The Global Online Gambling Market Size accounted for USD 65 billion in 2021 and is projected to reach a market size of USD 172 billion by 2030; growing at a CAGR of 11.6%.
The growing number of sporting events that offer gambling is the primary factor driving the global online gambling market revenue. Massive smartphone penetration throughout the world is a leading online gambling market trend that will fuel industry demand from 2022 to 2030.
Online gambling (internet gambling or e-gambling) is a term that refers to betting money on sports, casinos, poker, and other activities over the internet. Because of the simple betting options provided by gambling apps, the online gambling industry has grown. As youth all over the world gamble more, online gambling service providers are now focusing on covering all types of sporting events.
Global Online Gambling Market DRO’s:
|Online Gambling Market
|Market Size 2021
|USD 65 Billion
|Market Forecast 2030
|USD 172 Billion
|CAGR During 2022 - 2030
|2018 - 2030
|2022 - 2030
|By Type, By Device, And By Geography
|North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
|Key Companies Profiled
|888 Holdings PLC, Bet365, Betsson AB, GVC Holdings PLC, Kindred Group PLC, Ladbrokes Coral Group PLC, Paddy Power Betfair PLC, Sky Betting and Gaming, The Stars Group Inc., and William Hill.
|Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
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Online Gambling Market Dynamics
The growing number of online casinos all over the world is fueling the online gaming market growth. According to our analysis of the online gambling industry, there are hundreds of high online casinos currently available. This is in addition to online poker rooms, live casinos, sportsbooks, and other services. Real money live casinos have grown into a multibillion-dollar industry that will grow in the near future. In addition to that, the introduction of artificial intelligence (AI) technology in online casinos is expected to propel the online gambling market forward. Artificial intelligence has also helped to transform the online casino industry exponentially. One of the most useful aspects of AI is determining which games players access the most frequently, how frequently a company's website is visited, and how much their customers wager on games and sporting events.
The growing popularity of sports betting is also expected to increase the market share of online gambling. Sports betting is a very profitable industry in which people of all ages enjoy betting. The global sports betting market is expanding due to factors such as a spike in the volume of sports events and leagues, as well as an increased focus on esports events. The legalization of sports betting has flooded the online gambling industry with millennials. According to recent online gambling statistics, more than 60% of modern sports gamblers are under 40, with millennials accounting for 46% and Generation Z accounting for 15%.
However, the market has been hampered by concerns about data theft and privacy. Because of the presence of millions of gamblers on online platforms, hackers can easily steal money, identities, and other personal information from any gambler. Furthermore, the rapid growth of the youth population who gamble illegally will pose a threat to the industry's growth. According to the United Nations Office on Drugs and Crime, illegal sports betting is worth approximately $1.7 trillion per year and is frequently used for money laundering by organized crime groups.
Online Gambling Market Segmentation
The worldwide online gambling market is split based on type, device, and geography.
Market by Type
According to our online gambling market forecasts, the sports betting segment will hold the biggest online gambling market share during the forecasted years. People can now bet on a range of sports from the convenience of their homes or while traveling, making sports betting more convenient in recent years. The vast majority of online sports betting takes place during international sporting events such as the FIFA World Cup and the European Championships. However, the revenue generated by these events is significantly higher when compared to other types of gambling.
Market by Device
Among them, the desktop sub-segment achieved a maximum market share in 2021. The larger screen is the most obvious advantage of opting for a desktop for online gambling. A larger screen can help you see more clearly. Playing on a desktop computer can also be easier to navigate than playing on a mobile device because the majority of the controls can be ideally situated on the main screen rather than tucked away in a menu. Mobile gambling, on the other hand, is expected to grow at the fastest rate in the coming years. Smartphone penetration and the convenience they provide will drive industry growth. Because sports betting can be time-sensitive, the ability to place bets from anywhere is extremely crucial for the sports bettor.
Online Gambling Market Regional Outlook
The Middle East & Africa (MEA)
The presence of a high number of players in Europe fuels the regional market growth
According to the regional analysis of the online gambling market, Europe accounted for the largest market share in 2021 and is expected to do so in the coming years. The ease of regulations and safety laws in the region is the primary factor driving the region's growth. Furthermore, the growing number of sports betting enthusiasts in European countries such as the United Kingdom, France, Germany, Italy, and Spain is supporting the EU online gambling industry.
The Asia-Pacific online gambling industry is rapidly expanding as a result of increasing smartphone penetration and an increase in bets on sports such as cricket, hockey, and football. Furthermore, the growing popularity of online gaming, esports, and online poker will contribute to the expansion of the Asia-Pacific online gambling market.
Online Gambling Market Players
Some of the top online gambling companies offered in the professional report include 888 Holdings PLC, Bet365, Betsson AB, GVC Holdings PLC, Kindred Group PLC, Ladbrokes Coral Group PLC, Paddy Power Betfair PLC, Sky Betting and Gaming, The Stars Group Inc., and William Hill.
The estimated value of global online gambling market in 2021 was accounted to be USD 65 Billion.
The projected CAGR online gambling market during the analysis period of 2022 to 2030 is 11.6%.
The prominent players of the global online gambling market are 888 Holdings PLC, Bet365, Betsson AB, GVC Holdings PLC, Kindred Group PLC, Ladbrokes Coral Group PLC, Paddy Power Betfair PLC, Sky Betting and Gaming, The Stars Group Inc., and William Hill.
Europe held the dominating online gambling during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for online gambling during the analysis period of 2022 to 2030.
Growing number of online gamblers across the globe, rising number of live casinos, and increasing worldwide digital infrastructure drives the growth of global online gambling market.
Based on type, sports betting segment held the maximum share online gambling market in 2021.