Online Gambling Market to Surpass USD 216 Billion By 2031
According to a recent market study published by Growth Market Reports, titled, “Online Gambling Market Segments – By Type (Poker, Casino, Sports Betting, and Others), Device (Desktop and Mobile), and Region: Size, Share, Trends and Opportunity Analysis, 2023-2031“, the market size was USD 75.15 billion in 2022 and is expected to surpass USD 216 billion expanding at a CAGR of 12.5% by the end of 2031. The market growth is attributed to the increasing penetration of smartphones and growing internet connectivity across emerging economies worldwide.
Latest Developments in the Maket
- In March 2023, Entain a major player of the market announced that its most expansive video games and esports betting platform, unikm, has agreed a multi-year partnership with BLAST, an esports entertainment company. Entain is a leader in gaming, sports betting, and interactive entertainment. According to partnership agreements, its unikm will be deeply integrated in into BLAST fan experience.
Key Market Players Profiled in the Report
- Flutter Entertainment plc
- Bet365 Group Ltd
- The Stars Group Inc
- SGHC Ltd
- 888 Holdings PLC
- Kindred Group PLC
- Betsson AB
- Catena Media
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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include type, device, and competitor analysis.
This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.
Highlights on the Segments of the Online Gambling Market
On the basis of region, the global online gambling market is classified as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Europe is expected to hold a key share of the global market owing to favorable policies by various European governments for online gambling. Several European nations such as Italy, Sweden, Germany, and the United Kingdom have legalized online gambling.
Asia Pacific is projected to grow at a rapid growth rate during the forecast period owing to the rising use of Smartphones and the growing popularity of e-sports including fantasy gaming, gambling, and other games. Further, the governing bodies have relaxed the rules and regulations on online gaming and gambling platforms, which is likely to contribute to the market growth in the region.
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Key Takeaways from the Study:
- The gambling that is carried out on online platforms such as websites or smartphone applications is categorized under online gambling. It majorly includes gambling games such as virtual poker, betting on live sports, and casinos.
- Money or other valuable physical or virtual assets can be used for participation in online gambling games. The players in the market are offering attractive cashback and registration offers to attract smartphone users to their respective platforms.
- Since online gambling platforms are setting low betting limits, it has become an economical choice for new and existing users. The availability of payment options with the use of mobile wallets is also supporting the growth of userbase on online gambling platforms.
- Online gambling platforms have become increasingly popular during the COVID-19 pandemic lockdowns, as people longed for participating in entertainment and engaging activities on virtual platforms.
- The growing availability of different online gambling platforms based on free-to-play or small participation fees is one of the key driving factors of the market. These games are providing smartphone players to explore their interest in online betting and fantasy gaming and also win considerable amounts or other valuables.
- The increasing and evolving nature of cybercrimes is, however, likely to hinder market growth during the assessment period.
- The increasing investments in online gaming and the adoption of blockchain technology are anticipated to create significant growth opportunities for the market.
- On the basis of type segment, the online gambling market is categorized as poker, sports betting, casinos, and others. The sports betting segment is projected to expand at a significant growth rate during the projection period owing to the rising number of sporting leagues and the growing popularity of sports betting platforms.
- Based on the device segment, the market is bifurcated into desktops and mobiles. The mobiles segment is projected to hold a major market share owing to the high penetration of 4G and 5G capable smartphones across the world.
Read 185 Pages Research Report with Detailed TOC on “Online Gambling Market Segments – By Type (Poker, Casino, Sports Betting, and Others), Device (Desktop and Mobile), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast, 2023 – 2031”
Key Segments Covered
- Sports Betting
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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