Online Gambling Market Size, Share & Growth | Forecast 2031

Report Description

Online Gambling Market Outlook

The global online gambling market size was USD 75.15 Bn in 2022 and is expected to reach USD 216.9 Bn in 2031, expanding at a CAGR of 12.5% during the forecast period 2023-2031. The market growth is attributed to the increasing use of mobile phones among users to play online games and the rising internet penetration across the globe, especially in emerging economies can drive the global market.

Online sports betting began shortly after the early online casinos. The first site for online sports betting was every game in 1996. Online gambling gained a significant amount of popularity due to the convenience and ease of use it offers. To attract players to online casinos, the companies offer a variety of payback strategies and benefits to their members. Easy accessibility is another factor boosting the online gambling industry, as players can access online casinos or sportsbooks from any location with an internet connection, contrary to traditional gambling, which typically requires physical sites, such as casinos or racetracks.

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Online gambling has low betting limits, making it an economical choice for many players. The payments are handled online differing from traditional gambling. Profits from online gambling are typically electronically transferred into the player's account, while rewards in traditional gambling are normally made in cash.

Online gamblers may find this to be significantly beneficial, as it eliminates the need to physically take money from a bank or other venue. Online gambling continues is expected to rise with technological advancements in the coming years.

The outbreak of Coronavirus Disease (COVID-19) restricted the overall global market including land-based gambling arenas as governments across the globe imposed strict lockdowns to restrict the spread of COVID-19. The global restriction of COVID-19 on land-based casinos boosted the demand for online gambling software and its' usage across the globe. During the pandemic, several land-based gambling owners shifted to online gambling as people turned towards online gambling considering more free time, boredom, and to win money which ultimately aids in boosting the global market.

Online Gambling Market Dynamics

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What Drives Online Gambling Market?

Availability of Free Mobile Applications for Online Gambling

The growth of the market is fueled by the widespread availability of free mobile applications for online gaming and betting. Online casinos emphasize creating informational tools that protect the integrity of gambling and protect the user against fraud. Many online gambling websites provide a free-play version of their games, which presents company growth possibilities. Some countries have legalized gambling as it creates jobs and generates tax money. Casinos play a crucial part in tourist vacations, as gambling aids to attract people to win money.

Increasing Internet Penetration

The internet is a popular means of communication accessible to everyone and enables businesses to advertise their goods and services online. The consumption of services on virtual platforms has grown due to rising smartphone and internet usage. For instance, between 2000 and 2021, Bangladesh has seen an increase in internet usage of almost 93%, creating business opportunities. Online casinos are thriving as a result of high internet penetration around the world. Additionally, the rising number of applications & growing disposable income aids in boosting the global market.

Rapid Adoption of Blockchain Technology

The adoption of blockchain technology has greatly benefited market expansion. Transparency is ensured by the blockchain's ability to make safe payments. Blockchain technology brings greater transparency, security, and accessibility to the gambling industry. Bitcoin transactions are widely employed in online gambling, as bitcoin transactions are subject to a smaller number of regulations. Blockchain technology has found several applications in all industries worldwide. India accepted and plans to continue using blockchain technology in various industries.

Increasing Investments

Growing investments in the online gaming sector are attributed to the rising demand for affordable payment options. Investments in online gaming are supported by advancements in virtual reality and augmented reality. Professional gamblers are driven to invest in sports betting and the stock of some of the top online gambling companies, due to the high investment potential in the market. Diverse new players and investors are contacting operators, suppliers, regulators, and financial & legal experts who specialize in the online gambling industry.

What Restraints the Online Gambling Market?

• Alarming Rate of Cybercrimes

The amount of cybercrime in business is rising which can hinder the global market. Software hacking and signal manipulation through fake applications are two major concerns that pose a threat to the market's expansion. Rising risk of app-based theft is hampering the online gaming industry. Additionally, compulsive gambling has a negative impact on a person's relationships and health which is leading to depression and debt.

• Stringent Government Regulations

Governments of various countries around the world are enforcing regulations on online gambling which can hinder market growth. Governments have intensified their process to find unauthorized online gambling companies. This is followed by actively monitoring and limiting the marketing efforts of such companies. Moreover, a number of social and moral considerations, such as the possibility of gambling addiction are hindering the market. 

What are the Opportunities for the Online Gambling Market?

Technological Advancements

The rise of gambling industries is also assisted by ongoing technological advancements. The most significant innovations include business models such as virtual currency and social casinos, game styles such as in-play sports betting, and mobile geolocation. Additionally, the market will benefit from consumers' increased demand for Virtual Reality (VR) to give a genuine gaming experience.

For instance, the first VR-based multisport entertainment was released in 2021 by the well-known sports betting and gaming entertainment company Entain.

Sponsorships and Convenient Payment Options

Online gamers and consumers have more payment options due to the growing popularity of mobile and online payment platforms. Online payments are accepted in the gaming sector, as a secure and reliable means of payment. The online betting market has a good scope of expanding further, especially for football events such as the European Championships and the FIFA World Cup. Many online sports betting companies sponsor other teams as part of their marketing efforts by acquiring or joining forces with numerous businesses for strategic growth.

Scope of Online Gambling Market 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.

Online Gambling Market Segmental Outlook

What Key Factors Contribute to the Significant Expansion of the Type Segment?

Based on type, the global online gambling market is segmented into poker, sports betting, casinos, and others. The sports betting segment is expected to gain a substantial market share in the forecast period due to the growth of the sports betting industry driven by the effective use of computers and cell phones to place wagers on sporting events. The sports betting segment is fueled by the widespread use of sports betting advertisements worldwide.

The casino segment is expected to expand due to the rising popularity of social gambling and gambling apps. Additionally, the increasing popularity of mobile devices around the world encourages developers to create social casino games. Growing popularity of smartphones worldwide is encouraging manufacturers to offer casino games through internet distribution channels.

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Why is the Mobile Segment More Prevalent than the Desktops Segment?

In terms of device, the global market is bifurcated into desktops and mobiles. High penetration and adoption of internet devices and smartphones are driving the mobile device segment. Developing countries across the world are witnessing a considerably high adoption rate of smartphones, exponentially increasing online mobile gambling. However, the desktop has a larger screen than mobile, allowing users to enjoy the game's details and images. Factors such as picture clarity, sound volume, and adjustable storage space are expected to fuel the desktop segment during the forecast period.

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Why is Europe dominating the Global Online Gambling Market?

On the basis of region, the global online gambling market is categorized as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is expected to account for a substantial share of the market during the forecast period. The legalization of gambling in several countries in Europe such as Italy, France, Spain, and Germany, is projected to drive the market in the region.

The market in Asia Pacific is expected to register a considerable CAGR during the forecast period owing to the growing popularity of e-sports and other sporting events can propel the market in Asia Pacific. Additionally, the market's growth in the region is attributed to the rising usage of internet services and the relaxation of regulations governing online gaming and betting.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Online Gambling Market
• Historic, Current, and Projected Market Size in terms of Value and Volume
• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
• Industry Drivers, Restraints, and Opportunities Covered in the Study
• Recent Industry Trends and Developments
• Competitive Landscape & Strategies of Key Players
• Neutral Perspective on Global Online Gambling Market Performance