The latest report by IMARC Group, titled “Online Gambling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global online gambling market reached a value of US$
79.8 Billion in 2022. Online gambling refers to betting activities on casinos or sport-type games over the internet. It operates via the internet and works on multiple server points across the globe. Online gambling includes popular games such as roulette, poker, slots, lotteries, bingo, and keno. The gambling process involves placing a wager on a game with the assistance of a bookie or gambling enterprise. The games are downloaded through necessary software on smart devices, which does not require physical interaction between the players and bookies.
Global Online Gambling Market Trends:
The market is primarily driven by the rising internet penetration and the usage of mobile phones, which are improving access to online gambling. Moreover, online gambling offers convenient and real-time gambling experiences for players and customizable budgets. It also provides free games, bonuses, cashless transactions, loyalty points, and global access, which, in turn, is driving the market growth. Furthermore, online gambling platforms are expanding their presence by engaging in celebrity endorsements and corporate sponsorships, which is creating a positive outlook for the market. In addition to this, the integration of artificial intelligence (AI), chatbots, and machine learning is also facilitating the market growth. Furthermore, various countries are legalizing online gambling as it creates a high rate of employment and helps in revenue generation. On account of these factors, the market is expected to reach a value of US$
133.9 Billion by 2028, exhibiting a CAGR of
8.5% during the forecast period (2023-2028).
- Based on the game type, the market has been segmented into sports betting (football, horse racing, e-sports, and others), casino (live casino, baccarat, blackjack, poker, slots, and others), and others.
- On the basis of the device, the market has been classified into desktop, mobile, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being 888 Holdings plc, Bet365 Group Limited, Betsson AB, Cherry Spelgladje AB, Flutter Entertainment Plc, Galaxy Entertainment Group Limited, GVC Holdings plc, Intralot S.A., Kindred Group Plc, LeoVegas Mobile Gaming Group, and MGM Resorts International.
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