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Online Gambling Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Online Gambling Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • October 2021
  • 211 pages
  • ID: 6177343
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The online gambling market is expected to register a CAGR of 11.49% during the forecast period, 2021-2026.

The COVID-19 pandemic positively impacted the market, as consumers turned more toward the online platform to bridge their financial, social, and psychological crisis during lockdowns. One of the research conducted by the Lund University, Sweden, found that due to restrictions in sports events due to lockdowns, consumers have surged their interest in online gambling platforms. Moreover, in response to the closure of many gambling establishments, several operators went digital. Many players expanded their online gambling offerings, and bingo operators moved their offerings online, which positively impacted the market.

Over the medium term, online betting is expected to be the fastest-growing segment. Artificial intelligence, Chabot, and machine learning have taken over the market. The rise in the number of the female population in casinos and the convenience of the cashless mode of payment during gaming are likely to boost the online gambling market during the forecast period. Furthermore, operators are creating a variety of interesting tournaments and promotions, which might be interesting to beginners. Bonus programs are growing every day, along with more betting opportunities.

Online gambling companies are likely to expand their sport betting options after sports betting was legalized in the United States by the Supreme Court in 2018, which is further supporting the market’s growth. However, the increasing presence of online casino scams, and stringent regulations in certain countries of the world related to online gambling are expected to hinder the market growth rate.

Key Market Trends

Football Betting Holds a Prominent Share

The online betting segment is predominantly applied in the sports category, especially in football events, such as FIFA World Cup and European Championships. Many of the online sports betting companies are sponsoring different teams as a part of their marketing initiatives and strategic expansions. For instance, the Bwin brand, a pioneering online sports brand across Continental Europe, attained global recognition through high-profile sponsorships with football clubs, such as Real Madrid and AC Milan. Additionally, companies are focusing on developing innovative platforms to cater to various customer requirements and achieve a competitive advantage in a highly competitive market.

North America Remains the Fastest Growing Region

The current legislative framework for online betting in the United States allows only bookmakers licensed in Nevada, Pennsylvania, and New Jersey to operate legally, as these are the three states where online betting is regulated. Pennsylvania is the fourth and biggest state to legalize and regulate online gambling. The new law allows for online casinos, online poker, sports betting, and more. New Jersey is currently the largest market for regulated online gambling in the United States. There are a number of sportsbooks, and online sports betting apps live in the state. Canada is largely an unregulated country in terms of online gaming. At the same time, Mexico is reviewing its gambling laws with the aim to regulate the online gambling sector to bring it in line with the rest of the nation’s gambling industry. Therefore, the increasing regularization of online gambling in the North American countries and their respective states is expected to drive the market further.

Competitive Landscape

The global casino gambling market is a highly fragmented market and comprises of regional and global players. The market is dominated by key players, like Bet365, Entain PLC, The Flutter Entertainment PLC, and Kindred Group PLC. Major players are focusing on mergers and acquisitions, partnerships, and product innovation to expand their presence in the global market and to enhance their brand portfolio to cater to various preferences of the consumers. Merger and acquisition is the most preferred strategy followed by expansion, in the online gambling market, globally. Key players compete on various factors, including offerings, quality of gambling content, user experience, brand equity, personalized payoffs, and access to various platforms.

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