The Online Gambling & Betting Market was worth around USD 61.5 billion in 2021 and is estimated to grow to about USD 114.4 billion by 2028, with a compound annual growth rate (CAGR) of approximately 10.9 percent over the forecast period. The report analyzes the Online Gambling & Betting Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Online Gambling & Betting Market.
Key Industry Insights & Finding of the Online Gambling & Betting Market Reports:
As per the analysis shared by our research analyst, the Online Gambling & Betting Market is expected to grow annually at a CAGR of around 10.9 % (2022-2028).
Through the primary research, it was established that the Online Gambling & Betting Market was valued approximately USD 61.5 Billion in 2021 and is projected to reach to roughly USD 114.4 Billion by 2028.
UK Gaming Commission (UKGC) established the Gambling Act 2005, which allows corporations to advertise their gambling sites, helping the growth of the sector in the region.
Asia Pacific is predicted to develop due to the increasing use of internet services and the loosening of rules governing online betting and gambling.
Online Gambling & Betting Market: Overview
Online gambling is defined as wagering on casino or sports-type games over the internet. The market demand for digital gambling is being driven by the increasing adoption of smartphones, developments in internet technology, and increased spending power of individuals, among other factors. In addition, players' curiosity will be piqued as online gambling software vendors spend extensively on new technology to improve the user experience. During the forecast period, the online gambling sector is predicted to profit from a rise in female casino patronage as well as the convenience of using a cashless method of payment when gaming. The industry's growth is also being fuelled by the increased development of new technologies such as virtual reality and blockchain. Moreover, operators are generating a number of exciting tournaments and promotions that may be of interest to newcomers, and bonus programs and betting options are rising every day. The market will continue to rise as a result of this. The growing number of sports fans throughout the world has fueled the desire for sports betting. The sector is driven by sports such as boxing, baseball, football, and hockey, which account for the majority of bets.
Driver: Online gambling software market growth will be fuelled by the ease of making payments online.
Payment methods have become easier for users and online gamers as digital and mobile payments have been more widely accepted. Furthermore, online payment services provide a secure and safe way of transaction, which has boosted their use in the online gaming business. Furthermore, the more straightforward and convenient payment options encourage players to participate in the gambling sector. The convenience of remote payments opens up a world of possibilities for online gamblers to promote and drive cash flow. E-wallet services for online gaming are also available from firms like PayPal and Neteller. Furthermore, Neteller offers transactions in 26 different currencies with no transaction fees. As a result, the availability of safe digital payment methods is projected to boost virtual gaming demand.
Restraints: Increased negative mental health effects and online gambling bans may stifle market growth.
Users' increasing use of internet-based gambling is having negative consequences for their mental health. The user's ability to retain mental equilibrium is being challenged by his or her growing addiction to the readily available internet-based gambling platforms. The number of suicides has been rising year after year as a result of this addiction. Pathological gambling, often known as compulsive gambling, is another addictive gambling impact. The long-term repercussions of this type of gaming could lead to conditions including chronic stress and hypertension. In addition, because to the heightened danger of compulsive gambling behavior, a number of countries have banned gambling websites. Gambling bans have been enacted in countries like Russia, the United Arab Emirates, Qatar, and Poland. Furthermore, certain countries, including India, Singapore, Japan, and others, are likely to prohibit gambling. All of these important concerns are expected to stifle market growth.
Global Online Gambling & Betting Market: Segmentation
By Game Form, the market is classified into Poker, Casino, Sports Betting, Bingo, Lottery, and Others. During the projection period, sports betting is expected to dominate the industry. The increased popularity of online gaming and betting is expected to fuel demand for sports betting. Sponsorships in online sports betting are also expected to increase, which will aid in the growth of this business. Furthermore, in the Asia Pacific, rising disposable income has led to increased spending capacity, which is likely to add to sector growth. Some of the most popular types of internet sports betting include live-action betting and fixed-odds betting.
By Device, the market is classified into Desktop, Mobile, and others. During the forecast period, the desktop is projected to be the most popular because it offers superior graphic design, clear image quality, and more storage space, among other things, which improves the customer experience. These are the primary contributors to growth, which will assist the industry to grow as well. When compared to mobile phones and other devices, PCs have a larger screen size, allowing gamblers to enjoy the game's aesthetics and fine features. For a better gaming experience, desktop performance variables like screen clarity, sound volume, and storage capacity may all be changed. These factors have contributed to the growth of the desktop market.
Europe dominated the market in the forecast period. The legalization of gambling in nations like France, Germany, Spain, Malta, and Italy has fueled the expansion. The increased use of smartphones, the availability of high-speed internet, and the growing popularity of online casinos are all positive factors for market growth. Furthermore, the UK Gaming Commission (UKGC) established the Gambling Act 2005, which allows corporations to advertise their gambling sites, helping the growth of the sector in the region.
Meanwhile, throughout the forecast period, the market in Asia Pacific is predicted to develop due to the increasing use of internet services and the loosening of rules governing online betting and gambling. Furthermore, the rising popularity of bitcoins has led to an increase in the use of digital currency for betting in the region. Over the projected period, the Asia Pacific region's high economic growth, combined with increased expenditure on leisure activities, is likely to drive market expansion.
New UK customers only. Register using the promo code BETFRED60, deposit and place first bet of £10+ on Sports (cumulative Evens+) within 7 days of registration. First bet must be on Sports. £20 in Free Bets to be used on Sports, £10 in Free Bets to be used on Lotto and 50 Free Spins (20p per spin) credited within 10 hours of bet settlement. Further £20 in Free Bets credited 5 days after settlement. Bonuses have a 7-day expiry. Payment restrictions apply. SMS verification and/or Proof of I.D and address may be required
New customers only. Min Deposit: £10. First deposit matched up to £10. 1 x wagering at odds of 1.75+ to unlock Free Bet. Debit Card deposits only. Deposit method restrictions apply. This offer is valid for 7 days from your new account being registered.
New players only. Min deposit £10. Offer: 50 No-Deposit Spins on Book of Dead & 121% deposit match up to £300. Bonus funds + spin winnings separate to cash funds and subject to 35x (bonus only) wagering req. Only bonus funds count towards wagering contribution. Welcome bonus max bet £5. Winnings from No-Deposit Spins capped at £100. Bonus funds valid 30 days, spins 10 days. Affordability checks apply.