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The gambling market is estimated to grow at a CAGR of 7.1% between 2022 and 2027. The size of the market is forecast to increase by USD 260.44 billion. The growth of the market depends on several factors, including the increasing betting on e-sports, the high penetration of smartphones, and the reduced stringency in government regulations.
This report extensively covers market segmentation by type (lottery, betting, and casino) and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global gambling market as a part of the global leisure products market. The parent global leisure products market covers a variety of categories, including sports equipment, musical instruments, camping equipment, recreational vehicles, bicycles, toys, and other consumer-oriented games. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The increasing betting on e-sports is notably driving the gambling market growth, although factors such as security and credibility issues associated with online gambling may impede the market growth. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a decrease in demand for the market during the COVID-19 pandemic, a holistic analysis of drivers will help companies refine marketing strategies to gain a competitive advantage.
Key Gambling Market Driver
The increasing betting on e-sports is the key factor driving the global gambling market growth. An e-sport is an online multiplayer video game played by professionals. The market for betting in e-sports has been growing at a rapid pace. It is one of the major growth enablers for the market. The prize money associated with betting in e-sports also attracts a large number of customers.
The growing e-sports segment has attracted many casino service providers and has eventually given rise to e-sports betting. During the forecast period, many players in the gambling industry are expected to shift their focus to e-sports games and come up with new services to attract users. In addition, the liberalization of regulations pertaining to online sports will boost the e-sports industry, which will drive the growth of the market during the forecast period.
Key Gambling Market Trend
The introduction of bitcoin-based gambling will fuel the global gambling market growth. Bitcoin is a digital, decentralized currency that is used to make transactions over the Internet. It provides a high level of anonymity and is not regulated by the central bank of countries. Moreover, users are not required to provide personal details while using bitcoins for gambling. Bitcoin provides several advantages over regular currency, such as international transactions, easy deposits and withdrawals, lower fraud risks, quick payments, and no transaction fees.
The availability of several modes of transactions enables customers to make use of any transaction platform, such as online lotteries and e-sports betting, for online gambling activities. This results in customer satisfaction and an enhanced online gambling experience. The trend of using bitcoins for gambling will likely increase due to the growing popularity of online gambling, thereby propelling the growth of the gambling market during the forecast period.
Key Gambling Market Challenge
The security and credibility issues associated with online gambling are a major challenge to the global gambling market growth. Most gambling websites do not have a proper dispute resolution framework, lack transparency in cash prize payouts, and do not have fair and responsible casino gaming standards, which reduces the credibility of gambling operators and platform providers. The credibility issue impacts the scaling up of the casino business and discourages new users from joining games such as casinos and poker. Online gambling websites have also become prime targets for cyber attackers and scammers.
Several offshore-run Internet casinos do not have the latest cybersecurity technologies in place, which increases the chances of cyberattacks. Some online casinos use poker bots representing human players, which are programmed for optimal play and to drive up the betting amounts. Therefore, online gambling operators need to devise a security framework that covers proper authentication, encryption techniques, software protection, and vulnerability scanning. Thus, security and credibility issues associated with online gambling are hindering the growth of the global gambling market.
Key Gambling Market Customer Landscape
Our analysis of the Life Cycle of the market indicates a movement from the innovator’s stage to the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries including the US, Canada, China, the UK, and Germany. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Gambling Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market
Bet365 Group Ltd. - The company offers gambling such as roulette, baccarat, blackjack, and spin a win. Also, the company provides a range of betting opportunities for various sports, including football, horse racing, tennis, cricket, and basketball, as well as casino, games, poker, and bingo rooms online.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the lottery segment will be significant during the forecast period. A lottery is a type of gambling that offers certain prizes for the players. In this type of gambling, players have to draw numbers randomly to win prizes. It is one of the first forms of modern gambling and was introduced by the US government in Puerto Rico in 1934.
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The lottery segment was valued at USD 213.38 billion in 2017 and continued to grow by 2021. The lottery market in North America and Europe is well developed, whereas the market is still in the nascent stage in APAC. However, the market in APAC is expected to grow rapidly during the forecast period. In most countries, lottery systems are managed by the government. Furthermore, our report provides a brief analysis of the historical and forecast market share and their segments along with the reasons for growth from 2017 to 2027. The growth of this segment is primarily attributed to the increasing adoption of gambling activities, which is driven by an increase in the global demand for the gambling industry.
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North America is projected to contribute 37% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The demand for online gambling in the region is growing at a rapid pace because of the rise in the number of mobile application platforms. Previously, the adoption of online-based gambling games, such as online poker, online bingo, and online lottery, was limited because of the lack of availability of online platforms, such as web applications and mobile applications. The increasing use of websites and applications for online gambling and the rising penetration of smartphones has enabled vendors to launch online-based gambling games, which is expected to fuel the demand for online gambling in North America, fostering the further growth of the market in focus during the forecast period.
In 2020, the outbreak of COVID-19 had a mixed impact on the gambling market in North America. However, people in North America were obliged to stay at home owing to the lockdown restrictions, which provided an additional opportunity for online casinos to gain new subscribers while regular players also made an attempt to play online, which, in turn, helped the market gain traction to some extent in 2020. Moreover, in 2021, the easing of lockdown restrictions owing to the large-scale vaccination drives conducted in North America led to the reopening of resorts and casinos that conduct gambling activities. This is expected to leverage the growth of the market in focus on North America during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by type, product, distribution channel, and region.
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Gambling Market Scope |
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Report Coverage |
Details |
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Page number |
164 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.1% |
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Market growth 2023-2027 |
USD 260.44 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
6.0 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 37% |
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Key countries |
US, Canada, China, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
888 Holdings plc, Bet365 Group Ltd., Betsson AB, Caesars Entertainment Inc., Camelot UK Lotteries Ltd., Crown Resorts Ltd., Entain Plc, EquiLottery LLC, Flutter Entertainment Plc, Freaks 4U Gaming GmbH, Galaxy Entertainment Group Ltd., Gateway Casinos and Entertainment Ltd., International Game Technology plc, INTRALOT SA, Kindred Group Plc, Las Vegas Sands Corp., MGM Resorts International, New York State Gaming Commission, SkyCity Entertainment Group, and The Betway Group |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Platform
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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