Online Gambling & Betting Market Size, Share Analysis Forecast 2022-2030

Industry Insights

[236+ Pages Report] According to the report published by Facts and Factors, the global online gambling & betting market size was worth around USD 58 billion in 2021 and is predicted to grow to around USD 182.21 billion by 2030 with a compound annual growth rate (CAGR) of roughly 11.8% between 2022 and 2030. The report analyzes the global 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 & Betting Market: Overview

Online gambling or betting activities are conducted over the internet and with the help of a digital medium. Gambling refers to the concept of wagering a substance of value on an event of random nature. Gambling intends to win something else that has a higher value. The concepts of permutation and combination are highly applicable to gambling activities. Online gambling includes sports betting, poker, and casinos.

Online gambling or betting is similar to the rules of playing in physical casinos. The only difference is that it is played in a virtual environment where the players are not in proximity to one another. The first venue that allowed online gambling was in 1994 and by the start of the century, more than 8 million people had already participated in some form of online gambling activities. With the growth in technology, the global market players have managed to maintain a stronghold amongst the consumer group by constantly reinventing products and services and navigating through the various roadblocks laid in front of them.

Key Insights

• As per the analysis shared by our research analyst, the global online gambling & betting market is estimated to grow annually at a CAGR of around 11.8% over the forecast period (2022-2030)
• In terms of revenue, the global online gambling & betting market size was valued at around USD 58 billion in 2021 and is projected to reach USD 182.21 billion, by 2030.
• The market is projected to grow at a significant rate due to the growing sales of smart devices causing an increase in accessibility
• Based on gaming device segmentation, the desktop was predicted to show maximum market share in the year 2021
• Based on gaming type segmentation, sports betting was the leading type in 2021
• On the basis of region, Europe was the leading revenue generator in 2021

Online Gambling & Betting Market: Growth Drivers

• Growing sales of smart devices causing increase in accessibility to propel market demand

The global online gambling & betting market is projected to grow due to the growing sales of smart devices like laptops, mobile phones, and other systems that support online gaming. The world economy is full of smart-device manufacturers offering smartphones and laptops across price ranges. This has led to an overall increase in the accessibility rate of not only the smart device but all the features that come along with it including online gaming and betting websites, applications, and programs.

The global market growth may further be propelled by the increasing use of higher technology and advanced systems to improve user experience. For instance, the increasing commercialization and utilization of virtual reality may lead to higher interest generation amongst the younger population.

Online Gambling & Betting Market: Restraints

• Ambiguity around rules surrounding the legality of online gambling to restrict market expansion

The most influential global market growth restraint is the strict rules surrounding the legality of online modes of gambling or betting in many countries. For instance, gambling in any form in India is completely banned however online sports betting does not technically qualify as a banned activity as per the Indian legal system. But some provisions distinguish between the games of skill and the games of chance. Such factors not only impact the users but the market players as well since there is a lot of clarity required to understand where online betting and gambling software stand in the system.

Online Gambling & Betting Market: Opportunities

• Exhaustive advertising measures to provide higher growth opportunities

The global online gambling and betting market is expected to reach new heights due to the exhaustive and innovative measures adopted by the global market players to create awareness about the applications, games, websites, or ways of participating in online betting or gambling activities. This is especially visible in areas or regions where such games have achieved legal status and have the necessary permission or license to advocate for the services.

For instance, in the Indian market, makers of Online Rummy games have amped up their spending on social media campaigns by hiring known faces to promote the gaming services.

Online Gambling & Betting Market: Challenges

• Growing incidences of money laundering to act as a challenge during the growth period

There are multiple reported incidents in which transactions involving large sums of money were carried out using electronic fund transfer technology under disguise or by using online gaming as a means. The global market is witnessing a surge in exploitation due to rising interest in the criminal segment of society. A 2019 documentary by BBC was significant in proving that cryptocurrencies were being used for underage gambling, and political corruption in Curacao, a Caribbean island.

Online Gambling & Betting Market: Segmentation

The global online gambling & betting market is segmented based on gaming device, gaming type, gaming source, and region

Based on gaming device, the global market is divided into mobiles and desktops with the latter registering the highest growth in the global market. In 2021, the segment generated more than 28.5 billion in revenue and was most preferred amongst the players due to the several advantages of using desktops over mobile phones. They offer a larger screen size and better internet connectivity as compared to their counterparts. Gamblers can access the website with complete clarity and better visuals offering an enhanced experience.

Other factors like higher storage capacity, sound volume and quality, and image resolution are driving factors for segmental growth. Factors that could propel the revenue for the mobile segment include growing research and innovation in terms of mobile-friendly apps and multiplayer gaming options.

Based on gaming type, the global market is divided into casino, poker, bingo, lottery, social gaming, sports betting, and fantasy sports. The global market registered the highest growth in the sports betting segment which dominated more than 50% of the segmental revenue.

The growing popularity of sports events like football and cricket along with the high stakes of monetary involvement are leading causes of why many gamblers are attracted to this segment. The revenue is additionally pushed by the growing penetration of the internet and the rising grasp of the population on online gaming sites and applications. Growing collaboration between market players could help the segment grow further.

Recent Developments:

• In December 2022, Gambling.com Group Limited, a leading player operating in the regulated online gambling industry worldwide, announced that it will start providing its services specializing in marketing activities to all of the licensed operators functioning in the sports betting segment in Ohio state. On 1st January 2023, the state’s online sports betting section went live
• In November 2022, BetMGM announced that it was awarded the Online Casino of the Year 2022 by American Gambling Awards. The company is a dominant iGaming and sports betting operator and the producers of the American Gambling Awards are Gambling.com Group Limited

Report Scope

Online Gambling & Betting Market: Regional Analysis

• Europe to lead with the highest market growth

The global online gambling & betting market is expected to be dominated by Europe. In 2021, the regional market revenue stood at USD 24 billion which can be attributed to the high legalization rate of online gambling in various European territories including Malta, Italy, Germany, Spain, and France. The UK is the largest contributor to the regional market as a large segment of the younger generation participates in various online betting or gambling activities.

As per statistics, around 4% of the adult population in the UK had bet online in some form between 2009 and 2010. The global market is also critical in terms of mass employers as data have shown that more than 6000 people are employed by the industry. The highest revenue-generating segments within the regional market are casinos, bingo, and betting.

Online Gambling & Betting Market: Competitive Analysis

• Bet365 
• Kindred Group PLC 
• The Stars Group Inc. 
• Sky Betting and Gaming 
• Paddy Power Betfair PLC 
• 888 Holdings PLC 
• GVC Holdings PLC 
• Betsson AB

The global online gambling & betting market is segmented as follows:

By Gaming Device Segment Analysis

• Mobiles
• Desktops

By Gaming Type Segment Analysis

• Casino, Poker
• Bingo
• Lottery
• Social Gaming
• Sports Betting
• Fantasy Sports

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America