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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.
This 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 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing demand for mobile gambling is notably driving market growth. Smartphone penetration is increasing because of the declining average selling price (ASP) of smartphones and the developments in communication network infrastructure. Smartphones provide a convenient and intuitive interface for playing casino games and e-sports. Smartphone users engage extensively with their mobile devices on an intermittent basis for short to long periods of time. Thus, users are rapidly shifting from desktops to mobile devices for playing casino games.
Smartphones are becoming one of the major platforms for online gambling as they provide easy access to casino games and e-sports betting. They also support many mobile-based payment solutions, such as M-Pesa, Orange Money, and Airtel Money. Therefore, several vendors have launched mobile gambling applications due to the enhancements in mobile payment systems. Thus, rising smartphone penetration will boost market growth during the forecast period.
The emergence of VR as a cure for gambling addiction is an emerging trend in the market. The use of VR allows people with gambling addiction to experience safe and secure virtual environments that are conducive to replicating the cravings of their addiction. This is done without subjecting the gambling addicts to real-life scenarios related to their addictions. VR helps therapists study the behavior of addicts when the latter are subjected to virtual gambling. The technology places individuals in an environment in which their senses are tested, helping therapists determine the progress of individuals.
Therapists are authorized to expose gambling addicts to a VR environment, catering to the latter needs. Addicts with strong cravings are gently ushered into the VR world setup. This is done by reducing the noise levels, the number of slot machines, the number of players in the casino, and the intensity of the entire environment. Therefore, the trend of VR being used as a tool to cure gambling addictions is likely to continue, which in turn, will fuel the market growth during the forecast period.
The growing online data security issues are major challenges impeding market growth. Security and credibility issues in online gambling are some of the major factors hindering the growth of the global market. Most gambling websites do not have a proper dispute resolution framework and lack transparency in cash prize payouts. They also do not have fair and responsible casino gaming standards, which reduces the credibility of gambling operators and platform providers. This credibility issue has a negative impact on the scaling of the casino business and discourages new users from joining gambling games, such as casinos and poker.
Moreover, online gambling websites have become prime targets for cyber attackers and scammers. Gambling websites capture vital information about users, such as bank details and credit card numbers, which are vulnerable to hacking. Several offshore-run internet casinos do not have the latest cybersecurity technologies in place, which increases the chances of cyberattacks. Thus, issues like these will hinder the growth of the global market during the forecast period.
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 Online 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.
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 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 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.
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APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Another region offering significant growth opportunities to vendors is North America. 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 growing at a rapid pace because of the rise in the number of mobile application platforms. The US is the key leading country in the market in North America. The increasing use of websites and applications for online gambling, as well as the rising penetration of smartphones, has enabled vendors to launch online-based gambling. For instance, in 2021, Lotto.com Inc. announced the launch of the first digital platform in the state of New Jersey that allows lottery ticket purchases from any device without the need for an app or pre-deposited amounts. Likewise, In January 2020, BetAmerica launched an online platform for sports betting in Pennsylvania. Thus, owing to such factors the regional market is expected to grow during the forecast period.
The outbreak of COVID-19 had a strong influence on the market in North America. In 2020, the gambling industry was disrupted as the lockdowns following the outbreak led to the closure of casinos, which, in turn, led to an increase in demand for online casinos owing to technological improvements and changes in legislation, such as the legalization of online gaming, thereby driving the growth of the market in the region. With more countries in the region introducing regulations, online gambling in the country is anticipated to increase, with people downloading more online casino games, thus adding to the revenue streams in the overall market. For instance, according to the American Gaming Association, sports betting in the US brought in a record USD 1.5 billion in 2020, an increase of 69% from the previous year. In addition, the relaxation of lockdowns and large-scale vaccination drives in different countries in the region, coupled with increased funding toward the development of online interfaces of betting platforms from several resources also boosted the market growth. Therefore, this trend is likely to continue, which in turn, will propel the growth of the regional market 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.
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Online Gambling Market Scope |
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Report Coverage |
Details |
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Page number |
163 |
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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 11.03% |
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Market growth 2023-2027 |
USD 150.5 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
9.2 |
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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 39% |
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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., BetOnline, Betsson AB, Camelot UK Lotteries Ltd., Entain Plc, Flutter Entertainment Plc, Fortuna Entertainment Group AS, Galaxy Entertainment Group Ltd., INTRALOT SA, Kindred Group Plc, LeoVegas AB, MGM Resorts International, New York State Gaming Commission, Scientific Games LLC, Sportech Plc, The Betway Group, The Stars Group Inc., William Hill Plc, and Winamax |
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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, and 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 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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