The global online gambling market size is expected to reach USD 153.6 billion by 2030, registering a CAGR of 11.7% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growing consumer inclination toward betting apps and the introduction of the freemium model in online gambling are the major factors expected to drive market growth in the upcoming years.
The increased smartphone and internet penetration and easy access to casino gaming platforms is positively influencing the market statistics. Moreover, the availability of cost-effective betting applications is expected to favor the market growth over the forecast period. According to the data published by the New York state government, over 650,000 individual accounts were created on mobile betting apps in 2021.
Electronic Gambling Devices (EGDs), equipped with in-built software mimicking the local casino experience, are creating lucrative opportunities for the market. For instance, the Video Lottery Terminals (VLT) are powered by advanced technologies. They can be customized to electronic poker games, video slot machines, spinning reel slot machines, and electronic slot machines. The burgeoning demand for VLTs is opening ample growth opportunities for the market players. To illustrate, in April 2022, IGT Canada Solutions ULC, a subsidiary of International Game Technology PLC, inked a contract with the Atlantic Lottery Corporation to provide 1,375 CrystalDual 27 VLTs throughout the remaining year.
The COVID-19 pandemic played a crucial role in expediting the online gambling demand as people spent most of their time indoors and opted for online games for their leisure. Besides, the availability of secure options for digital payment is also stimulating the adoption of online gambling apps. The market growth will be further accelerated by the increased adoption of digital currency and websites provided by betting and gambling companies.
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The ease of sports betting using smartphones and computers, along with the proliferation of sports betting ads, is anticipated to enhance the market outlook over the forecast period
The online gambling service providers entering into agreements with customers or individual players to deliver betting services for real money is attracting more gamers
A significant number of gamers using desktops for the easy download and installation of casino software is expected to instigate the growth of the desktop segment
The increased advertisement of online gambling websites through online agencies, third-party ad servers, and networks and exchanges is expected to drive the market expansion over the subsequent years
Europe had dominated the market in 2021 by accounting for a revenue share of around 41.0%, owing to the legalization of online gambling due to stringent regulations and safe practices in the region
Asia Pacific is anticipated to register a CAGR of over 12.0% through 2030 with the increased smartphone usage, a larger population of youngsters, and legalization of online gambling in the region
Grand View Research has segmented the global online gambling market based on type, device, and region:
Online Gambling Type Outlook (Revenue, USD Billion, 2018 - 2030)
Online Gambling Device Outlook (Revenue, USD Billion, 2018 - 2030)
Online Gambling Regional Outlook (Revenue, USD Billion, 2018 - 2030)
Middle East & Africa
List of Key Players in the Online Gambling Market
Paddy Power Betfair PLC
Ladbrokes Coral Group PLC
The Stars Group Inc.
888 Holdings PLC
Sky Betting and Gaming
Kindred Group PLC
GVC Holdings PLC
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