Enjoy complimentary customisation on priority with our Enterprise License!
The gambling market is estimated to grow by USD 262.1 billion at a CAGR of 6.78% between 2023 and 2028. The increasing popularity of online sports betting, fueled by the convenience and accessibility of online platforms, is driving market growth. The high penetration of smartphones is further boosting the online sports betting market, as users can easily place bets on their mobile devices. Additionally, the reduced stringency in government regulations, particularly in regions where sports betting was previously restricted, is creating new opportunities for market expansion. Overall, these factors are contributing to the rapid growth of the sports betting industry worldwide.
To learn more about this report, Download Report Sample
The market share growth by the lottery segment will be significant during the forecast period. A lottery is a type of gambling that offers certain prizes for the players. In this type of gambling, players have to draw numbers randomly to win prizes. It is one of the first forms of modern gambling and was introduced by the US government in Puerto Rico in 1934.
Get a glance at the market contribution of various segments Request a PDF Sample
The lottery segment was the largest and was valued at USD 220.20 billion in 2018. The lottery market in North America and Europe is well developed, whereas the market is still in the nascent stage in APAC. However, the market in APAC is expected to grow rapidly during the forecast period. In most countries, lottery systems are managed by the government. Furthermore, our report provides a brief analysis of the historical and forecast market share and their segments, along with the reasons for growth from 2017 to 2027. The growth of this segment is primarily attributed to the increasing adoption of these activities, which is driven by an increase in the global demand for the gambling industry.
For more insights on the market share of various regions Request PDF Sample now!
North America is projected to contribute 38% by 2028. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The demand for online gambling in the region is growing at a rapid pace because of the rise in the number of mobile application platforms. Previously, the adoption of online-based gambling games, such as online poker, online bingo, and online lottery, was limited because of the lack of availability of online platforms, such as web applications and mobile applications. The increasing use of websites and applications for these and the rising penetration of smartphones has enabled companies to launch these games, which is expected to fuel the demand in North America, fostering the further growth of the market in focus during the forecast period.
The Market is witnessing substantial growth driven by increasing Internet penetration and the widespread use of Mobile phones and Modern smartphones. Technological advancements like Augmented reality, Machine learning, and Artificial intelligence are enhancing user experiences. Virtual reality (VR) is also becoming popular in gaming. The market includes various forms such as online betting, casino games, and virtual wagering. Mobile application-based lottery games and digital betting platforms are gaining traction. The industry is evolving with the adoption of digital payment gateways and currencies, offering a seamless gambling experience. Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
The increasing betting on e-sports is the key factor driving the market growth. E-sports, which are online multiplayer video games played by professionals, have seen rapid growth in the betting market. This growth is a significant factor driving market expansion, with the allure of substantial prize money attracting a large customer base. The rise of e-sports has led many casino operators to enter the e-sports betting sector. This trend is expected to continue as more industry players focus on e-sports and develop new services to attract users, including online gambling services.
In addition, the penetration of smartphones and the availability of mobile application-based lottery games have further fueled this trend. Additionally, the casino sector is increasingly leveraging online gambling platforms to tap into the growing e-sports market. Additionally, the relaxation of regulations surrounding online sports betting will further boost the e-sports industry, driving market growth in the forecast period.
The introduction of bitcoin-based gambling will fuel the market growth. Bitcoin is a digital, decentralized currency that is used to make transactions over the Internet. It provides a high level of anonymity and is not regulated by the central bank of countries. Moreover, users are not required to provide personal details while using bitcoins. Bitcoin provides several advantages over regular currency, such as international transactions, easy deposits and withdrawals, lower fraud risks, quick payments, and no transaction fees.
The availability of several modes of transactions enables customers to make use of any transaction platform, such as online lotteries and e-sports betting, for online activities. This results in customer satisfaction and an enhanced online gambling experience. The trend of using bitcoins for gambling will likely increase due to the growing popularity of online activities, thereby propelling the growth of the market during the forecast period.
The security and credibility issues associated with online gambling are a major challenge to market growth. Most websites do not have a proper dispute resolution framework, lack transparency in cash prize payouts, and do not have fair and responsible casino gaming standards, which reduces the credibility of operators and platform providers. The credibility issue impacts the scaling up of the casino business and discourages new users from joining games such as casinos and poker. These websites have also become prime targets for cyber attackers and scammers.
Several offshore-run Internet casinos do not have the latest cybersecurity technologies in place, which increases the chances of cyberattacks. Some online casinos use poker bots representing human players, which are programmed for optimal play and to drive up the betting amounts. Therefore, these operators need to devise a security framework that covers proper authentication, encryption techniques, software protection, and vulnerability scanning. Thus, security and credibility issues associated with these are hindering the growth of the market.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bet365 Group Ltd. - The company offers gambling such as roulette, baccarat, blackjack, and spin a win. Also, the company provides a range of betting opportunities for various sports, including football, horse racing, tennis, cricket, and basketball, as well as casino, games, poker, and bingo rooms online.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
You may also interested in below market reports:
The market is undergoing a significant transformation driven by technology advancements such as augmented reality (AR) and blockchain. From casino gambling to horse racing contests and sports games, there's a diverse range of offerings attracting viewers worldwide. Online gambling continues to expand, with digital currency and virtual payment gateways facilitating transactions. Major events like FIFA World Cup matches and football championships drive substantial online gambling market activity. Mobile gambling is gaining traction, fueled by increasing internet users and tablet usage. Product innovations like gaming realms and freemium models enhance user engagement. However, regulatory concerns and legislative frameworks impact market dynamics, especially in emerging nations. Brands leverage streaming content and television programs to reach audiences, while online payment gateways and payment options ensure seamless transactions on virtual platforms. The Gambling Market Report highlights primary factors shaping the industry, indicating ongoing growth and evolution.
In addition, the market encompasses a wide array of activities, from traditional bookmakers to modern online gambling platforms accessible via desktop computers and tablets. Offering diverse options like draw-based and scratch-off instant games and football events, the market caters to varied preferences. The rise of online gambling is evident in the increasing online gambling gross win, prompting the need for comprehensive Online Gambling Market Reports to analyze trends and forecasts. Regulatory scrutiny, guided by legislative frameworks and overseen by organizations like the International Telecommunication Union (ITU), shapes the landscape. Major athletic events and tournaments drive significant betting activity, while innovative models like the freemium model attract new audiences. Films and major athletic events further contribute to the market's vibrancy, illustrating its dynamic nature and enduring appeal.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
170 |
|
Base year |
2023 |
|
Historic period |
2018 - 2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
|
Market Growth 2024-2028 |
USD 262.1 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
6.24 |
|
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 38% |
|
Key countries |
US, China, Germany, Canada, and UK |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
888 Holdings plc, Bet365 Group Ltd., Betsson AB, Caesars Entertainment Inc., Camelot UK Lotteries Ltd., Crown Resorts Limited, Entain Plc, EquiLottery LLC, Flutter Entertainment Plc, Freaks 4U Gaming GmbH, Galaxy Entertainment Group Ltd., Gateway Casinos and Entertainment Ltd., International Game Technology plc, INTRALOT SA, Kindred Group Plc, Las Vegas Sands Corp, MGM Resorts International, New York State Gaming Commission, SkyCity Entertainment Group, and The Betway Group |
|
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
|
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Platform
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
