online gambling market

Online Gambling Market Share, Size, Trends, Industry Analysis Report, By Type (Sports Betting, Casinos, Poker, Bingo, Others); By Device (Desktop, Mobile, Others); By Region; Segment Forecast, 2022 - 2030

  • Published Date: Jan 2022
  • Pages: 112
  • Format: PDF
  • Report ID: PM2236
  • Base Year: 2021
  • Historical Data: 2018 - 2020

Report Summary

The global online gambling market was valued at USD 75.41 billion in 2021 and is expected to grow at a CAGR of 12.0% during the forecast period. Online gambling is betting on sports games, casinos, and others over the internet. It enables the consumers to gamble from their comfort zone. The growing popularity of virtual wagering, along with the implementation of the freemium model in online gambling, is anticipated to drive the growth of the industry.

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The primary factor driving the industry growth include increasing adoption of smartphones, easy access to digital betting platforms, and increasing internet penetration, among others. For instance, according to AGA (American Gaming Association), there are over 2,800 active betting sites as of 2018. The rise of virtual payment gateways and the increasing use of digital currency globally are expected to drive the growth of the overall industry. Operators of various digital platforms are creating a wide range of promotions and tournaments that quickly gain the interests of the new audience, presenting huge growth opportunities to the online gambling market.

The COVID-19 pandemic has had a positive impact on the online gambling market. More and more consumers are inclined towards various virtual platforms to bridge their financial and social crises during lockdowns. According to research by Lund University, on account of the stringent shutdown of all sports & other events due to lockdown, consumers are gaining interest in virtual betting. Furthermore, as various gambling establishments closed due to lockdown, the majority of them moved to a digital platform. These factors positively impacted the growth of the online gambling market during the pandemic spread.

Online Gambling Market Size

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Industry Dynamics

Growth Drivers
The changing legislative framework for virtual betting and the legalization of the market across emerging nations is anticipated to drive industry growth. For instance, online gambling has recently been made legal in Goa and Sikkim. The increasing credibility globally is further expected to drive market growth. The growing focus of key players such as Kindred, Entain, Bet365, and others towards innovation, partnerships, mergers, and promotion to expand their presence globally is anticipated to drive the industry growth.

For instance, in August 2021, DraftKings Inc. acquired Golden Nugget online gaming, enabling DraftKings to leverage the brand's product experience and colossal customer database of over 5 million. Further, in July 2021, FanDuel launched its casino offering in Michigan and New Jersey, adding live dealer blackjack and roulette, among other games for the customers. Recent developments such as these are anticipated to provide lucrative growth opportunities globally.

Report Segmentation

The market is primarily segmented on the basis of type, device, and region.

By Type

By Device

By Region

  • Sports Betting
  • Casinos
  • Poker
  • Bingo
  • Others
  • Desktop
  • Mobile
  • Others
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Type

The sports betting segment accounted for the largest share in the global market in 2021. The rising popularity of digital platforms globally is anticipated to drive the growth of the segment. The increasing spending capacity of the population in the emerging nations on account of the increasing per capita income is expected to contribute to the segment growth.

However, the Poker segment is accounting for a progressive CAGR in the overall market. This can be acknowledged to factors, including the huge popularity of virtual card games and others. The convenience offered by digital platforms is one of the prime factors contributing to the growth of the segment. A majority of the sites & platforms accept payment through all the wallets, credit/debit cards, and cryptocurrencies. Additionally, the availability of a wide range of games for online poker is projected to boost the segment's industry growth.

Insight by Device

The desktop segment is recorded with the largest revenue share in 2021 and is expected to lead the market in the forecasting years. The substantial growth of the segment can be attributed to the better features offered by desktops for virtual betting. The desktop has a huge screen size and enables the gambler to enjoy the intricate details of the game. Further, other computer parameters such as graphics, picture quality, and volume can offer an overall better experience. The mobile segment is also projected to experience considerable growth across the globe. This growth can be attributed to the increasing smartphone and internet penetration globally.

Moreover, various benefits including, the ease of access offered by mobile phones, the mobility offered, and the increased deposit options, among others, are expected to provide huge growth prospects to the segment. The increasing availability of various cost-effective and freemium mobile applications is expected to drive the growth of the segment. However, fake mobile applications & app-based hacking are projected to hinder the growth of the segment.

Geographic Overview

Geographically, Europe dominated the global market with the highest shares in 2021. This huge market share of the region can be attributed to the legalization of gambling in various countries such as Germany, Italy, Malta, and France. Furthermore, the Gambling Act of 2005 set by the UKGC (UK Gambling Commission) permits the companies to advertise their gambling sites, along with the rising popularity of online casinos is highly contributing to the market growth in the region.

Additionally, North America is anticipated to witness progressive growth over the coming years. The rising regularization of the industry across various countries in the region is anticipated to drive industry growth. In the U.S., the legislative framework at present only allows licensed bookmakers in New Jersey, Nevada, and Pennsylvania to operate legally, as betting is regulated in these states.

The implementation of new laws for regulating and legalizing virtual gambling allows online poker, sports betting, online casinos, and others. Nowadays, New Jersey is the largest market for regulated online gambling in the US. As there are various online sports betting, apps and sportsbooks live in the area. Moreover, Canada is mostly an unregulated country when it comes to online gambling. Additionally, authorities in Mexico are aiming to regulate its online gambling sector.

Moreover, the Asia Pacific is anticipated to grow with the highest CAGR among all other regions rapidly. The region's fast growth can be attributed to the rising smartphone and internet penetration across various developing nations such as China and India, among others. The relaxation of regulation regarding online gambling is further estimated to drive the growth of the industry. Furthermore, increasing per capita income and the presence of a younger population are expected to present huge market growth opportunities.

Competitive Insight

Few major players operating in the global market include 888 Holdings PLC, Bet365 Group Ltd., Betsson AB, Entain, Kindred Group PLC, Ladbrokes Coral Group PLC, Paddy Power Betfair PLC, Sky Betting & Gaming, The Stars Group Inc., and William Hill PLC.

Online Gambling Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 75.41 billion

Revenue forecast in 2030

USD 205.60 billion

CAGR

12.0% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million/billion and CAGR from 2022 to 2030

Segments covered

By Type, By Device, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key companies

888 Holdings PLC, Bet365 Group Ltd., Betsson AB, Entain, Kindred Group PLC, Ladbrokes Coral Group PLC, Paddy Power Betfair PLC, Sky Betting & Gaming, The Stars Group Inc., and William Hill PLC.

Key Take-Away
Polaris Market Research
Online Gambling Market Size Global Report, 2022 - 2030