Online Gambling & Betting Market Size, Share, Growth, and Industry Analysis by Type (Casino, Sports Betting, Poker, Bingo, Lottery, and Others) By Application (Desktop, Mobile, and Others) Regional Forecast By 2031

Updated On: 08 April 2024

Online Gambling & Betting Market Report Overview

• 

•  Request a Free Sample to learn more about this report

The global online gambling & betting market size was USD 57.014 billion in 2022. As per our research, the market is expected to reach USD 155.96 billion by 2031, exhibiting a CAGR of 10.59 % during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with online gambling & betting experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Internet betting or internet gambling, which includes playing online games, is term used to describe online gambling. In other words, online gambling refers to any form of gaming that takes place online. These comprise wagering on actual or simulated sports. Three components, namely contemplation, risk, and a prize are involved in online gambling and betting. Customers who utilize online gambling and betting services can take financial risks.

Globally widespread access to affordable mobile gaming and betting applications is anticipated to fuel market expansion over the course of the forecast period. Global adoption of online gambling platforms is probably being driven by the increasing use of the internet. This helps to enhance global investments in live casinos and online gambling infrastructure. Furthermore, during the course of the forecast period, market growth is anticipated to be fueled by the growing acceptance of the freemium model.

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth

Numerous limitations have been put in place for land-based gaming venues as a result of the coronavirus outbreak. The offline gaming market has been significantly damaged by the limitations on tourism, public meetings, and public transportation, among other things. However, the COVID-19 pandemic has increased interest in international online gaming. During the COVID-19 pandemic lockdowns, consumers were particularly fond of online casinos. The temporary closing of colleges and the growing acceptance of work-from-home policies are likely to fuel online gambling & betting market growth.

LATEST TRENDS

"Increased Acceptance of Online Gaming to Boost Market Growth"

A crucial turning point for the expansion of the online gaming and betting business is affordable access to high-speed internet. The increased acceptance of online gaming is boosting demand. Due to the growing popularity of mobile and online payment systems, payment solutions are now more easily accessible to consumers and online participants. The online gambling & betting market accepts online payments as a reliable and secure mode of payment. This problem is leading to an increase in the market for online gaming. The rise of the online gambling & betting market is mostly driven by the online sports category, particularly for football events like the FIFA World Cup and the European Championships. Many online sports betting organizations sponsor other teams as part of their marketing strategy by buying or merging with other enterprises for tactical expansions.

Online Gambling & Betting Market Segmentation

• 

•  Request a Free Sample to learn more about this report

• By Type Analysis

As per the type, the market is classified as follows: Casino, Sports Betting, Poker, Bingo, Lottery, and Others. The online gambling & betting market segment with the biggest share is sports betting. The rise of the sports betting industry is being driven by the effective use of computers and cell phones to place wagers on sporting events.

• By Application Analysis

Based on application, the market is segmented as follows: Desktop, Mobile, and Others. The online gambling & betting market share that belongs to desktops is the largest. Since installing and downloading the casino software is easier on desktops, many people prefer to wager using them. The desktop market is expected to rise as a result of this.

DRIVING FACTORS

"Widespread Use of Smartphones to Facilitate Market Development"

Online gambling organizations have been able to diversify their product offerings, particularly in Asia Pacific's growing nations, because of the widespread use of smartphones and inexpensive internet access. There are several lucrative opportunities for players in the online gambling & betting sector as a result of the popularity of fantasy sports and the focus on growing the audience for football and cricket. numerous nations that have allowed both offline and online gambling, consumers are increasingly choosing online live casinos over traditional land-based casinos, which is positively affecting online gambling & betting market growth. Online casino companies now have significant growth opportunities as more gamers switch from traditional forms of gaming to online ones. Live casinos are preferred by many professional players because they facilitate movement tracking. Additionally, they provide games that can be played anytime, anywhere, and in real-time with live dealers and a live chat option.

"Rising Desire for Affordable Payment Methods to Promote Industry Progress"

Numerous items that enable gamers to fully immerse themselves in their activities have been widely embraced and popularized. Virtual reality (VR) headsets with a strong following have boosted the potential of the online gambling & betting market. Notably, interest in online poker tournaments is growing, opening up new revenue streams. The rising desire for affordable payment methods is largely to blame for the expanding investments in the online gambling & betting market. The introduction of virtual and augmented reality is a significant aspect that encourages investments in online gaming. Professional players are investing in sports betting and stocks of some of the important online gambling organizations due to the online gambling & betting market's vast financial prospects. Participants in the online gambling sector, such as operators, suppliers, regulators, and industry-specific legal and financial consultants, are being contacted by several new entrants and investors.

RESTRAINING FACTORS

"Several Restrictions by Federal Law to Hinder Market Growth"

The use of wire communication facilities, which include the internet, in gambling or sports betting is restricted by federal law. However, gamers can maintain an anonymous identity on the internet and leave gambling sites right away, which makes it challenging to track their gambling activity.  App-based hacking is another danger associated with online gaming. For instance, shared Wi-Fi and 4G signals make it simple to influence and intercept live casino mobile apps. Additionally, by disseminating phony copies of the apps that contain malware, thieves can control the programs. Many casinos today use the industry-standard 128-bit encryption and maintain an offsite backup of their customer information. Therefore, even if the website is subjected to a Denial-of-Service (DoS) attack, the data would remain protected.

Online Gambling & Betting Market Regional Insights

• 

•  Request a Free Sample to learn more about this report

"Increase in Demand to Propel Market Progress in North America"

The size of the U.S. online gambling & betting market is being increased by the rising usage of immersive technology for online gambling & betting. During the forecast period of 2022–2031, the U.S. online gambling & betting market is anticipated to rise at a spectacular growth rate. A significant factor supporting the regional online gambling & betting market's recent revenue rise is the favorable legal structure in various economies. In addition, the expansion of inexpensive internet access in the area has hastened opportunities for market participants to engage in sports online gambling & betting.

KEY MARKET PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• Betfred Ltd. (U.K)
• Playtech (Isle of Man)
• 888 Holdings plc (U.K)
• Hong Kong Jockey Club (Hong Kong)
• GVC Holdings Plc, (U.K)
• mybet Holding (Germany)
• Fortuna Entertainment Group (Netherlands)
• Kindred Group (U.S)
• Paddy Power Betfair Plc (U.K)

REPORT COVERAGE

The report covers overall market aspects, including market segmentation based on its type and application. The report depicts a diverse group of participants, including the market and potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.