Report Ocean has recently published a comprehensive report on the Online Gambling and Betting market, offering valuable insights into the factors that influence its growth. This report encompasses critical information on market drivers, constraints, and opportunities, providing readers with a deep understanding of market dynamics. It also presents a detailed analysis of industry trends and developments that are shaping the Online Gambling and Betting market. The report further conducts a thorough assessment of the market at both global and regional levels, offering comprehensive insights for businesses and stakeholders.
In 2021, the global online gambling and betting market was valued at $61.5 billion. Over the forecast period from 2022 to 2030, this market is projected to experience significant growth, with an expected compound annual growth rate (CAGR) of 10.9%. By 2030, the market is predicted to reach a total value of $171.2 billion.
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Exploring Online Gambling and Betting
Online gambling and betting refer to the practice of gambling or placing bets over the internet. Similar to traditional gambling and betting, online activities involve the risk of money or other valuables. Popular gambling and betting games in the online realm include poker, slots, bingo, roulette, lotteries, keno, casinos, and more.
Key Market Drivers
Several factors are contributing to the growth of the global online gambling and betting market:
- Technological Advancements: Technologies such as Virtual Reality (VR) and Augmented Reality (AR) are gaining significant traction, offering opportunities for the online gambling and betting market. These technologies provide a more immersive and realistic gaming experience, attracting more users to online platforms.
- Enticing Commercials: The increase in the number of engaging commercials is expected to attract more users to online gambling and betting platforms.
- Internet Penetration: Growing internet penetration, driven by digitization and the legalization of online gambling and betting, is propelling market growth.
However, concerns related to cybercrimes may limit the market’s growth.
Impact of COVID-19
The online gambling and betting market experienced substantial growth during the COVID-19 pandemic due to increased internet penetration, the use of mobile phones, and extended lockdowns. As educational institutions and workplaces shut down, people turned to online gambling and betting platforms. Recognizing this opportunity, various industry players expanded their online offerings. Overall, the COVID-19 pandemic had a positive impact on the market.
Regional Insights
- Europe: Europe held the largest market share in the online gambling and betting market and is expected to continue dominating. The region benefits from increased awareness of gambling and betting, as well as growing internet penetration.
- Asia-Pacific: With its large population, Asia-Pacific presents lucrative opportunities for the market. Developing economies like India and China are expected to drive the market’s growth due to rising internet penetration.
Key Market Players
Leading players in the online gambling and betting market include:
- Bet365 Group Ltd
- 888 Holdings plc
- Betfred Ltd.
- Fortuna Entertainment Group
- GVC Holdings Plc
- Hong Kong Jockey Club
- Kindred Group
- mybet Holding
- Paddy Power Betfair Plc
- Playtech
- Other Prominent Players
Market Segmentation
The global online gambling and betting market is segmented based on gaming types, devices, and regions:
Gaming Types:
- Poker
- Casino
- Sports Betting
- Bingo
- Lottery
- Others
Devices:
- Desktop
- Mobile
- Others
About Report Ocean
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