New York, United States, August 28, 2024 (GLOBE NEWSWIRE) — The global online gambling market is expected to grow from USD 84.79 billion in 2023 to USD 164.53 billion by 2033, at a compound annual growth rate (CAGR) of 6.85% during the forecast period.
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Online gambling is played over the internet or on mobile devices, with players using real money to play fictitious games of chance. The online gambling market is growing as more and more people are using the internet and mobile devices to play online games. Celebrity endorsements, commercial advertisements, easy access to accelerate the spread of online gambling, and legalization are all contributing to the growth of the industry. The rise of online payment gateways along with the use of digital money across the globe are expected to drive the industry growth. Operators of various digital platforms are creating a wide range of promotions and tournaments that are quickly attracting the interest of new audiences and offering significant growth opportunities to the online gambling industry. The changing legal landscape for virtual betting along with the legalization of the market in emerging economies are expected to drive the industry growth. For example, online gambling was recently allowed in Goa and Sikkim. Increased global reputation is expected to boost the market growth. However, the increasing number of cybercrimes could limit the industry expansion.
Browse key industry insights across 207 pages of 110 market data tables and figures & charts from the report on the “Global online gambling market Size, Share, Growth and Industry Analysis by Game Type (Sports Batting and Casino), by Device Type (Mobile, Desktop and Tablets) and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) and Forecast to 2033.”
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In 2023, the sports betting sector had a market share of 65%.
Based on the share of game types, the online gambling market is segmented into sports betting and casino. Among them, the sports betting sector held a 65% market share in 2023. The sports betting segment would hold the largest market share during the forecast period. Given the country’s rising interest in sports, there is a significant demand for sports betting in the online gambling sector among US users. Moreover, in the sports betting industry, customers focus on sports for which they have a certain level of knowledge, thereby understanding the current game and taking them one step closer to profitability. Finally, new security standards will require consumers to present their licenses and other documents before they start playing a game on an online platform. This will enable consumers to ensure the safety of their money, which is one of the reasons why they prefer online gambling.
The mobile segment led the global online gambling market in 2023, accounting for 87% of the market.
Based on the share of device types, the online gambling market is segmented into mobile, desktop, and tablet. The mobile segment led the global online gambling market in 2023, accounting for 87% of the market. The mobile segment dominated the global online gambling market during the forecast period. It allows players to enjoy the game’s features and graphics. Moreover, mobile performance features such as high-definition audio and video and expandable memory enhance the gaming experience. All these factors have led to the expansion of the mobile device market. The sophisticated gaming images on smartphones have made online gambling more accessible thanks to improved mobile technology. The segment is growing due to the widespread availability of low-cost mobile phones with modern features such as enhanced graphics and more memory. Mobile gaming customers can enjoy a range of benefits including remote play, loyalty points, additional deposit options, and multiplayer gaming.
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Europe is expected to hold the largest share of the online gambling market during the forecast period.
The legalization of gambling in several European countries, especially Italy, Spain, France and Germany, is responsible for this tendency. Other factors driving the company’s growth include the availability of broadband internet, the growing popularity of online casinos and the widespread use of smartphones. According to a survey by the European Gaming & Betting Association, sports betting will account for the majority of online gambling in 2022. In addition, the German online gambling business held the largest market share, while the UK online gambling market grew the fastest in Europe.
The Asia Pacific market is expected to witness the fastest growth in the online gambling market during the forecast period. The Asia Pacific online gambling market is expected to grow significantly during the forecast period. Increasing internet usage and changes in legislation regarding online gambling and betting are likely to drive the market growth. Furthermore, the Chinese online gambling sector accounted for the largest market share, while the Indian online gambling market grew the fastest in the Asia Pacific region.
Competitive analysis:
The report offers the appropriate analysis of the key organizations/companies involved in the global market along with comparative assessment primarily based on their product offerings, business overviews, geographical presence, corporate strategies, segment market share, and SWOT analysis. The report also offers in-depth analysis with a focus on the latest news and developments of the companies including product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and more. This enables to evaluate the overall competition in the market. Major Vendors in Online Gambling Market: Sky Betting and Gaming, Betsson AB, Française des Jeux, Aristocrat, 888 Holdings PLC, The Stars Group Inc., William Hill PLC, Light & Wonder, Kindred Group PLC, Paddy Power Betfair PLC, Las Vegas Sands, Ladbrokes Coral Group PLC, Evolution Gaming, DraftKings, Gaming and Leisure Properties, VGC Holdings PLC, Boyd Gaming and others.
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Recent developments
- In April 2024 Caesars Entertainment, Inc. has announced a significant update to its Caesars Palace Online Casino mobile app for iOS and Android. The new Caesars Palace Online Casino app is now available and features an industry-unique multi-lobby navigation architecture that transforms the online casino experience by offering curated lobbies for popular game categories such as slots, table games and live dealers.
Market segment
This study forecasts revenue at global, regional and country levels from 2020 to 2033. Spherical Insights has segmented the global online gambling market based on the below mentioned segments:
Global online gambling market by game type
Global online gambling market by device type
Global online gambling market by region
- North America
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- United Arab Emirates
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East and Africa
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