Online Gambling & Betting Market Climbs Amidst Rising Popularity of Mobile Gambling As Revealed In New Report

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Online Gambling & Betting Market Scope and Overview

The SNS Insider report indicates that the Online Gambling & Betting Market Size was valued at USD 64.1 Bn in 2022, and is expected to reach USD 152.90 Bn by 2030 and grow at a CAGR of 11.48% over the forecast period 2023-2030. The online gambling & betting market encompasses the sale of gambling activities conducted remotely via the internet. This includes online casinos, online poker, sports betting, bingo, lotteries, and video game wagering. Users can access these services through various devices, including desktops, mobiles, and tablets, placing real money bets from anywhere in the world.

Market Analysis

The online gambling & betting market is thriving due to a multitude of factors. Easy accessibility to a vast array of games and the potential for significant wins are primary drivers. Legalization paves the way for increased regulation and tax revenue generation, fostering a safe and secure environment for both operators and players. Additionally, this trend stimulates tourism and job creation within the legalized online gambling industry. The growing popularity of esports, particularly among younger demographics, also presents a significant growth opportunity for the online gambling & betting market. As esports viewership and participation continue to climb, the integration of esports betting into online platforms is likely to further accelerate market expansion.

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Some of the Major Key Players Studied in this Report are:

• William Hill
• Bet365
• Paddy Power Betfair PLC
• Betsson AB
• Ladbrokes Coral Group
• The Stars Group
• 888 Holdings
• Sky Betting and Gaming
• Kindred Group
• GVC Holdings
• Others

Market Segmentation Analysis

The online gambling & betting market can be segmented by game form and device used. When it comes to game form, sports betting is projected to dominate the industry throughout the forecast period. The ever-increasing popularity of online sports betting is fueled by factors like growing sponsorships with major sporting leagues and teams, rising disposable income in certain regions like Asia Pacific, and the availability of exciting betting options like live-action and fixed-odds betting.

In terms of device usage, while mobile platforms are gaining traction, desktops are currently the most popular choice. This can be attributed to the superior graphics, clearer image quality, and larger screen size offered by desktops, which enhance the overall user experience. Desktops also allow for greater customization of game settings like screen clarity, sound volume, and storage capacity to optimize the gameplay experience.

Key Growth Drivers of the Online Gambling & Betting Market

The Online Gambling & Betting Market is experiencing significant growth, driven by several key factors that are shaping the industry landscape.

• Increasing Internet Penetration: The proliferation of high-speed internet connectivity, coupled with the widespread adoption of smartphones and other mobile devices, has significantly expanded the potential user base for online gambling and betting platforms. As more individuals gain access to the internet, especially in emerging markets, the online gambling market's customer reach continues to expand, driving market growth.
• Rising Popularity of Mobile Gambling: The convenience and accessibility offered by mobile devices have fueled the popularity of mobile gambling and betting apps. Mobile platforms provide users with the flexibility to wager on their favorite games and sports events from anywhere, at any time, leading to increased engagement and revenue for online gambling operators. The growing trend of mobile gaming is expected to be a major growth driver for the online gambling market in the coming years.
• Advancements in Technology: Technological advancements, such as virtual reality (VR), augmented reality (AR), and blockchain technology, are transforming the online gambling and betting experience. VR and AR technologies are enhancing the immersive nature of online casinos and sports betting platforms, providing users with more realistic and interactive gaming environments. Additionally, the implementation of blockchain technology is enhancing transparency, security, and trust in online gambling transactions, driving adoption and attracting new players to the market.
• Regulatory Changes and Legalization: The gradual relaxation of regulations and the legalization of online gambling and sports betting in various jurisdictions worldwide have created new growth opportunities for market players. As governments recognize the potential tax revenues generated by the online gambling industry, many are moving to legalize and regulate online betting activities, creating a more favorable operating environment for industry participants. Regulatory clarity and compliance are essential factors driving market growth by instilling confidence among consumers and investors alike.
• Shift in Consumer Preferences: Changing consumer preferences, particularly among younger demographics, are driving the demand for online gambling and betting services. Millennials and Generation Z, who are more accustomed to digital lifestyles, prefer the convenience and variety offered by online gambling platforms over traditional brick-and-mortar casinos or betting shops. This demographic shift is driving operators to innovate and offer new and engaging online gaming experiences tailored to the preferences of younger audiences, driving market growth.

