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The Global Online Gambling Market Size is estimated to grow at a CAGR of 11.03% between 2022 and 2027. The size of the market is forecast to increase by USD 150.5 billion. The growth of the market depends on several factors, including growing demand for mobile gambling, increasing betting on e-sports, and reduced stringency in government regulations. Growing online data security issues is a major factor hindering the market growth.
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This online gambling market report extensively covers market segmentation by Device (desktop and mobile), Product (lottery, betting, and casino), and Geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
The market share growth by the desktop segment will be significant during the forecast period. The primary factor driving the segment growth is that desktop devices offer a better experience as they have bigger display screens compared with mobile devices.
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The desktop segment was valued at USD 106.34 billion in 2017 and continued to grow until 2021. Most online gambling offerings are web-based, which are better experienced on desktops. Although many vendors have optimized their offerings for mobile devices and have developed apps for mobile platforms, users still prefer desktops for a better experience. Therefore, owing to these factors the segment in the global market will grow during the forecast period.
An emerging trend in the market involves the use of Virtual Reality (VR) as a therapeutic approach for treating gambling addiction. VR provides individuals with gambling addiction a safe virtual environment that replicates the cravings associated with their addiction, without exposing them to real-life scenarios. Therapists leverage VR to observe and analyze the behavior of addicts during virtual gambling experiences, allowing them to assess progress.
Authorized therapists gradually introduce gambling addicts with strong cravings into a tailored VR environment. This involves reducing noise levels, limiting slot machines and players in the virtual casino, and moderating the overall environment's intensity. The ongoing use of VR as a tool for curing gambling addictions is expected to persist, contributing to market growth in the forecast period.
The market faces significant challenges due to the increasing issues in online data security, hampering its growth. Online gambling encounters security and credibility concerns, including the absence of proper dispute resolution frameworks, lack of transparency in cash prize payouts, and insufficient fair and responsible casino gaming standards. These factors diminish the credibility of gambling operators and platform providers, adversely affecting the expansion of the casino business and deterring new users from participating in gambling activities like casinos and poker.
Additionally, online gambling websites are susceptible to cyber threats, with attackers targeting vital user information such as bank details and credit card numbers. The lack of advanced cybersecurity technologies in some offshore-run internet casinos further heightens the risk of cyberattacks. Consequently, these issues are anticipated to impede the global market's growth in the forecast period.
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APAC is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in the region is experiencing rapid growth due to the increasing prevalence of mobile application platforms. The United States plays a pivotal role in leading the market in North America. The surge in online gambling through websites and applications, coupled with the widespread use of smartphones, has facilitated the introduction of online-based gambling by vendors. Notably, Lotto.com Inc. unveiled the first digital platform in New Jersey in 2021, allowing lottery ticket purchases from any device without the need for an app or pre-deposited amounts. Similarly, in January 2020, BetAmerica launched an online sports betting platform in Pennsylvania. These developments contribute to the expected growth of the regional market in the forecast period.
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.
Betsson AB - The company operates under one segment. The company under this segment offers online gambling that includes gambling products such as casinos, poker, bingo, sports betting, and scratch cards. The key offerings of the company include online casino gambling games.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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.
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Online Gambling Market Scope |
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Report Coverage |
Details |
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Page number |
164 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 11.96% |
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Market growth 2024-2028 |
USD 181.47 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
10.15 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 40% |
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Key countries |
US, Canada, China, UK, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
1XBet, 888 Holdings Plc, Ballys Corp., Bet365 Group Ltd., Betfred Group, BetOnline, Betsson AB, Camelot UK Lotteries Ltd., Cherry Spelgladje AB, Churchill Downs Inc., Entain Plc, Flutter Entertainment Plc, Fortuna Entertainment Group AS, INTRALOT SA, Kindred Group Plc, MGM Resorts International, Rank Group Plc, Scientific Games LLC, Sportech Plc, Sportpesa, Super Group SGHC Ltd., The Stars Group Inc., Winamax, and Galaxy Entertainment Group Ltd. |
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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 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 market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Device
7 Market Segmentation by Product
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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