Gambling Market Analysis North America,APAC,Europe,South America,Middle East and Africa - US,Canada,China,UK,Germany - Size and Forecast 2023-2027

Gambling Market Forecast 2023-2027

The gambling market is estimated to grow by USD 260.44 billion at a CAGR of 7.1% between 2022 and 2027. The increasing popularity of online sports betting, fueled by the convenience and accessibility of online platforms, is driving market growth. The high penetration of smartphones is further boosting the online sports betting market, as users can easily place bets on their mobile devices. Additionally, the reduced stringency in government regulations, particularly in regions where sports betting was previously restricted, is creating new opportunities for market expansion. Overall, these factors are contributing to the rapid growth of the sports betting industry worldwide.

It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

 What will the Size of the Market be During the Forecast Period?

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Market Segmentation

This report extensively covers market segmentation by type (lottery, betting, and casino), platform (offline and online), and geography (APAC, North America, Europe, Middle East and Africa, and South America).

By Type

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. 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 these activities, which is driven by an increase in the global demand for the gambling industry.

By Region

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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 these and the rising penetration of smartphones has enabled companies to launch these games, which is expected to fuel the demand in North America, fostering the further growth of the market in focus during the forecast period. 

Market Dynamics and Customer Landscape

The Market is witnessing substantial growth driven by increasing Internet penetration and the widespread use of Mobile phones and Modern smartphones. Technological advancements like Augmented reality, Machine learning, and Artificial intelligence are enhancing user experiences. Virtual reality (VR) is also becoming popular in gaming. The market includes various forms such as online betting, casino games, and virtual wagering. Mobile application-based lottery games and digital betting platforms are gaining traction. The industry is evolving with the adoption of digital payment gateways and currencies, offering a seamless gambling experience. 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. 

Key Market Driver

The increasing betting on e-sports is the key factor driving the market growth. E-sports, which are online multiplayer video games played by professionals, have seen rapid growth in the betting market. This growth is a significant factor driving market expansion, with the allure of substantial prize money attracting a large customer base. The rise of e-sports has led many casino operators to enter the e-sports betting sector. This trend is expected to continue as more industry players focus on e-sports and develop new services to attract users, including online gambling services. The penetration of smartphones and the availability of mobile application-based lottery games have further fueled this trend. Additionally, the casino sector is increasingly leveraging online gambling platforms to tap into the growing e-sports market.  Additionally, the relaxation of regulations surrounding online sports betting will further boost the e-sports industry, driving market growth in the forecast period.

Significant Market Trend

The introduction of bitcoin-based gambling will fuel the 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. 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 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 activities, thereby propelling the growth of the market during the forecast period.

Major Market Challenge

The security and credibility issues associated with online gambling are a major challenge to market growth. Most 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 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. These 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, these 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 these are hindering the growth of the market.

Key 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 Market Customer Landscape

Who are the Major Gambling Market Companies?                              

Companies 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 companies, including:

• 888 Holdings plc
• 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.

Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

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.

• Type Outlook 
  • Lottery
  • Betting
  • Casino 
• Platform Outlook 
  • Offline
  • Online

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • South America
    • Brazil
    • Argentina
    • Chile
• • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market is witnessing significant growth with the advent of Augmented Reality (AR) and Blockchain technologies. Online gambling is becoming increasingly popular, offering a variety of games such as draw-based and scratch-off instant games and sports games. Major events like the FIFA World Cup and football championships drive substantial betting activity. Mobile gambling is on the rise, supported by digital currency and various payment options. Product innovations, including the freemium model and virtual platforms, enhance user experience. The market is also influenced by legislative frameworks and technological advancements, ensuring a dynamic and competitive landscape.

In the market, bookmakers play a crucial role in facilitating betting activities, offering odds, and accepting wagers. Brands are increasingly involved in sponsorships and promotions within the industry. Desktop and mobile platforms are key for accessing these services, catering to a wide range of Internet users. Major sporting events like the FIFA World Cup and football events attract significant betting interest. Horse racing contests and major athletic events also contribute to the market's growth. The rise of online payment gateways and virtual payment gateways has made transactions easier for viewers engaging in online gambling, leading to a growth in the market. Advances in technology continue to drive innovation in the sector, with streaming content and tablet gaming enhancing the overall experience.

Emerging nations are increasingly becoming key players in the market, contributing to its growth and expansion. Major sporting events such as FIFA World Cup matches attract a large audience and drive significant betting activity. The entertainment industry, including films and television programs, often inspires themed gambling content and promotions. Companies like Gaming Realms play a vital role in developing innovative gaming solutions. Reports such as the Online Gambling Market Report provide valuable insights into market trends and forecasts. Factors such as the widespread adoption of tablets and continuous technology advancements are reshaping the gambling landscape, offering new opportunities and challenges. The market is further fueled by the popularity of online gambling, contributing to the online gambling gross win and overall market growth. Major tournaments and events continue to attract enthusiasts, highlighting the dynamic nature of the industry.

Market Scope
Report Coverage	Details
Page number	164
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 7.1%
Market growth 2023-2027	USD 260.44 billion
Market structure	Fragmented
YoY growth (%)	6.0
Regional analysis	North America, APAC, Europe, South America, and Middle East and Africa
Performing market contribution	North America at 37%
Key countries	US, Canada, China, UK, and Germany
Competitive landscape	Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks
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
Market dynamics	Parent market analysis, Market Forecasting, 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.
Customization purview	If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

 

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