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Online Gambling Market Size
Online Gambling Market size was valued at over USD 90 billion in 2022 and is anticipated to grow at a CAGR of over 10% between 2023 and 2032.
The growing adoption of smartphones, as well as 5G internet technology, is propelling the market forward. Modern smartphones support Augmented Reality (AR), Machine Learning (ML), and Artificial Intelligence (AI), allowing developers to create immersive & interactive gambling applications. The availability of low-cost smartphones is expected to fuel online gambling market expansion. Approval from cultural & legal authorities, easy access to online gambling, celebrity endorsements, and corporate sponsorships are contributing to market growth. Digital advancements occurring in tandem with the annual expansion of online casinos are intended to achieve the desired trust in the online gambling sector.
The gambling market is made up of entities (organizations, sole traders, and partnerships) that operate gambling facilities such as casinos, bingo halls, video gaming terminals, lotteries, and off-track sports betting. This market includes bingo halls, coin-operated gambling device concession operators, bookmakers, lottery ticket sales agents, and card rooms. The gambling market also includes the sale of gambling services and related goods by casino hotel operators.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 90 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 10% |
| 2032 Value Projection: | USD 370 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 211 |
| Segments covered: | Game, Device Type |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Since its inception, online gambling has attracted legal scrutiny. Due to the fine line between skill and chance, the overall business model has had to undergo several changes according to laws & regulations across different regions. Various countries around the world are imposing restrictions on online gambling as they believe it can lead to financial losses. The imposition of restrictions can significantly restrain the online gambling market as vendors will lose market share in regions where it is prohibited. Several states in the U.S. have placed restrictions on online gambling and have even imposed fines on some online gambling platforms for breaking the law.
COVID-19 Impact
The COVID-19 pandemic benefited the online gambling industry. During lockdowns, an increasing number of consumers turned to various virtual platforms to counter their financial and social crises. Consumers became more interested in virtual betting due to the strict closure of all sports and other events during the lockdown. Most gambling establishments shifted to a digital platform, aiding the online gambling market growth.
Online Gambling Market Trends
Online casino developers concentrate on solutions that support & assist gamblers, ensure the authenticity of gambling activities, and prevent fraud. Several online gambling sites provide a free-play version of their games to attract new users. In the free-to-play versions, revenue is generated through in-app or website advertisements. The adoption of blockchain technology has also significantly impacted online gambling market share. Along with traditional payment methods, gambling apps & websites have begun to accept blockchain payments. Cryptocurrency transactions are quick & secure, providing numerous gambling opportunities. As they are subject to fewer regulations and restrictions, they are now widely preferred by users in online gambling.
Online Gambling Market Analysis
Based on device type, the industry is divided into desktop and mobile. The desktop segment held a market share of over 45% in 2022 and is expected to grow at a lucrative pace by 2032. Desktop gambling allows users to access gambling sites and play on desktop devices such as computers and laptops. Screen size is one of the most obvious advantages of desktop gambling, especially now that 4K monitors in 30+ inch sizes are available. Playing on large screens allows for a completely immersive experience in online gambling as well as for catching details that players might otherwise miss on a small mobile screen. This allows people with two or more screens to play different games at the same time, even on different websites.
Based on game, the online gambling market is segmented into betting, casino, poker, lottery, bingo, and other games. The betting segment held a market share of over 40% in 2022. Due to the growing popularity of sports tournaments worldwide, betting represented the largest segment. The increasing awareness of e-sports and the rise of live-streaming platforms have had a significant impact on the demand for betting. The growing popularity of sporting events, such as football and cricket, and the high stakes of monetary involvement are major factors attracting many gamblers to this segment. The increasing penetration of the internet and the population's growing understanding of online gaming sites and applications are driving segment revenue. The segment could expand even further with the growing collaborations among market participants.
Europe dominated the global online gambling market with over 45% share in 2022. The increasing number of online gambling websites in the region, as well as the launch of mobile applications for online gambling activities in the industry, augment market growth. Online gambling is gaining popularity in many European countries, with the UK, Italy, and the Nordic countries leading the region's industry growth. The rising penetration of online gambling in Europe will increase the year-on-year value of the market. The growing per capita disposable incomes due to the improving economy in many European countries are leading to increased spending on gambling activities among European households.
Online Gambling Market Share
Some major players operating in the online gambling market are
- 888 Holdings PLC
- Bet365 Group Ltd.
- Betsson AB
- Entain PLC
- Kindred Group PLC
- Flutter Entertainment
- bet-at-home.com AG
- Bally's Corporation
- International Games Technology
- Light & Wonder
- DraftKings Inc.
These players focus on strategic partnerships and new launches & commercialization for market expansion. They are heavily investing in research, allowing them to introduce innovative offerings and garner maximum revenue in the market.
Online Gambling Industry News:
- In February 2023, Gannett Co., Inc. signed a multi-year strategic partnership with Gambling.com Group Limited, a player acquisition service provider for the regulated global online gambling industry. Under the agreement, Gambling.com Group will provide relevant content for sports fans while leveraging Gannett's reach across the U.S. media landscape through the USA TODAY Network.
- In January 2023, PokerMatch entered the Indian market by launching PokerMatch India, an Indian entity, in collaboration with Playtech, an online gaming software company. The company's decision to launch operations in India could be motivated by an ever-growing pool of players and the fastest-growing online gaming market.
The online gambling market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032, for the following segments:
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By Game
- Betting
- Boxing and UFC
- eSports
- Football
- Formula1
- Horse racing
- Tennis
- Others
- Casino
- Baccarat
- Blackjack
- Roulette
- Slots
- Others
- Poker
- Lottery
- Bingo
- Other games
By Device Type
- Desktop
- Mobile
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Asia Pacific
- East Asia
- Southeast Asia
- South Asia
- Oceania
- Latin America
- Mexico
- Argentina
- Colombia
- MEA
- Africa
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