Global Online Gambling & Betting Market Share Is Expected To Grow At A CAGR Of 11.8% By 2030

25-Jan-2023 | Facts and Factors

According to 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.

Global Online Gambling & Betting Market

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Online gambling or betting refers to the use of the internet to place bets or gamble using an electronic device. It includes casinos, poker, and sports betting. Gambling includes a participant willing to place bets using money or anything else that holds substantial value over an event or activity with the intention of winning more items of value in return.

Browse the full “Online Gambling & Betting Market Size, Share, Growth Analysis Report By Gaming Device (Mobiles and Desktops), By Gaming Type (Casino, Poker, Bingo, Lottery, Social Gaming, Sports Betting, and Fantasy Sports), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030" report at https://www.fnfresearch.com/online-gambling-and-betting-market

Any deposit that takes place in an online account while placing a wager on any activity related to gambling with the use of the internet and the end goal of winning money or a prize in return can be classified as online gambling. The legalities around the global market are confusing since there are several aspects to it. For instance, many countries prohibit gambling in any form, or sports betting is illegal. However, companies have found various ways of navigating through the blurred lines between what classifies as legal and illegal.

The global online gambling & betting market is projected to grow owing to growing technological advancements and the use of advanced systems to attract a higher consumer database. The latest example is the use of Bitcoin, one of the most popular cryptocurrencies, for online gambling.

Since a lot of companies, businesses, and merchants have started accepting Bitcoin in the form of payments, the global market players have forayed into leveraging the rising trend as they offer several benefits like anonymity and privacy without the need for a middleman.

The prospects of growth in the sales of online gambling applications that can work in synchronization with virtual reality headsets are expected to become a lucrative segment. The increasing access to cost-effective and high-speed internet may further fuel the global market growth in the coming years. Growing relaxation of laws surrounding online betting in various developing or developed nations could further fuel the global market growth.

Given the higher accessibility to online betting or gambling, these applications or programs are becoming highly addictive. In physical settings, a lot of people were unable to visit locations like casinos or areas that conducted gambling activities. However, this aspect is completely eliminated in the case of online shifts.

Addiction to gambling or betting is highly anti-social because players tend to incur heavy financial losses which may sometimes become irreparable damage. As per multiple reports, gambling activities that take place using the internet are the most addictive type of gambling across the board.

The exhaustive advertising measures may provide higher growth opportunities whereas the growing incidences of money laundering could act as a challenge during the growth period

Global Online Gambling & Betting Market

Segmental Overview

The global online gambling and 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.

Regional Overview

Europe is expected to register the highest growth in the global online gambling and betting market due to the easy rules and regulations surrounding the services functioning in this segment. Since there are several encouraging rules and acts like the Gambling Act 2005, market players have promoted these activities using excellent strategies using multiple resources including social media.

Growth in Asia-Pacific is projected to be driven by the ambiguous nature of the laws regarding online betting as many companies can easily find a workaround and operate in Asian countries. In the US, there are certain states where the global market players can operate without any legal action whereas some states have banned it completely.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 58 Billion

Projected Market Size in 2030

USD 182.21 Billion

CAGR Growth Rate

11.8% CAGR

Base Year

2021

Forecast Years

2022-2030

Key Market Players

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

Key Segment

By Gaming Device, Gaming Type, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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Competitive Landscape

The global online gambling & betting market is led by players like Bet365, Kindred Group PLC, The Stars Group Inc., Sky Betting and Gaming, Paddy Power Betfair PLC, 888 Holdings PLC, GVC Holdings PLC, and Betsson AB.

Recent Developments:

  • In January 2023, the Indian Minister of State for Electronics and IT announced that it will bar online gaming companies from engaging in any online betting activities. This is in accordance with the move to regular the country’s online gaming industry
  • In August 2021, Golden Nugget Online Gaming, Inc was acquired by DraftKings Inc. giving the latter access to the 5 million customer database of online gamblers using Golden Nugget Online Gaming.

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

By Gaming Device

  • Mobiles
  • Desktops

By Gaming Type

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

By Region

  • 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

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