Online Gambling Market by Types (Sports Betting, Casinos, Poker, Bingo, and Others), Devices (Desktop and Mobile), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021–2028

The global online gambling market was valued at 59.43 billion in 2020 and is projected to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing use of smartphones among individuals and high internet penetration for playing online gambling games.
 

Online gambling can be understood as a virtual betting instrument that allow several players to gamble using real money by accessing to various online gambling platforms. To access to online gambling, the players has to create an account on the platforms using information regarding bank account, email, and other personal details. Rising penetration of internet and wide adoption of smart devices are key aspects that help boost the growth of online gambling especially casinos. With the increasing number of players, several online gambling platforms are being developed but these platforms have to follow the strict guidelines of governments. Normally, players under the age of 18 years are prohibited to open account to these platforms and it has to be legally acceptable in all manners.

Online gambling operates through the internet globally and can be used on multiple server points. However, only more than 75% jurisdictions are authorized for establishment of legal gambling platforms. Governments across several countries across the globe allows to operate online gambling as it provides a high employment rate and aids in revenue generation.

Market Drivers, Restraints, Trends, and Opportunities

• Growing consumer awareness regarding online gambling and rising disposable income of a large number of populations are anticipated to drive the market growth during the forecast period.
• Easy access to online gambling, legalization, cultural approval, celebrity endorsements and corporate sponsorships are the key factors driving to fuel the market growth.
• The availability of cost-effective mobile application and development of several online gaming platforms are projected to spur the market growth.
• A large number of online casinos offer a free play version and easy access to social media to learn the games are expected to create various opportunities for the market growth.
• Recent technological developments such as virtual reality and blockchain adoption in the gaming application development ensures effective and real-time experience of gambling activities.
• Signal manipulation and growing concern of app-based hacking are the key challenges hindering the market growth. Cancellation of various sports events across the globe has adversely affected the sports betting, thus hampering the market growth.
• The outbreak of COVID-19 pandemic has positively impacted the market growth. Various government restriction on movement has significantly impacted the land-based casinos, thus, shifting more players towards online gambling.

Scope of the Report

The report on the global online gambling market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Global Online Gambling Market Segment Insights

Sports betting segment is projected to constitute a significant market share
On the basis of types, the global online gambling market is divided into sports betting, casinos, poker, bingo, and others. The sports betting segment is projected to constitute a significant market share during the forecast period. The increase in use of digital platforms for sport betting across the globe is anticipated to drive the segment growth. Internet sports betting include live-action betting and fixed odds betting, which involve a range of betting real money. However, the online poker segment is expected to expand at a healthy CAGR during the forecast period owing to gaining significant traction especially from the group of college students. Growing admiration of online card games is driving the segment growth. Online poker is more preferred among consumers owing to their convenience as several sites accept deposits from online wallets, credit cards, and virtual currencies such as Bitcoin.

Desktop segment expected to represent a large market share
Based on devices, the market is segmented into desktop and mobile. The desktop segment is expected to represent a large market share during the forecast period. Gamblers are able to enjoy the graphics and complex details of the games owing to the large screen size of desktops as compared to mobiles. Additionally, performance parameters such as sound volume, picture quality, and storage capacity are much better that can improve the gaming experience on desktop. On the other hand, the mobile segment is projected to expand at an impressive CAGR during the forecast period. Technological advancements in mobile phones and improvement in the gaming graphics of smartphones are key aspects that encourage the adoption of online mobile games. Furthermore, wide use of smartphones due to availability of affordable mobile phones and easy to develop enhanced gaming experience are acting major factors that boost the segment. Loyalty points, increased deposit options, and options to play with other players are some of the benefits offered by online mobile gambling.
 

Europe is expected to account for a significant market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is expected to account for a significant market share during the forecast period. Legalization of gambling in various countries such as Germany, Spain, Malta, Italy, and France are major driving factors for the regional market growth. The increase in the use of smartphones, availability of high-speed internet, and growing admiration of online casinos are some key factors projected to fuel the market growth in this region. Furthermore, the Gambling Act 2005 by the U.K. Gambling Commission (UKGC) allowed companies to advertise their gambling sites, which positively impacts the growth of online gambling market. On the other hand, the market in Asia Pacific is projected to expand at a substantial CAGR during the forecast period. The growing penetration of internet services and relaxations of regulations related to online betting and gambling are projected to boost the market growth in this region during the forecast period. Additionally, growing admiration of bitcoins has encouraged the adoption of digital currencies for betting in this region. High economic growth and increased consumer spending in the region is anticipated to fuel the market growth. Macau and Hong Kong are the two prominent countries generating highest revenue from online gambling in this region.

Segments

Segments Covered in the Report
The global online gambling market has been segmented on the basis of

Types

• Sports Betting
• Casinos
• Poker
• Bingo
• Others

Devices

• Desktop
• Mobile

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Competitive Landscape

Some of the key players in the global online gambling market are William Hill PLC, Bet365 Group Ltd., Paddy Power Betfair PLC, Betsson AB, Ladbrokes Coral Group PLC, The Stars Group Inc, 888 Holdings PLC, Sky Betting and Gaming, Kindred Group PLC, and GVC Holdings PLC.

Industry participants are focusing on innovations and developments to differentiate and improve their service offerings for potential customers. Many of these players are adopting various business strategies such as product launches, mergers, acquisitions, and collaborations to improve their market position and expand a large consumer base. For instance, In January 2019, Mr. Green and Co AB, a Sweden-based gambling company, was acquired by William Hill PLC. This deal was forged to strengthen their market presence in the Scandinavian region. Additionally, in March 2019, Bitcoin signed a lease agreement for office space in Marlton, New Jersey, US that would help the company to improve its presence in the US market.