The Business Research Company’s report on the Online Gambling Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the online gambling market further?
The increasing adoption of smartphones with the 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. For instance, in July 2023, according to DemandSage, a US-based data reporting and analytics solutions provider, 86% of the population around the globe owns a smartphone. There are 6.8 billion smartphone users worldwide as of 2023. In the United States 94.4% millennials own a smartphone. Nearly half of the U.S. population dedicates 5 to 6 hours per day to using smartphones. This, in turn, is expected to drive the growth of online gambling market.
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What are the key factors influencing the forecasted market size of the online gambling industry?
The online gambling market size has grown rapidly in recent years. It will grow from $106.22 billion in 2024 to $117.5 billion in 2025 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to strong economic growth in emerging markets, growing adoption of smartphones with improved internet accessibility, increasing popularity of digital payments and rise in disposable income.
The online gambling market size is expected to see rapid growth in the next few years. It will grow to $186.58 billion in 2029 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to increasing gamer involvement during the COVID-19 pandemic, increasing consumer acceptance for fintech, technically advanced platforms, legalization of gambling and changing consumer gambling habits. Major trends in the forecast period include investing in ai technology to enhance user experience, integrating cryptocurrency as a payment mode, building mobile apps, investing in AR and VR technology, sponsoring sports events with large viewership, tie-up with celebrities and influencers, offer free access to games with certain main features and offer cross platform support for games.
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Who are the leading competitors in the online gambling market?
Major companies operating in the online gambling market include Flutter Entertainment plc, bet365 Group Ltd., Entain plc, Kindred Group plc, William Hill PLC, 888 Holdings PLC, International Game Technology PLC, Betsson Ab, DraftKings Inc., Betfred, QQ Lottery, Las Atlantis, Sports Toto Malaysia, Ruby Fortune, Jackpot City, SPIN Casino, 32Red, Royal Vegas, Europa Casino, Mobile Premier League, 1xBet, Evolution Gaming, Netent, Microgaming and Play ‘n’ Go, Bodog88, 188bet.g, Ladbrokes Coral, Sky Betting & Gaming, Super slots, Pari Mutuel Urbain, CODERE, SuperWins, Bede Gaming, Betfair, Buzz Bingo, Superbet, GVC Holdings PLC22BET, Betway, Scientific Games, Buffalo Partners, LeoVagas.com, 22BetCherry AB, Casino.Com, Slots Million, Camelot UK Lotteries Ltd., BetKing, Betcoza, MelBet
Which emerging trends are set to transform the online gambling market landscape?
Major companies operating in the online gambling market are focusing on introducing innovative solutions, such as online casinos, to enhance the user experience, attract new customers, and maintain a competitive edge. An online casino is a digital platform where users can play a variety of casino games, such as poker and slots, over the internet. For instance, in May 2024, MyPrize, a US-based developer of an online crypto casino gaming platform, launched an innovative online casino that features integrated live streaming and multiplayer gameplay, allowing players to engage with friends and streamers in real-time through its unique Bet Together technology. This platform offers a variety of popular casino games, enabling users to watch and interact with streamers while participating in bets together, fostering a communal gaming experience. Additionally, MyPrize supports cryptocurrency transactions, providing a gateway into the Web3 ecosystem.
How do different geographies compare in terms of market share and growth potential in the online gambling market?
Asia-Pacific was the largest region in the online gambling market in 2024. Eastern Europe is expected to be the fastest-growing region in the global online gambling market report forecast period. The regions covered in the online gambling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Which major segments of the online gambling market are experiencing the fastest growth?
The online gambling market covered in this report is segmented –
1) By Game Type: Betting, Casino, Lottery, Poker, Bingo, Others
2) By Device: Desktop, Mobile, Other Devices
3) By Component: Software, Services
Subsegments:
1) By Betting: Sports Betting, E-Sports Betting, In-Play Betting
2) By Casino: Slot Games, Table Games (Blackjack, Roulette), Live Dealer Games
3) By Lottery: Online Lottery Tickets, Instant Win Games, Scratch Cards
4) By Poker: Texas Hold’em, Omaha, Tournament Poker
5) By Bingo: 75-Ball Bingo, 90-Ball Bingo, Specialty Bingo Games
6) By Others: Virtual Sports, Fantasy Sports, Social Gambling Games
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How is the online gambling market defined, and what are its core characteristics?
Online Gambling is the use of the internet for the act of wagering money or something of value on an event with an uncertain outcome that is not under the gambler’s control, with the intent of winning something else of value, often money.
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