[185 Pages Report] The Online Gambling Market size was estimated at USD 79.80 billion in 2023 and expected to reach USD 88.33 billion in 2024, at a CAGR 10.57% to reach USD 161.32 billion by 2030.
Online gambling encompasses the remote gaming activities offered through the internet, which includes online betting, casino games, poker, lotteries, and other gambling services. The accessibility of internet services globally, the convenience of online platforms, and the widespread use of smartphones and other devices foster the growth of the market and provide diverse ways for consumers to participate in gambling activities. Applications for online gambling extend across various digital platforms, including desktop and mobile devices. Growing innovations in mobile technology and user experience with increased acceptance and cultural changes toward gambling are driving the growth and demand for online gambling. However, regulatory constraints in various jurisdictions, cybersecurity threats, and concerns related to the social impact associated with gambling addiction hamper the growth of the market. Key players are exploring advanced encryption technologies to promote data security and mitigate privacy issues associated with online gambling. Furthermore, the growing use of augmented reality (AR) and virtual reality (VR) to enhance user engagement and AI to personalize gaming experiences can provide new avenues of growth for the online gambling market.
Game: Growing popularity of casino/poker such as slots, blackjack, and roulette
Bingo is a popular online game that involves matching numbers on a card with the numbers randomly drawn by a game host. The need-based preference for bingo is typically community-driven as players enjoy the social aspect of the game, which online platforms simulate through chat features. Casino/poker encompasses a variety of online card games and casino staples such as slots, blackjack, roulette, and various forms of poker. The need-based preference for such games centers on excitement, the thrill of gambling, and the skill component in poker. Online lotteries have become increasingly prevalent, offering players the comfort of purchasing lottery tickets in the comfort of their homes. The primary need-based preference for online lotteries is the purpose of winning big with a small financial commitment. Social gaming involves playing games that mimic gambling activities without the risk of losing real money. It appeals to individuals seeking entertainment and social interaction without the stress of wagering. Sports betting is for individuals that are enthusiastic about sports and seeking to leverage their knowledge to profit from event outcomes. Moreover, the primary need here is engagement with the sport and spectating.
Device: Significant adoption of desktops for online gambling as it provides a stable and enriched gaming experience
Desktops have traditionally been the foundation of online gambling, offering a stable platform for complex graphics and high-quality sound. Users opting for desktop gaming appreciate the larger screen, enhanced visibility, and the ability to use powerful hardware for a more immersive experience. Desktop gambling platforms provide a comprehensive range of services due to the lack of restrictions on processing power and network connectivity. Mobile devices have revolutionized the online gambling industry with the advent of smartphones and tablets. They cater to a user’s need for convenience and accessibility. The major factor driving preference for mobile gambling is the ability to play anywhere and anytime, appealing to the younger demographic and busy individuals that might not have the time for desktop gaming.
Payment Mode: Rising potential of virtual money among risk-averse audience
The real money sector involves transactions where players bet with actual currency. This segment attracts users looking for tangible rewards and the thrill that comes with real money wagering. The virtual money sector involves betting with in-game currency or tokens, which cannot be exchanged for real currency. This form of gambling occurs in social casinos and mobile gaming apps.
Regional Insights
The online gambling market in the Americas is rapidly growing due to favorable governmental legalization frameworks, a growing potential consumer base, and high internet penetration. The move toward legalizing gambling throughout most of America’s economies is gaining momentum. Technological innovations such as AR/VR technologies and integration with AI have driven consumer preference for online gambling. The online gambling market in the APAC region is presenting lucrative growth opportunities. The competitive landscape in the region is quite fragmented and unclear regarding restricted legal access to online gambling websites. Europe represents a strong demand for online gambling due to high smartphone and internet penetration with diverse regulatory frameworks for online gambling platforms. Favorable legislation and legalization have played an essential role in opening more legal spaces for online gambling. The Middle East online gambling market is regulated by Arabic gambling laws that vary by country, and a few countries have legal gambling; however, online gambling is still illegal throughout the Middle East. There are liberalized laws for lottery sales and sports betting in Israel, Lebanon, and Morocco.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Online Gambling Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Online Gambling Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Online Gambling Market, highlighting leading vendors and their innovative profiles. These include 1xBet, 888 Holdings PLC, Action Network, Inc. by Better Collective A/S, beBettor Limited, Bet365 Group Ltd., Betsson AB, Blaze by Prolific Trade N.V., Bovada, Caesars Entertainment, Inc., Dafabet, Entain PLC, Evolution Gaming Group, Flutter Entertainment PLC, Fortuna Entertainment Group A.S., Gamesys Group PLC by Bally’s Corporation, Genius Sports Group, Huddle Gaming Inc., Huuuge, Inc., Jackpocket, Inc., Kindred Group PLC, Light & Wonder, Inc., MGM Resorts International, Playstar Gaming Group, Practice Ignition Group, Rush Street Interactive, Inc., SGHC Limited, SportPesa, The Hong Kong Jockey Club, and Zodiac Casino by Casino Rewards.
Market Segmentation & Coverage
This research report categorizes the Online Gambling Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Game
- Bingo
- Casino/Poker
- Lottery
- Social Gaming
- Sports Betting
- Device
- Desktop
- Mobile
- Payment Mode
- Real Money
- Virtual Money
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Online Gambling Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Online Gambling Market?
- What are the technology trends and regulatory frameworks in the Online Gambling Market?
- What is the market share of the leading vendors in the Online Gambling Market?
- Which modes and strategic moves are suitable for entering the Online Gambling Market?
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