The Online Gambling & Betting Market is expected to develop at a compound annual growth rate (CAGR) of roughly 10.9% throughout the forecast period, with values approaching USD 61.5 billion in 2021 and approaching USD 114.4 billion by 2028.
When wagers are put on casino or sports-related games via the internet, this is referred to as online gambling. Smartphone adoption, internet technological advancements, and increased individual purchasing power are driving digital gaming demand. Players’ interest will grow as online gambling software vendors invest more in cutting-edge technologies to improve the user experience. The research looks at the market dynamics for online gaming and betting over the forecast period, including demand drivers, demand constraints, and demand challenges. The study also investigates potential market opportunities for online betting and gambling.
During the forecast period, the online gaming industry is expected to benefit from a rise in female casino patronage as well as the convenience of using a cashless means of payment. Business is also accelerating due to the rapid development of new technologies such as blockchain and virtual reality. Furthermore, operators are coming up with a slew of intriguing tournaments and promotions to entice new players, and bonus and betting opportunities are expanding on a daily basis. As a result, the market will expand more. Sports betting is becoming increasingly popular as the number of sports lovers globally grows. The most gambled-on sports include boxing, baseball, football, and hockey, which account for the vast bulk of wagers.
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Online Gambling & Betting Market: Driver
As digital and mobile payments have grown in popularity, payment alternatives for users and online gamers have become more feasible. Because they provide a safe and secure form of transaction, online payment systems have increased in popularity in the online gaming business. More convenient payment options are another motivation for gamers to participate in the gaming industry.
Online Gambling & Betting Market: Restraint
Users’ rising use of internet gambling is negatively affecting their mental health. The user’s ability to maintain mental stability is being put to the test as a result of their increasing dependence on easily accessible internet gambling sites. The prevalence of suicide has increased every year as a result of this addiction. Pathological gambling is another symptom of addiction.
Online Gambling & Betting Market: Segmentation
The market is divided into poker, casinos, sports betting, bingo, lottery, and other categories. Sports betting is anticipated to rule the market within the forecasted time frame. Demand for sports betting will increase as internet gaming and betting gain popularity. The rise of the sector will undoubtedly be aided by an increase in sponsorships for online sports betting. Additionally, the Asia Pacific region’s growing disposable income has increased consumers’ purchasing power, which is expected to support industrial expansion. Two of the most well-liked forms of online sports betting are live-action betting and fixed-odds betting.
The desktop, mobile, and other devices markets are divided into three categories. Because it offers superior graphic design, excellent image quality, and more storage space, among other advantages that enhance the user experience, the desktop is anticipated to be the most popular during the projected period. These are the main growth factors that will advance the industry. Gamblers can completely comprehend the game’s attractiveness and remarkable features because PCs have larger screens than mobile phones and other gadgets.
Online Gambling & Betting Market: Competitive Landscape
Some of the main competitors dominating the Online Gambling & Betting Market include – Bet365 Group Ltd., Betfred Ltd., 888 Holdings plc., Paddy Power Betfair plc, VGC Holdings plc, Fortuna Entertainment Group, and Others.
Online Gambling & Betting Market is segmented as follows:
By Game Form
Poker
Casino
Sports Betting
Bingo
Lottery
Others
By Device
Desktop
Mobile
Others
By Component
Software
Services
By Region
North America
The U.S.
Canada
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