Global Online Gambling Market Outlook, 2028

Global Online Gambling Market Outlook, 2028

The widespread availability of low-cost mobile applications for online gambling and betting around the world is expected to drive market growth over the forecast period. The increasing penetration of the internet is also expected to increase the use of online gambling platforms around the world. This helps to increase investments in online gambling platforms and the number of live casinos around the world. Furthermore, the increasing popularity of the freemium model is expected to drive market growth during the forecast period. Continuous technological advancements are also greatly favouring market expansion. Commercial models such as virtual currency and social casinos, game formats, in-play sports, wagering, and mobile geolocation are examples of significant developments. AI-based recognition software and crypto currency are being financed. Furthermore, market players' growing proclivity towards Virtual Reality (VR) to provide realistic gaming experiences will have a positive impact on the market. For example, prominent sports betting and gaming entertainment company Entain will launch the first VR-based multi-sport entertainment experience in 2021. This new offering was created in collaboration with Verizon Media.

According to the reseach report, “Global Online Gambling Market Outlook, 2028,"" published by Bonafide Research, the market is expected to reach a size of over USD 179 Billion, up from USD 94.17 billion in 2022. From 2023 to 2028, the market is expected to grow at an 11.64% CAGR. Increased investment in the online gambling market can be attributed primarily to rising demand for cost-effective payment mechanisms. The introduction of virtual and augmented reality is another important factor encouraging investments in online gambling. There are numerous investment opportunities in the market, influencing professional players to invest in sports betting and stocks of critical online gambling companies. Furthermore, growing consumer preference for online live casinos over traditional land-based casinos in countries where both offline and online gambling are legal is strongly favouring market growth. The migration of players from traditional to online gambling has created lucrative growth opportunities for online casino operators. Many professional players prefer live casinos because they help them keep track of their moves. Furthermore, they provide games in real-time with live dealers, a live chat feature, and games that can be played anytime and anywhere.

According to the report, the market is segmented into five major regions, including North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Among them, Europe is dominating the market in 2022 with over 40% of the market share, followed by North America and Asia-Pacific. North America is expected to have the highest CAGR in the global online gambling market during the forecast period, followed by South America and Asia-Pacific. However, increased use of internet services and relaxation of restrictions on online gambling and betting are expected to drive market development in Asia Pacific over the forecast period. Furthermore, bitcoin adoption has contributed to an increase in crypto currency gambling usage. Increased leisure spending, combined with Asia Pacific's rapid economic growth, and is expected to drive market growth throughout the forecast period. APAC's major revenue-generating countries are China, India, and Japan.

The global online gambling market is divided into several segments: sports betting, casinos, poker, bingo, and lottery. Poker is expected to dominate the market during the forecast period. In 2022, the sports betting segment held the largest share of the global market. The rising popularity of digital platforms around the world is expected to drive the segment's growth. The increasing spending capacity of the population in emerging economies as per capita income rises is expected to contribute to segment growth. However, the poker segment is growing at a faster rate than the rest of the market. This can be attributed to a variety of factors, including the enormous popularity of virtual card games and others. One of the primary factors driving the segment's growth is the convenience provided by digital platforms. The majority of websites and platforms accept payments via wallets, credit or debit cards, and cryptocurrencies. Furthermore, the availability of a diverse range of online poker games is expected to boost the segment's industry growth.

Based on the report, the market is segmented into device type, mobile devices (phones and tablets) and desktop. Among them the mobile devices are leading the market with major revenue generation in 2022. During the anticipated period also the market is driven by mobile devices as well. Mobile devices are portable and easy to use, which means that users can access online gambling services at any time and from anywhere, as long as they have an internet connection. This level of convenience is particularly appealing to users who are always on the go and may not have access to a computer. Mobile devices are becoming increasingly affordable, which means that more people can afford to purchase them. As a result, the number of people who have access to online gambling services through their mobile devices is growing rapidly. The technology behind mobile devices has improved significantly over the years, with faster internet connections, larger screens, and better processing power. This means that users can enjoy a seamless and immersive gambling experience on their mobile devices.

Recent Developments

• In August 2022, Gambling.com Group Limited, a top supplier of player acquisition services for the regulated global online gambling sector, announced its plans to offer marketing services to licensed online sports betting operators in Kansas.
• In February 2022, Aristocrat announced its plans to start an online gaming division. The company revealed that it would establish a third operating business to oversee the online RMG space.
• In June 2022, to Provide passengers on cruise ships with top-notch retail and mobile sports betting and online gambling experiences, BetMGM, a renowed sports betting and iGaming operator, announced a new cooperation with Carnival Corporation. Through this alliance, gambling will be accessible on more than 50 ships in the United States, including those operated by Carnival Cruise Line, Holland America Line and Princess Cruises. The platforms from BetMGM will lauch gradually over the upcoming months.
• In August 2022, the global sports betting, gaming and interactive entertainment company Entain plc announced a partnership with EMMA capital a renowed Czech Investment Company, to lauch Entain CEE. This new business will help the company expand in Central and Eastern Europe. 75% of the economic rights in Entain CEE will belong to Entain. The SuperSport Group (""SuperSport""), Croatia's top gaming and sports book operator, will be purchased by Entain CEE from EMMA.
• In October 2021, Connecticut completely launched its online casino and sports betting one day after New Jersey declared it was the first state to take in more than USD 1 billion in wagers on sports in a single month. Thousands of wagers were placed in the first few hours.
• December 2020: GVC Holdings Plc, in partnership with MGM resorts international, announced the launch of an online BetMGM casino in Pennsylvania. The company is offering 140 types of online games available on android and iOS.

Considered in this report
• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Global Online Gambling market with its value and forecast along with its segments
• Regional-wise Online Gambling market analysis
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries Covered in the report:
• North America (US, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia)
• Asia-Pacific (China, Japan, India, Australia)
• South America (Brazil, Argentina)
• Middle-East & Africa (Turkey, South Africa)

By Gaming Type:
• Sports Betting
• Casinos
• Poker
• Bingo
• Lottery
• Others

By Device Type:
• Mobile Devices (phones and tablets)
• Desktop

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Online Gambling industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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