According to a new report published by UnivDatos, the Online Gambling and Betting Market was valued at USD 60 billion in 2020 and is expected to grow at a CAGR of around 11% from 2024-2032. The analysis has been segmented into Gaming Type (Poker, Casino, Bingo, Sports Betting, Lottery, and Others); Device Type (Desktops & Laptops and, Mobiles & Tablets); Gaming Sources (Foreign Gaming Sources and Local Gaming Sources); Region/Country.
The Online Gambling and Betting market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Online Gambling and Betting market. The Online Gambling and Betting market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Online Gambling and Betting market at the global and regional levels.
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Market Overview
Online gambling and betting consist of games such as poker, casino, sports betting, lottery, online football betting, and online cricket betting. These games are played on smartphones, tablets, PCs, and other digital platforms. A growing consumer preference for online live casinos over conventional land-based casinos across various countries that have legalized offline and online gambling is strongly favoring the market growth.
The Online Gambling and Betting Market is expected to grow at a steady rate of 11% during the forecast period. factors such as the rising shift of players from offline to online gambling have created lucrative growth prospects for online casino operators. Numerous professional players prefer live casinos as they help them track their moves. The usage of mobile devices to participate in all types of gambling activities is increasing. Furthermore, the increasing ease of government regulations worldwide coupled with increased high-speed internet access, rising ownership of connected devices, and growth of women’s gambling are escalating the market size of Online gambling and betting across the globe.
Some of the major players operating in the market include 888 Holdings plc., The Stars Group, Paddy Power Betfair plc, Fortuna Entertainment Group, GVC Holdings Plc, Bet365 Group Ltd, Betfred Ltd, The Betway Group, Kindred Group, and William Hill plc.
COVID-19 Impact
During Coronavirus Pandemic in 2020, the online gambling and betting market grew at a rapid pace due to extended lockdowns across the globe and the rise in online gaming activities over outdoor games and activities. An increase in internet-based gambling has also led to significant growth in the online casino market. Moreover, in the coming years, online gaming is expected to grow owing to the growing VR online gaming offers a real-time experience to gamers. Moreover, relaxation in laws regarding online gambling and betting is likely to provide lucrative opportunities to market players during the forecast period.
The global Online Gambling and Betting market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- Based on the gaming type, the online gambling and betting market is classified into poker, casino, bingo, sports betting, lottery, and others. The sports betting segment caters substantial share of the market. The rising popularity of sports betting gambling on games such as football, cricket, and casino, coupled with increased internet penetration and a surge in the adoption of smartphone users have escalated the market size of online gambling and betting market. In addition, the growth of online gambling and betting apps where collaboration between third-party software suppliers and private firms to produce user-friendly UI gaming solutions for users has resulted in a market expansion.
- Based on device type, the online gambling and betting market is segmented into desktops & laptops and, mobiles & tablets. The mobile & tablets segment caters considerable share of the market. Factors such as increased access to online gambling and betting through mobile phones coupled with advanced features such as improved graphics and extended storage capacity in a smartphone are making it convenient for gamblers is proliferating the market. In addition, mobile online gambling offers several advantages to gamers, such as loyalty points, additional deposit options, and multiplayer gaming options with players located anywhere throughout the globe.
- Based on gaming sources, the online gambling and betting market is classified into foreign gaming sources and local gaming sources. The foreign gaming source segment caters considerable share of the market. Easy payment methods coupled with the growing penetration of the internet and government-supportive regulations have fueled the foreign gaming source market.
Have a Look at the Chapters
Online Gambling and Betting Market Geographical Segmentation Includes:
- North America (United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
- Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
- Rest of the World
Click here to view the Report Description & TOC: https://univdatos.com/reports/online-gambling-and-betting-market
Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the favorable legal framework in several economies and the penetration of low-cost internet services in the region. In addition, increase in presence of gambling & betting sites with attractive offers. Furthermore, the rising popularity of bitcoins has led to an increase in the use of digital currency for betting in the region.
The major players targeting the market include
- 888 Holdings plc.
- The Stars Group
- Paddy Power Betfair plc
- Fortuna Entertainment Group
- GVC Holdings Plc
- Bet365 Group Ltd
- Betfred Ltd
- The Betway Group
- Kindred Group
- William Hill plc
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Online Gambling and Betting market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Online Gambling and Betting market?
• Which factors are influencing the Online Gambling and Betting market over the forecast period?
• What are the global challenges, threats, and risks in the Online Gambling and Betting market?
• Which factors are propelling and restraining the Online Gambling and Betting market?
• What are the demanding global regions of the Online Gambling and Betting market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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