Major players in the online gambling market are 888 Holdings PLC, Bet365 Group Ltd., Betsson AB, William Hill PLC, VGC Holdings PLC, Kindred Group PLC, Sky Betting & Gaming, Stars Group Inc., Ladbrokes Coral Group PLC, Paddy Power Betfair PLC.
The global online gambling market will grow from $81.08 billion in 2022 to $88.65 billion in 2023 at a compound annual growth rate (CAGR) of 9.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The online gambling market is expected to grow to $125.6 billion in 2027 at a CAGR of 9.1%.
The online gambling betting market includes revenues earned by entities operating facilities that provide services such as online betting (digital table games and sports bets).The online gambling market comprises revenue generated by remote gaming activities using the internet and desktop and mobile devices.
The market includes gambling establishments developing online sports betting, casino, bingo, lotteries, and poker games, among others.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Online Gambling is the use of the internet for the act of wagering money or something of value on an event with an uncertain outcome that is not under the gambler’s control, with the intent of winning something else of value, often money.
Asia Pacific was the largest region in the online gambling market in 2022.Eastern Europe is expected to be the fastest-growing region in the forecast period.
The regions covered in the online gambling market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main game types of online gambling are betting, casinos, lottery, poker, online bingo, and others.A lottery is a type of gambling in which numbers are drawn at random for a prize.
The games are played on various devices such as desktops, mobiles, and others. The different components include software and services.
The increasing adoption of smartphones with the improved internet accessibility is driving the online gambling market.Globally, the average use of mobile devices compared to desktop computers or laptops is significantly greater.
In most countries, mobile users account for about 80% of all users in the online gambling industry.According to a study published by the Gambling Commission, in 2020, the most common method of accessing online gambling remained mobile phones, particularly among younger people.
Similarly, according to the European Online Gambling Edition by EGBA, in 2021, online gambling revenue is expected to reach €36.4 billion (41.7% of total gambling) gross gaming revenue in Europe, an increase of 19% compared to 2020. According to Cisco company annual report, globally, the total number of Internet users is projected to grow to 5.3 billion by 2023 at a CAGR of 6 percent, and smartphones will grow at a 7% CAGR. This, in turn, is expected to drive the online gambling market.
Online gambling laws vary wildly from one region to other.Most countries have local laws that deal with relevant legal and regulatory issues.
Countries such as the USA, have much more complex gambling regulatory processes.Moreover, in countries like India, gambling is under strict control.
With each country enacting different gambling laws, it’s tough to be familiar with them all.Nevertheless, all gambling sites should be compliant with any laws that they are subject to, to ensure gambling sites are operated lawfully, ethically, and are safe.
The established and reputable licensing authorities impose a strict code of conduct on the licensees, who have to adhere to the necessary regulations if they are to maintain their licenses. The strict and varying laws across the countries are likely to challenge the market growth.
Technologies such as Blockchain, IoT, and VR are changing everything in every field including online gambling.Virtual Reality and VR Headsets have gained a lot of popularity in recent years and are a revolutionary addition to the world of online gambling.
With VR, one can enter a virtual casino and play all the games without having to travel.However, fraud and cheating were majorly concerning the users of online gambling.
A lot of online casinos and online gambling sites have been accused of not being transparent and hiding their internal workings and the methods for their dealings.These concerns can be addressed using blockchain technology.
With blockchain technology, everyone will be able to see exactly what is going on behind the scenes. Games such as SlotsMillion, Casino VR Poker, and The Gear that are played through VR are engaging customers and shaping the online gambling industry.
In May 2022, MGM Resorts International acquired gaming and online sports betting company, LeoVegas for $604 million.Following the acquisition of LeoVegas, MGM Resorts International would create a scaled global online gaming business.
MGM Resorts International is a Sweden-based online gambling company offering video poker, table games, progressive jackpots, video slots, and live betting services through its online casinos and sportsbooks.
The countries covered in the online gambling market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The online gambling market research report is one of a series of new reports that provides online gambling market statistics, including the online gambling industry’s global market size, regional shares, competitors with an online gambling market share, detailed online gambling market segments, market trends and opportunities, and any further data you may need to thrive in the online gambling industry. This online gambling market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.