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Online Gambling Market Size

Report ID: GMI4795
Published Date: May 2023
Report Format: PDF

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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.

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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.

Online Gambling Market Report Attributes
Report Attribute	Details
Base Year:	2022
Online Gambling 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:	Adoption Of Blockchain Technology Rising Internet Penetration Increasing Regularization of Online Gambling Rising Adoption of Mobile and Online Payment Gateways Availability Of Cost-Effective Betting Applications
Pitfalls & Challenges:	Industry Regulations and Standards Insufficient regulatory framework Financial transaction barriers

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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.

Authors: Suraj Gujar

Frequently Asked Questions (FAQ) :

Market size for online gambling was over USD 90 billion in 2022 and will record more than 10% CAGR from 2023-2032 due to the rising internet penetration and usage of mobile phones.

The device type desktop segment held over 45% of the online gambling industry share in 2022 owing to the growing need of users to access gambling sites and play on desktop devices, including computers and laptops.

Europe recorded more than 45% of the online gambling business share in 2022 due to the surging number of online gambling websites in the region.

The betting game segment held over 40% of the online gambling share in 2022 impelled by the growing popularity of sports tournaments worldwide.