Online Gambling Market

Market Overview 2023-2028:

The global online gambling market size reached US$ 79.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 133.9 Billion by 2028, exhibiting a growth rate (CAGR) of 8.5% during 2023-2028. The rising penetration of the Internet of Things (IoT), increasing legalization and cultural approval of online betting, and the growing adoption of mobile phones among users for playing online games are some of the key factors driving the market.

The Rising Acceptance of Online Betting Across the Globe Augmenting the Market Growth

The online gambling market has been experiencing continuous growth on account of the legalization and wider acceptance of online betting in many developed and developing countries. Online sports providers have also been able to secure high-profile sponsorships with football and racing clubs, which has allowed them to draw in new users. In addition, legalizing online gambling offers various advantages, such as providing a safe and regulated environment for players, and generating additional revenue for governments. It also helps to protect players from fraud and provides governments additional revenue, thereby escalating the overall demand.

Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented with a number of small and large players operating in the industry due to high capital investments and barriers to entering the market. The volume of new entrants is low in the online gambling industry due to high competition from leading players and the massive manpower required for online gambling vendors.

What is Online Gambling?

Online gambling involves placing wagers on numerous types of game or match through a licensed bookmaker or sportsbook. Additionally, it includes placing wagers on the outcome of a game or event, typically with the use of a computer or other electronic device that takes place over the internet. It is often considered to be a form of entertainment and can be enjoyed by all ages. The majority of online gambling sites are regulated by local or national laws, and they must adhere to strict standards in order to remain in business. All reputable online gambling sites have secure banking and transaction systems, as well as privacy policies that protect customers’ personal information. It is designed in a way that it provides full customer support services, so players can get help with any issues they may have. Finally, various online gambling sites also provide bonuses and promotions in order to attract new customers while strengthening their position in the market.

COVID-19 Impact:

The COVID-19 pandemic outbreak had a positive impact on the online gambling industry. This has impelled the masses to seek new ways of entertainment that adhere to social distancing norms. Before the lockdown, individuals visited land-based casinos to gamble, however, the closure of these locations has resulted in a rapid shift to digital technologies. The pandemic has augmented the growth of the online gambling market, providing an alternative option for those with a passion for gambling. Users are now using online casinos and other websites to gamble on non-traditional sports and events. The virus has made it increasingly difficult for consumers to find entertainment, but with the emergence of online gambling, they are still able to enjoy their favorite activities from the comfort of their homes. Additionally, it has encouraged numerous leading players to heavily invest in advanced technologies to provide an immersive experience to users.

Online Gambling Market Trends:

At present, the rapid expansion of the global internet infrastructure, including the development of faster networks and increased access to broadband, is enabling the proliferation of online gambling platforms. Along with this, the rising popularity of online gambling as it offers greater convenience than traditional land-based gambling is significantly supporting the market. Since online gambling platforms provide a much greater range of games which is allowing more consumers to participate in online gambling, this is propelling the demand on the global level. Apart from this, numerous key players are investing heavily in aggressive marketing and advertising activities, such as celebrity endorsements and promotional campaigns, which is promoting awareness regarding online gambling among the masses.

Moreover, the widespread integration of virtual reality (VR) and blockchain tools with online gambling platforms is positively influencing the market. These technologies provide players with an immersive experience while also helping to ensure the transparency of gambling activities, further creating a favorable market outlook. Apart from this, traditional land-based casinos and sportsbooks are focusing on adapting to the changing landscape by offering online betting options, while online betting operators are heavily investing in expanding their offerings to include a wider range of games and sports events. Online betting platforms have become more sophisticated and user-friendly, with features, including live streaming, in-play betting, and virtual sports. These features have enhanced the overall betting experience, making it more engaging and exciting for users, thus acting as a major growth-inducing factor.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global online gambling market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on game type and device.

Game Type Insights:

• Sports Betting
  • Football
  • Horse Racing
  • E-Sports
  • Others
• Casino
  • Live Casino
  • Baccarat
  • Blackjack
  • Poker
  • Slots
  • Others
• Others
   

The report has provided a detailed breakup and analysis of the online gambling market based on the game type. This includes sports betting (football, horse racing, e-sports, and others), casino (live casino, baccarat, blackjack, poker, slots, and others), and others. According to the report, sports betting represented the largest segment due to the growing popularity of sports tournaments across the globe. Additionally, the demand for sports betting has been largely influenced by the growing awareness about e-sports and the rising live-streaming platforms.

Device Insights:

• Desktop
• Mobile
• Others
   

A detailed breakup and analysis of the online gambling market based on the device has also been provided in the report. This includes desktop, mobile, and others. According to the report, desktops accounted for the largest market share on account of the enhanced convenience offered by desktop devices to mobile phones. In addition, the widespread adoption of large-screen desktops allowing users to experience the high-resolution graphics and intricate details of the game in a better manner is augmenting the product demand.

Regional Insights:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include 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 the Middle East and Africa. According to the report, Europe was the largest market for online gambling. Some of the factors driving the Europe online gambling market included the provision of online gambling services by private enterprises which are highly regulated by the government. As technology continues to evolve, private organizations are teaming up with third-party software vendors to create a more user-friendly gaming platform for their customers, which is having a major impact on the growth of the market in the region.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global online gambling market. Some of the companies covered in the report include:

• 888 Holdings PLC
• Bet365 Group Ltd.
• Betsson AB
• Cherry Spelgladje AB
• Flutter Entertainment Plc
• Galaxy Entertainment Group
• GVC Holdings Plc
• Intralot S.A.
• Kindred Group Plc
• LeoVegas Mobile Gaming Group
• MGM Resorts International
   

Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the online gambling market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global online gambling market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the online gambling industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.