Gambling And Betting Market Size, Share, Growth and Industry Analysis by Type (Casino, Sports Betting, Poker, Bingo, Lottery, And, Others) By Application (Online, And, Offline) Regional Forecast to 2028

REPORT OVERVIEW

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The gambling and betting market size is anticipated to be worth USD 267.610 billion in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 352.530 billion by 2028 with a CAGR of 4.7% during the forecast period. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Gambling is betting or staking anything that has a certain value. This involves risk as well as hopes of gaining something in return. Gambling or betting is usually done on the outcome of a game, a competition, a contest, or any event the outcome of which is uncertain. Most of the time money is put into stake. The person or the party that guesses the right outcome will be entitled to get the money. A person’s experience, skills, and knowledge will not count in gambling or betting activities.

The increasing internet penetration has helped in the evolution of online gambling market. Online casinos have evolved due to the high usage of internet among people. This is considered as the latest trend in the market.

Virtual reality and blockchain technology are being implemented into online gambling and betting. This has given gambling a touch of reality. All of these factors have assisted in the tremendous growth of the gambling and betting market.

COVID-19 impact: Halt in the Operation of Land-Based Casinos Reduced the Market Growth

The pandemic of COVID-19 created several obstacles in the operation of all  markets across the globe. Lockdowns and social distancing norms imposed by the government became the biggest barriers in the operation of all the industries. Gambling and betting markets also suffered from the same condition due to the sudden halt in the land-based casinos.

Some of the important land-based gambling venues include casinos, clubs, bingo halls, horse racing tracks equipped with electronic gambling machines (EGMs), poker rooms, and betting shops. All of these places were shutdown temporarily. Most of the gambling activities shifted online. Cancellation and the postponing of pre-booked events caused a huge loss to the market. All of these reasons contributed in the downfall of the market during the pandemic.

LATEST TRENDS

"Increasing Internet Penetration and High Usage of Smartphones to Increase the Market Growth"

After the pandemic hit gambling and betting market most of the operations of this market started happening online. This became a new development in the market. The number of people using smartphones has also increased steadily over a period of time. The rising internet penetration favored the market growth.

Many new platforms have emerged online, that support gambling and betting. People can gamble at the comfort of their homes. This has drastically increased the number of customers for the market.

Segmentation

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• By Type:

The market can be divided on the basis of type into the following segments:

Casino, sports betting, poker, bingo, lottery, and, others. The casino segment is anticipated to dominate the market during the forecast period.

• By platform:

Classification based on platform into the following segment:

Online, and, offline. The online segment is predicted to dominate the market during the research period.

DRIVING FACTORS

"Incorporation of Virtual Reality (VR) in Betting and Gambling to Accelerate Market Growth"

One of the most advanced developments that has been witnessed in the market is the incorporation of virtual Reality (VR) into gambling and betting. Virtual Reality in gambling will assist in generating the simulation of the environment. VR helps in creating a surrounding that feels very realistic.

Users can interact with players in a realistic manner as how they would in reality. Special equipments like glasses and gloves can also be used while playing. The use of such equipments can become possible only with presence of sensors. Gamblers can interact with other bettors with a better experience and sound quality with the help of Virtual Reality (VR). Realistic game design is an added advantage. Integration of Virtual Reality has helped in creating better experiences in the market and has thus created good opportunity for the market growth.

"The Implementation of Blockchain Technology to Propel the Market Growth "

Technology has played a very important role in developing the gambling and betting market. Along with virtual reality, blockchain technology is also getting implemented into the gambling market. This has become one of the most important factors driving the gambling and betting market growth.

Payments that are made using blockchain are very secure. Transparency is also ensured. Information solutions are being developed with the help of online casinos.  The authenticity of information can also be protected. This has become the factor propelling the gambling and betting market share.

RESTRAINING FACTOR

"Risk of Cybercrime Through Online Betting to Decrease Market Growth"

Even though virtual reality and blockchain technology have been implemented in the field of gambling and betting it has also opened up a lot of threats and dangers. Cyber-crime is one of the greatest risks of gambling online. This can reduce the market growth.

Signal manipulation has become prevalent in today’s world through software hacking. This can become a great risk to the person who is betting in the market. Gambling in the first place is highly addictive and can lead to the decline of a persons’ money and wealth. All of these factors have together restricted the market growth.

Regional Insights

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"Europe to Dominate the Market in the Upcoming Years"

Europe is dominating the market as it occupies the largest share in gambling and betting market. The main reason that has propelled the market development in Europe is the presence of large number of casinos and gambling clubs.

Another factor is that many governments of different nations have legalized gambling and betting to increase employment opportunities. In nations like Italy, France, Spain, and Germany gambling is a very popular game and is played by almost everyone. All of these factors have made Europe the top market worldwide.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Las Vegas Sands   (U.S.)
• MGM Resorts (U.S.)
• Caesars Entertainment (U.S.)
• Galaxy Entertainment (Hong Kong)
• Wynn Resorts (U.S.)
• Melco Resorts & Entertainment (Hong Kong)
• Penn National Gaming (U.S.)
• SJM Holdings (Hong Kong)
• Boyd Gaming (U.S.)
• Genting Group  (Malaysia)
• Crown Resorts (Australia)
• bet365 (U.K.)
• Flutter Entertainment (Ireland)
• William Hill (U.K.)
• Kindred Group (Malta)
• 888 Holdings (Gibraltar)
• Betsson AB (Sweden)
• Entain plc (Isle of Man)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations