Global Online Gambling Market

Global Online Gambling Market Size, Share, Growth Analysis, By Type(Sports Betting, Casinos), By Devices(Desktop, Mobile) - Industry Forecast 2024-2031

Report ID: SQMIG45E2196 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 66 | Figures: 74

Global Online Gambling Market Regional Insights

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 size was valued at USD 56.78 billion in 2019 and is poised to grow from USD 63.53 billion in 2023 to USD 153.57 billion by 2031, growing at a CAGR of 11.7% in the forecast period (2024-2031).

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. 'William Hill Plc.', 'Paddy Power Betfair', 'GVC Holdings', '888 Holdings', 'Kindred Group Plc.', 'Stars Group', 'Ladbrokes Coral Group', 'Betsson AB', 'Flutter Entertainment', 'The Rank Group', 'Bet-at-home.com', 'DraftKings', 'FanDuel', 'MGM Resorts International', 'Caesars Entertainment', 'Golden Nugget Online Gaming', 'PointsBet', '1xBet', 'Betway'

The increasing use of digital and mobile payments has simplified payment procedures for users and online players. Furthermore, online payment facilities provide a secure and safe mode of transaction, increasing their acceptance in the online gaming industry. Furthermore, the more straightforward and convenient payment methods increase player participation in the gambling industry.

Virtual gambling companies are investing heavily in new technologies to improve the user experience. In the mobile gambling industry, artificial intelligence (AI) plays a significant role in introducing new features and functions. AI is being used by application and website developers to improve the customer experience. AI integration with these systems aids in the analysis of the user's gaming interests and behavior. This aids in suggesting games that are relevant to the players' interests, thereby improving the customer experience.

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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