Online Gambling and Betting Market to Expand Owing to Surging Popularity of Mobile Wagering and Live Betting
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Online Gambling and Betting Market Report
The Online Gambling and Betting Market thrives due to increased internet penetration, smartphone usage, and the convenience of digital transactions.
The Online Gambling and Betting Market flourishes with rising internet penetration, smartphone usage, and the convenience of digital transactions, driving demand for online gaming platforms.”
— SNS Insider Research
AUSTIN, TEXAS, UNITED STATES, May 2, 2024 /EINPresswire.com/ -- SNS Insider predicts the market size will reach USD 174.6 Billion by 2031, reflecting a Compound Annual Growth Rate (CAGR) of 11.9% over the forecast period 2024-2031. The Online Gambling and Betting Market is experiencing explosive growth, driven by the increasing popularity of mobile wagering and live betting experiences. Players are increasingly turning to online platforms for their entertainment needs, with the convenience and immersive nature of these platforms fueling market expansion.
The burgeoning popularity of online gambling and betting can be attributed to several factors. The widespread adoption of smartphones and tablets has created a readily accessible platform for wagering, allowing users to participate from anywhere with an internet connection. Additionally, the rise of live betting platforms offers an immersive and dynamic experience, keeping players engaged throughout the course of sporting events or casino games.
Furthermore, increased disposable income in emerging economies is creating a larger pool of potential customers. Technological advancements, such as the integration of virtual reality and artificial intelligence, are further enhancing user experiences and driving market growth. The legalization of online gambling in an increasing number of countries is also anticipated to significantly impact demand in the coming years.
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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
➤ By Type: Sports betting currently dominates the market, fueled by the growing popularity of professional sports leagues and tournaments worldwide. Online casinos offer a diverse range of games, attracting a significant portion of the market due to their accessibility and convenience. Poker, bingo, and other categories hold a smaller yet steady market share, catering to specific player preferences.
➤ By Device: Mobile devices have become the preferred platform for online gambling and betting, surpassing desktops due to their portability and user-friendly interfaces. Desktops still hold a share of the market, particularly for players who value larger screens and enhanced visuals.
Recent Developments
In July 2022: Bragg Gaming Group expanded its partnership with Rush Street Interactive to launch online casino content with BetRivers.ca in Ontario, Canada. This collaboration demonstrates the growing focus on regional expansion and market penetration within the industry.
Impact of Global Events
The ongoing war in Ukraine has had a multifaceted impact on the online gambling and betting market. While some European regions may experience a decline due to economic instability, other markets could see a rise in activity as individuals seek entertainment outlets. Additionally, the war has highlighted the potential for cryptocurrency transactions within the online gambling and betting industry, as these offer secure and anonymous methods of payment.
The global economic slowdown also presents both challenges and opportunities. Some players may reduce their disposable income dedicated to online gambling, impacting revenue generation. However, this might be countered by increased focus on affordability and introducing accessible wagering options to cater to a wider customer base.
Key Regional Developments
Europe currently holds the dominant market share, accounting for approximately 45% of the global market. This dominance is primarily driven by the legalization of online gambling in countries like Italy, Spain, France, and Germany. Additionally, the prevalence of high-speed internet, the popularity of online casinos, and the widespread use of smartphones are key factors contributing to Europe's market leadership.
Asia Pacific region is anticipated to experience significant growth in the coming years due to factors like rising internet penetration, increasing disposable income, and the growing adoption of cryptocurrencies. Furthermore, the modification of restrictions related to online gambling in some countries within the region is expected to further propel market expansion.
Key Takeaways from the Online Gambling and Betting Market
➤ The online gambling and betting market is experiencing exponential growth due to the increasing popularity of mobile wagering and live betting experiences.
➤ Technological advancements, legalizations in new markets, and a growing user base are expected to drive further market expansion in the coming years.
➤ The impact of global events like the war in Ukraine and the economic slowdown will present both challenges and opportunities for growth within the online gambling and betting industry.
Table of Contents- Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities
3.4. Challenges
4. Impact Analysis
4.1. COVID-19 Impact Analysis
4.2. Impact of Ukraine- Russia war
4.3. 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
8.1. Sports Betting
8.2. Casinos
8.3. Poker
8.4. Bingo
8.5. Others
9. Online Gambling & Betting Market, by Device
9.1. Desktop
9.2. Mobile
9.3. Others
10. Regional Analysis
10.1. Introduction
10.2. North America
10.3. Europe
10.4. Asia-Pacific
10.5. The Middle East & Africa
10.6. Latin America
11. Company Profile
12. Competitive Landscape
12.1. Competitive Benchmarking
12.2. Market Share Analysis
12.3. Recent Developments
13. USE Cases and Best Practices
14. Conclusion
About Us
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
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SNS Insider | Strategy and Stats
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