sports Betting, Bingo, Lottery, and Others. During the projection period, sports betting is expected to dominate the industry. The increased popularity of online gaming and betting is expected to fuel demand for sports betting. Sponsorships in online sports betting are also expected to increase, which will aid in the growth of this business. Furthermore, in the Asia Pacific, rising disposable income has led to increased spending capacity, which is likely to add to sector growth. Some of the most popular types of internet sports betting include live-action betting and fixed-odds betting.
By Device, the market is classified into Desktop, Mobile, and others. During the forecast period, the desktop is projected to be the most popular because it offers superior graphic design, clear image quality, and more storage space, among other things, which improves the customer experience. These are the primary contributors to growth, which will assist the industry to grow as well. When compared to mobile phones and other devices, PCs have a larger screen size, allowing gamblers to enjoy the game's aesthetics and fine features. For a better gaming experience, desktop performance variables like screen clarity, sound volume, and storage capacity may all be changed. These factors have contributed to the growth of the desktop market.
Europe dominated the market in the forecast period. The legalization of gambling in nations like France, Germany, Spain, Malta, and Italy has fueled the expansion. The increased use of smartphones, the availability of high-speed internet, and the growing popularity of online casinos are all positive factors for market growth. Furthermore, the UK Gaming Commission (UKGC) established the Gambling Act 2005, which allows corporations to advertise their gambling sites, helping the growth of the sector in the region.
Meanwhile, throughout the forecast period, the market in the Asia Pacific is predicted to develop due to the increasing use of internet services and the loosening of rules governing online betting and gambling. 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.
Some of the main competitors dominating the Online Gambling & Betting Market include - Bet365 Group Ltd., Betfred Ltd., 888 Holdings plc., Paddy Power Betfair plc, VGC Holdings plc, Fortuna Entertainment Group, and Others.
Online Gambling & Betting Market is segmented as follows:
Online gambling is known as internet gambling, it makes use of an online platform for various games and betting such as poker, blackjack, roulette, sports betting, race betting, lottery, bingo, etc. Money is transferred by credit & debit cards, electronic check, money orders, and cryptocurrencies.
The online gambling and betting market is expected to propel owing to its legalization in the U.S., the UK, France, Poland, Italy, Czech Republic, Malta, and the other European nations. Further, proposals are being raised in parliaments of the Netherlands, Russia, Germany, Asia Pacific countries to legalize online gambling. Increase in the number of internet users is driving the online gambling & betting market. In 2016, about 46% of the global population had access to the internet as compared to 43.5% in 2015. The number is anticipated to rise due to digitalization in the Asia Pacific region. Thus, the growth of the online gambling & betting market is evident in the near future.
Technological developments are anticipated to fuel the growth of online gambling & betting market. Adoption of the ”Virtual Reality (VR)” headsets by various casinos to provide a better experience in online gambling is propelling the market growth. In 2015, Slots Million online casino was one of the first to use VR technology. With the rising investments in VR technology, it is imminent that the online gambling market will propel during the forecast period. However, rising cyber attacks can prove to be a restraining factor to the growth of online gambling & betting market. The attack on E-Sports Entertainment Association in 2016 resulted in 1.5 million profiles being hacked. It is evident that cybersecurity is essential for online gambling.
The online gambling & betting market is segmented into game form, component, and region. Based on game form, the global online gambling & betting market is divided into poker, casino, sports betting, bingo, lottery, horse racing betting, and others. Poker segment is projected to grow at a substantial rate during the estimated period owing to the rise of social gaming.
North America is expected to hold a substantial share in the global online gambling & betting market during the projected timeframe. As North America is the most technologically advanced region the market growth is evident. Further, the U.S. was one of the first nations to legalize online gambling in some cities. Thus, it is anticipated that North America will make a noteworthy contribution to the rise of global online gambling & betting market during the forecast period.
Some of the top players in the online gambling & betting market are Bet365 Group Ltd., Betfred Ltd., 888 Holdings Plc, Paddy Power Betfair Plc, GVC Holdings Plc, Fortuna Entertainment Group, The Stars Group, The Betway Group, William Hill Plc, Kindred Group, Rank Group, Playtech, William Hill Plc, Hong Kong Jockey Club, and mybet Holding, among others.
The market demand for digital gambling is being driven by the increasing adoption of smartphones, developments in internet technology, and increased spending power of individuals, among other factors. In addition, players' curiosity will be piqued as online gambling software vendors spend extensively on new technology to improve the user experience.
According to the Market Research report, the Online Gambling & Betting Market was worth about 61.5 (USD billion) in 2021 and is predicted to grow to around 114.4 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 10.9 percent.
Europe dominated the market in the forecast period. The legalization of gambling in nations like France, Germany, Spain, Malta, and Italy has fueled the expansion. The increased use of smartphones, the availability of high-speed internet, and the growing popularity of online casinos are all positive factors for market growth.
Some of the main competitors dominating 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.