Online Gambling & Betting Market – Global Industry 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.
By zionmarketresearch
Industry Prospective:
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 & Betting Market: Overview
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.
Covid-19 Impact
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.
Online Gambling & Betting Market: Segmentation
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 are 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.
Recent Developments
In 2021, DraftKings Inc. and Golden Nugget Online Gaming Inc. have agreed to an all-stock deal in which DraftKings will acquire Golden Nugget Online Gaming. As a consequence of the acquisition, DraftKings gained access to Golden Nugget’s well-known brand, iGaming product experience, and combined database of more than 5 million consumers.
In 2021, Flutter Entertainment and Playtech have agreed to extend their collaboration for another five years. Playtech will expand its technology to serve Flutter brands such as Paddy Power, Betfair, and Sky Casino under the new arrangement.
Regional Landscape
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 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.
Competitive Landscape
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.
