Online Gambling Market Rising With Growth In New Technology Trends Research By 2030

Posted by Mrudula Karmarkar on August 18th, 2022

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 increasing use of mobile phones among users for playing online games in public places as well as in their homes, in addition to rising internet penetration, is propelling the market. Furthermore, aspects such as cultural and legal approval, easy access to gambling online, celebrity endorsements, and corporate sponsorships are also boosting the market growth. The market is likely to further expand owing to the availability of cost-effective mobile applications worldwide.

Online Gambling Market Report Highlights

• 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

The internet has become a universal medium for communication and facilitates merchants to provide their offerings in the digital marketplace. Due to increasing smartphone and internet penetration, the consumption of services on virtual platforms has increased. For instance, Bangladesh has experienced an internet growth of more than 93% from 2000 to 2021, providing various opportunities for business in Bangladesh. The rising use of the internet has enabled online casinos to flourish. Moreover, factors like the increasing number of online gambling applications, online betting offers, and a rise in the disposable income of consumers are likely to encourage market expansion.

COVID-19 Impact Insights

The COVID-19 pandemic challenged the growth of the market. The lockdown and social distancing regulations imposed by the various countries and governments have affected land-based casino operations. Several land-based gambling venues such as bingo halls, casinos, clubs, bars, horseracing tracks with electronic gambling machines (EGMs), betting shops, poker rooms, and lottery retailers were forced to close. Multiple gambling market players shifted towards online gambling due to the lockdown. Attributing to more free time and boredom, considerable people turned towards online gambling. With the cancellation and postponement of significant sports events, gambling activities on online platforms declined. However, post COVID-19, the industry is experiencing a surge in online gambling due to ease in lockdown restrictions and resumption of live sports events worldwide.

List of Key Players in the Online Gambling Market

• William Hill
• Bet365
• Paddy Power Betfair PLC
• Betsson AB
• Ladbrokes Coral Group PLC
• The Stars Group Inc.
• 888 Holdings PLC
• Sky Betting and Gaming
• Kindred Group PLC
• GVC Holdings PLC