USD 56.78 billion
Report ID: SQSG45E2047 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 66 | Figures: 74
Global Online Gambling Market size was valued at USD 56.78 billion in 2021 and is poised to grow from USD 63.53 billion in 2022 to USD 153.57 billion by 2030, growing at a CAGR of 11.7% in the forecast period (2023-2030).
The growing use of mobile phones for online gaming in public places as well as at home, combined with rising internet penetration, is propelling the Online Gambling market. Furthermore, cultural and legal acceptance, easy access to online gambling, celebrity endorsements, and corporate sponsorships are boosting Online Gambling market growth. Due to widespread availability of low-cost mobile applications, the Online Gambling market is expected to grow further.
Improvements in the digital space are occurring in tandem with the annual expansion of online casinos, and these enhancements are aimed at achieving the desired trust in the online betting sector. In gambling, for example, virtual reality (VR) generates a simulation of the surroundings; users can interact with them in real time using special equipment such as gloves with sensors. VR allows gamblers to interact with other bettors and dealers while also providing a more realistic gambling experience, better sound quality, and realistic game design. By creating new growth opportunities, VR has assisted the Online Gambling market in improving the gambling experience.
US Online Gambling Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 56.78 billion
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The global online gambling market is segmented based on the type, devices and region. Based on the type, Online Gambling market is segmented into sports betting, casinos, poker, lottery, bingo, and others. Based on devices, Online Gambling market is segmented into desktop, mobile, and others. Based on region Online Gambling market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Online Gambling Market Analysis by Type
The global online gambling market is segmented based on type into sports betting, casinos, poker, lottery, bingo, and others. During the forecast period, sports betting is expected to dominate the Online Gambling market. The growing popularity of online gaming and betting practises is expected to fuel demand for sports betting. Additionally, rising sponsorships in online sports betting are expected to fuel this segment. Because of the multi-tiered taxation environment in the casino industry, casinos are expected to grow rapidly during the forecast period. Furthermore, the growing popularity of remote gambling is expected to drive online betting demand. The demand for online lotteries and their distribution is growing. The Online Gambling market is expected to be driven by rising per capita income, technological adoption, and interest in draw-based games.
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The global online gambling market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America region dominates the global Online Gambling market in 2021. The market is expected to be dominated by Europe. Key players' presence in the region is expected to drive Online Gambling market growth over the forecast period. Furthermore, Europe's rich sporting history, as well as the region's widespread presence of sports-obsessed fans, are propelling Online Gambling market growth. Several European sports fans are heavily investing in online sports betting sponsorship. For example, to maintain customer relationships, William Hill Plc. and Caesars Entertainment, Inc. signed a National Football League (NFL) team sponsorship in October 2020. In terms of revenue share, North America is second in the Online Gambling market. Demand in the region is expected to be driven by rising digitalization and secure mobile solutions. Three states in the United States, namely Nevada, Pennsylvania, and New Jersey, have gambling regulations, which are driving demand for sportsbooks and betting apps.
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Online Gambling Market Driver
Online Gambling Market Restrain
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The online gambling industry is highly fragmented, with regional and global players. To expand their market presence and enhance their brand portfolio to cater to consumer preferences, major players are focusing on mergers and acquisitions, partnerships, and product innovations. In the online gambling market, merger and acquisition is the most preferred strategy, followed by expansion. Offerings, quality of gambling content, user experience, brand equity, personalised payoffs, and access to various platforms are all factors that key players compete on. Manufacturers have an advantage in expanding their product range globally due to their advanced distribution network and manufacturing expertise.
Online Gambling Market Top Players Company Profiles
Online Gambling Market Recent Developments
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According to our global online gambling market analysis, Payment options have become more convenient for consumers and online players as mobile and online payment gateways have grown in popularity. The online gaming industry accepts online payment as a safe and secure mode of transaction. This factor is fueling the expansion of the online gambling market. The online betting segment is primarily growing in conjunction with the online sports category, particularly in football events such as the FIFA World Cup and European Championships. Many online sports betting companies sponsor various teams as part of their marketing initiatives as a result of acquiring or merging with several companies for strategic expansions. DraftKings Inc. and Golden Nugget Online Gaming Inc. entered into a definitive agreement in August 2021 for DraftKings to acquire Golden Nugget Online Gaming in an all-stock transaction.
|Market size value in 2021||USD 56.78 billion|
|Market size value in 2030||USD 63.53 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Online Gambling Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Online Gambling Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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