The global online gambling & betting market size was estimated at USD 58.2 billion in 2021 and is anticipated to reach around USD 145.6 billion by 2030, growing at a CAGR of roughly 12% between 2022 and 2030.
The global Online Gambling & Betting market research report offers an in-depth analysis of the global market size, which is further segmented into the regional and country-level market size, and segmentation market growth. Also, it provides the market share, sales analysis, competitive landscape, the impact of domestic and global market participants, trade regulations, value chain optimization, recent key developments, strategic market growth analysis, opportunities analysis, product launches, and technological innovations.
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Online Gambling & Betting Market: Overview
Online gambling is referred to as internet betting or internet gambling comprising of online games. In other words, any kind of gambling conducted over the internet is online gambling. These include betting on live or virtual games. Online Gambling & Betting involves three elements, i.e., consideration, risk, and a prize. Online Gambling & Betting services enable users to risk their money.
Growth Factors
The Online Gambling & Betting market is propelled by the rising smartphone, increasing internet penetration, and growing spending capabilities of individuals.
Additionally, the players operating in the market are constantly investing in new technology for improving the overall user experience, thus keeping the players engaged all the time. Further, the market is expected to boost with the involvement of female casino patronage along with the use of cashless payment methods. Also, virtual reality and blockchain technologies are anticipated to fuel the growth of the Online Gambling & Betting Market. Moreover, operators are engaged in providing exciting promotions and tournaments to attract newcomers.
This includes bonus cash programs or varied betting options. This, in turn, is supporting the growth of the market. Also, the rising number of sports events worldwide is fueling the sports betting options.
Segmental Overview
The market for Online Gambling & Betting is the segmented game type and device. By game type, sports betting is estimated to hold the largest market share in 2021. The growth in a number of various sports events, such as boxing, baseball, handball, and basketball, is boosting the market for sports betting. Based on the device, the mobile phone segment is dominating the market. A majority of operators in the Online Gambling & Betting market are offering mobile phone app-based platforms to the customers. These apps are user-friendly, which is propelling market growth. Also, the widespread use of smartphones and the rise in internet penetration are boosting the Online Gambling & Betting Market.
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Regional Overview
Asia Pacific region to offer lucrative growth opportunities
Europe is expected to hold the largest share in the Online Gambling & Betting Market. The majority of the growth is attributed to the legalization of online gambling in countries such as Italy, Germany, the UK, Italy, Poland, Malta, and Spain. Moreover, the high disposable income, high spending on leisure, and growing popularity of online gambling, in the region is supporting the market growth. Whereas, the Asia Pacific region is projected to witness a high CAGR during 2022-2030.
The relaxation in government rules across Asian countries concerning online betting is boosting the market. Also, increasing spending of the population on leisure activities is expected to fuel the market. However, the negative mental impact on players and bans in certain countries is hindering the growth of the market in the region.