by Online gambling and betting involves placing bets or wagers on real-money casino games, sports contests, lotteries, and various digital games through the internet on any electronic device such as computers, smartphones, and tablets. It provides users with a wide range of betting options including sports betting, casino games, poker games, bingo, and lottery games from the comfort of their homes. The global popularity of eSports, fantasy sports, and easy accessibility to online gambling websites through multiple digital devices are major factors augmenting the growth of the online gambling and betting market.
The global Online Gambling and Betting Market is estimated to be valued at US$ 70.96 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising popularity among millennials is a key driver propelling the growth of the online gambling and betting market. Millennials, characterized as individuals born between 1980 and 2000, have emerged as one of the major user groups engaging in online gambling activities. The tech-savvy millennial population is increasingly embracing digital gaming platforms as an entertaining leisure activity. According to studies, millennials spend an average of 6 hours per week online playing different types of gambling games. Easy access to high-speed internet, availability of diverse payment options, and introduction of mobile-friendly gambling applications and websites are also attracting more millennial users toward online betting platforms.
Advancements in technology are further fueling the expansion of the online gambling and betting industry. Live streaming of sporting events, game replays, enhanced gaming user interface, smooth payment options, and introduction of virtual reality and augmented reality gaming experiences are some of the emerging technology trends revolutionizing the online betting space. Integration of blockchain technology is also enabling secure and transparent gambling transactions among operators and players. These technological innovations are allowing gambling companies to offer realistic and immersive gambling experiences to their customers remotely through digital devices.
SWOT Analysis
Strength: Online gambling and betting provide convenience and 24/7 availability to users. Users can gamble and bet from any location at any time through their mobile devices or computers. The large number of available online casinos and sportsbooks provide users more options to choose from when placing bets. Weakness: Security and privacy risks are always a concern with online gambling and betting. Users worry about their personal and financial information being stolen or hacked when engaging with online platforms. Regulatory restrictions in some regions limit the reach and market potential for online gambling and betting operators. Opportunity: Rapid increase in smartphone and internet penetration worldwide opens massive new potential customer base. If existing regulatory barriers are reduced, online platforms stand to gain substantial new users and revenue. Cryptocurrencies provide opportunities for new payment options and player engagement models in the industry. Threats: Illegal offshore gambling sites pose threat by operating outside regulations and taxes. Over-regulation in some regions ban online gambling altogether limiting growth opportunities. Emergence of other entertaining mobile apps and games are sources of competition for users time and money.
Key Takeaways
The Global Online Gambling And Betting Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The availability of high-speed internet and widespread adoption of smartphones are major factors driving the market. According to estimates, the market size was valued at US$ 70.96 billion in 2023 and is projected to reach over US$ 140 billion by 2030, registering a CAGR of around 13% during the forecast period.
Europe currently dominates the global online gambling and betting market with the highest revenue share. Countries like the UK, Germany, and Italy have flourishing regulated online betting industries. The Asia Pacific region is expected to be the fastest growing market during the forecast period supported by large populations and increasing disposable incomes in countries like China and India. North America is also witnessing significant growth in online gambling driven by legalization in more states.
Key players operating in the online gambling and betting market are MaritzCX Research LLC (Inmoment LLC), Adobe Inc., Medallia Inc., Oracle Corporation, Clarabridge, SAP SE, Sitecore, IBM Corporation, Zendesk, Avaya Inc., Open Text Corporation, Verint Systems Inc., and Tech Mahindra. The industry is highly competitive with major players focusing on expansion into new regions, offering multiple betting options, and leveraging advanced technologies to enhance user experience.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
