The global online gambling market is projected to reach USD 127.3 billion by 2027 and anticipated to exhibit with a CAGR of 11.5% from 2020 to 2027, according to Million Insights. Growing trend of betting coupled with the freemium model in gambling across the globe is a major factor to drive the market growth over the forecast period. Easy access to casino gaming platforms and high penetration of smartphone users are other factors to further drive the market growth.
In addition, the emergence of cost-effective betting applications and growing internet penetration are expected to positively impact the market growth. As per the American Gaming Association (AGA), around 2,800 websites are active online as of 2018 and provide services such as lottery, poker, and bingo.
Electronic Gambling Devices (EGDs) need low cost to run and they are easily available. In addition, this device provides in-built software and mimics the experience of a local casino. For example, a Video Lottery Terminal (VLT) has integrated with advanced technologies and can be customized to video slot machines, electronic poker games, spinning reel slot machines, and electronic slot machines.
Growing digitalization and the availability of secure digital payment are expected to fuel the market growth. The online gambling market is expected to gain traction in the next few years due to a growing number of gambling & betting websites coupled with rising usage of digital currency.
The report “Online Gambling Market Size, Share & Trends Analysis Report By Type (Sports Betting, Casinos, Poker, Bingo), By Device (Desktop, Mobile), By Region (North America, Europe, APAC, Latin America, MEA), And Segment Forecasts, 2020 - 2027” is available now to Million Insights customers and can also be purchased directly from XX
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Further key findings from the report suggest:
• Among types, easy sport betting by using smartphone or computer coupled with increase in sports betting ads globally is projected to drive the growth of the segment.
• Online gambling service providers are entering into agreements with customers and individuals to provide betting services for real money which is attracting more gamers.
• Many customers prefer to use desktop for online gambling in order to install and download casino software due to its convenience, thereby this factor is expected to drive the desktop growth in online gambling market.
• Third-party ad servers, networks and exchanges, and online agencies used several companies advertising gambling websites
• Europe is expected to retain its dominant position throughout the forecast period. In U.K. online gambling is legalized due to stringent regulations and safe practices implemented by the government.
• Asia Pacific is expected to emerge as fastest-growing region due to increasing number of smartphone users, legalization of online gambling, and existence of large younger population.
• Paddy Power Betfair PLC. and William Hill PLC are key market players operating in this industry.
Million Insights segmented the global online gambling market on the type, device and region:
Type Outlook (Revenue, USD Billion, 2016 - 2027)
• Sports Betting
Device Outlook (Revenue, USD Billion, 2016 - 2027)
Regional Outlook (Revenue, USD Billion, 2016 - 2027)
• North America
• The U.K.
• Asia Pacific
• Latin America
• Middle East & Africa