Online Gambling and Betting Market
The review published by Facts and Factors estimated that the online gambling and betting market size was around USD 58 billion four years ago and is expected to reach about USD 182.21 billion by 2030, registering a compound annual growth rate of approximately 11.8% for the process of 8 years. The report studies the drivers, restraints, and challenges of the online gambling and betting market; and the effects they will have on demand during the projection period. The report also covers opportunities for the online gambling and betting market.
Online Gambling & Betting Market: Overview
Online gambling or betting activities are characterized as gambling and betting activities or interaction over the internet in use. Gambling is the process of betting any valuable substance for any event of random value. Gambling is to stake certain value judged with a higher worth than the stake. The concept not only of permutation but also of combination applies in gambling. Online gambling may include: sports betting, Poker, and casinos.
Online gambling or betting adheres to rules basically similar to those that govern local physical casinos. Technology has blown open the first venue through which online gambling was available. At the start of the new century, there were already about eight million players who had participated in playing online gambling. With a never-ending increase in technology, the global players in the market have been able to encircle their consumer group by reinventing their services and products and also overcoming the hurdles they have faced.
Key Insights
- As per the analysis shared by our research analyst, the global online gambling & betting market is estimated to grow annually at a CAGR of around 11.8% over the forecast period.
- In terms of revenue, the global online gambling & betting market size was valued at around USD 58 billion and is projected to reach USD 182.21 billion, by 2030.
- The market is projected to grow at a significant rate due to the growing sales of smart devices causing an increase in accessibility
- Based on gaming device segmentation, the desktop was predicted to show maximum market share in the year 2021
- Based on gaming type segmentation, sports betting was the leading type.
- On the basis of region, Europe was the leading revenue generator.
Online Gambling & Betting Market: Growth Drivers
- Growing sales of smart devices causing increase in accessibility to propel market demand
After a brief glance at the global market and the role of technologically-savvy devices, an increased scale for online gambling and betting is envisaged due to the consistent expansion in the number of subscribers for smart devices such as laptops, mobile phones, and other systems conducive to online gaming applications. The global economy has reached saturation with smart device manufacturers offering smartphones and laptops across price levels. This induces the overall increase in the rate of accessibility of not only the smart device but all the features that come along within it such as betting websites, applications, and programs.
The growing interest in virtual reality may spur on higher commercialization and utilization of the service among the younger segment of society. Other advancements in user experience with better technology and advanced systems may further provide credence to the growth of the world market.
Online Gambling & Betting Market: Restraints
- Ambiguity around rules surrounding the legality of online gambling to restrict market expansion
The biggest impediment to the growth of the world market is creating and ensuring strict compliance with rules that govern the legality of online modes of gambling or betting in many nations. Taking India as an example, the country has a complete ban on all forms of gambling, but online sports betting does not fall in the class of banned activities as described by Indian law. However, some provisions provide differentiation between games of skill and games of chance. Such factors not only affect the very users, but they also affect the market players likewise, since there is a lot of uncertainty as to their positioning in the system of online betting and gambling software.
Online Gambling & Betting Market: Opportunities
- Exhaustive advertising measures to provide higher growth opportunities
The global online gambling and betting market is expected to have acquired unprecedented new heights owing to the painstakingly exhaustive measures adopted as initiatives by the global market players to bring about awareness regarding the applications, games, websites, or methods of participation in online betting or gambling activities. This is especially visible in those spots or areas having legalized such games and licensed it to operate in them ever since then.
For example, makers of Online Rummy games have increased their spending in the Indian market on social media campaigns by hiring famous personalities to promote the gaming services.
Online Gambling & Betting Market: Challenges
- Growing incidences of money laundering to act as a challenge during the growth period
There have been reports of several incidents of the use of transactions involving large sums of money under the disguise of electronic fund transfer technology or using online gaming as a means. Rising interest from the criminal segment in society is seeing an increased output from illicit activities in the global marketplace. A very recent BBC documentary made good on a case of exposing the fact that cryptocurrencies were being used for underaged gambling, and there was political corruption in Curacao island-providing further impunity.
Online Gambling & Betting Market: Segmentation
The global online gambling and betting market is segmented according to varied criteria such as gaming device, gaming type, gaming source, and region.
The global market is categorized by device into mobile and desktops, with desktops showing a larger growth in the global market. Most recently, a segment generated above 28.5 billion in revenues, representing a preferred gaming platform. This follows from the several advantages offered by desktop computers to the user compared to mobile phones: bigger screen sizes, better internet connections, full clarity while accessing the gambling site, and better visuals to enhance the experience.
Several factors-generally not related to the coexistence of joint activities, but viewed rather in terms of each segment's growth-are other storage capacity, sound volume and sound quality, and image resolution. Several factors pertinent to the mobile segment are likely to accelerate growth in future including improving research and innovation in mobile-friendly apps and multiplayer games.
Gaming type-wise, the global market is divided into Casino, Poker, Bingo, Lottery, Social gaming, Sports betting, and Fantasy sports. The global market has shown the fastest growth in the sports betting segment, which accounted for more than 50% of the total revenue for the segment.
TheIncreasing popularity of sporting events such as football and cricket, together with high monetary stakes involved in betting, are particularly responsible for intriguing more gamblers into sports betting. Revenues also arise from the growing penetration of the Internet and its increasing popularity among the masses on gaming websites and applications. The growing collaboration between relative market players can further expand the segment.
With the growth of online gambling worldwide, one of the most interesting types of bets that has gained more and more attention is that of asian handicap corners betting. Asian handicap corners betting focuses on predicting the number of corners taken by a team in a football match, often with a certain handicap placed on the match completely to allow the odds on both sides to be leveled off. It adds an element of strategy and excitement into betting, giving the punters the chance to go for more than traditional results on a sporting event.