Overall, the convergence of technological innovation, regulatory changes, and shifting consumer preferences is driving robust growth in the online gambling and betting market, creating lucrative opportunities for industry stakeholders. However, it's essential for market participants to navigate regulatory challenges effectively and prioritize responsible gambling practices to sustain long-term growth and maintain consumer trust.

Impact of the Russia-Ukraine War

The ongoing war between Russia and Ukraine has a multifaceted impact on the online gambling & betting market. While some European regions with established online gambling markets might witness a temporary decline due to economic uncertainty and sanctions, other regions might see an increase in online gambling activity as individuals seek entertainment and potential financial gains during a period of instability. The war has also intensified scrutiny on online financial transactions, potentially impacting the online gambling industry's reliance on secure payment gateways. However, this increased focus on security might lead to the development of even more robust solutions in the long term, fostering trust and confidence among users.

Impact of Economic Slowdown

An economic slowdown can have a double-edged impact on the online gambling & betting market. On the one hand, individuals with tighter budgets may be more cautious about spending disposable income on online gambling activities. This might lead to a temporary decrease in market growth in certain regions. However, economic downturns can also lead to increased interest in online gambling as a source of potential income or entertainment. Additionally, during economic hardships, individuals might be more drawn to the convenience and affordability offered by online gambling platforms compared to traditional brick-and-mortar casinos. This could lead to a shift in user behavior and potentially benefit the online gambling industry.

Key Regional Analysis

Europe currently holds the dominant position in the online gambling & betting market. This dominance can be attributed to the early legalization of online gambling in countries like France, Germany, Spain, Malta, and Italy. Additionally, the high penetration of smartphones, widespread access to high-speed internet, and growing popularity of online casinos have fueled market growth in this region. Regulatory frameworks like the UK Gambling Act 2005, which allows controlled advertising of online gambling sites, have also fostered a stable and transparent environment for market operations.

Due to the growing use of internet services and the loosening of rules on online betting and gambling, the Asia Pacific region is expected to develop. Moreover, the growing popularity of bitcoin has led to an increase in its use as a means of betting across the region. The expansion of the market is likely to be driven by a strong economy in the Asia Pacific region, complemented by an increase in leisure expenditure.

Key Takeaways from the Online Gambling & Betting Market Study

• Accessibility & Innovation: Easy access to a wide range of games, secure payment options, high-speed internet, and user-friendly mobile apps are fueling market growth.
• Legalization & Growth: Legalization of online gambling in more countries fosters a safe environment for players and operators, leading to increased market size.
• Sports Betting Reigns Supreme: Sports betting is expected to dominate the market due to rising popularity, sponsorships, and exciting betting options.
• Desktops Still Lead: While mobile platforms are gaining traction, desktops currently offer a superior user experience with better graphics and customization options.

Recent Developments

September 2021: A new layer of AI powered messages has been launched by the LEOVEGAS Group, which expands the Group's safer gambling offer. United Kingdom The first customers to receive an interactive message based on their behavior, which will help educate and inform about safer gambling would be those in the UK.

July 2021: In New Jersey and Michigan, FanDuel Group, a subsidiary of Flutter Entertainment plc, has launched its casino offering. FanDuel has added live dealer blackjack, roulette, and baccarat games for customers.

Table of Contents- Major Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
   • Drivers
   • Restraints
   • Opportunities
   • Challenges
4. Impact Analysis
   • COVID-19 Impact Analysis
   • Impact of Ukraine- Russia war
   • Impact of Ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Online Gambling & Betting Market Segmentation, by Type
   • Sports Betting
   • Casinos
   • Poker
   • Bingo
   • Others
9. Online Gambling & Betting Market, by Device
10. Regional Analysis
    • Introduction
    • North America
    • Europe
    • Asia-Pacific
    • The Middle East & Africa
    • Latin America
11. Company Profile
12. Competitive Landscape
    • Competitive Benchmarking
    • Market Share Analysis
    • Recent Developments
13. USE Cases and Best Practices
14. Conclusion