DUBLIN–(BUSINESS WIRE)–The “Online Gambling Global Market Report 2023” has been added to ResearchAndMarkets.com’s offering.
The global online gambling market is forecast to grow from $81.08 billion in 2022 to $88.65 billion in 2023 at a compound annual growth rate (CAGR) of 9.3%. The online gambling market is expected to grow to $125.6 billion in 2027 at a CAGR of 9.1%.
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 increasing adoption of smartphones with 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.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
1) By Game Type: Betting; Casino; Lottery; Poker; Online Bingo; Others
2) By Device: Desktop; Mobile; Other Devices
3) By Component: Software; Services
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- 888 Holdings
- Bet365 Group
- William Hill
- GVC Holdings
- Kindred Group
- Sky Betting & Gaming
- Stars Group
- Ladbrokes Coral Group
- Paddy Power Betfair
Key Topics Covered:
- Online Gambling Market Characteristics
- Online Gambling Market Trends And Strategies
Online Gambling Market – Macro Economic Scenario
- COVID-19 Impact On Online Gambling Market
- Ukraine-Russia War Impact On Online Gambling Market
- Impact Of High Inflation On Online Gambling Market
- Online Gambling Market Size And Growth
- Online Gambling Market Segmentation
Online Gambling Market Regional And Country Analysis
- Global Online Gambling Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Global Online Gambling Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Online Gambling Market Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions In The Online Gambling Market
- Online Gambling Market Future Outlook and Potential Analysis
For more information about this report visit https://www.researchandmarkets.com/r/ib6n04
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