Global Online Gambling Market Overview, 2023-28

The online gambling market refers to the industry that provides gambling services through the internet. Online gambling operators offer a wide range of games, including casino games, sports betting, poker, bingo, and other games of chance. The online gambling market includes both licensed and unlicensed operators, with the former being regulated and licensed by government authorities in various jurisdictions. The online gambling market has grown rapidly in recent years due to the increasing availability of high-speed internet and the growing adoption of smartphones and tablets. The market is also driven by factors such as the convenience of playing from anywhere at any time, the globalization of the industry, and advancements in technology. Online gambling platforms can be accessed from anywhere in the world, making it easier for players to access a wide variety of games and betting options from different regions. The legalization and regulation of online gambling in several countries have created a more favourable environment for online gambling operators, increasing their ability to reach new customers and expand their businesses. Advancements in technology, such as virtual reality, artificial intelligence, and machine learning, have enhanced the user experience and made online gambling more immersive and interactive. Online gambling operators invest heavily in marketing and advertising to reach new customers and increase brand awareness, which has contributed to the growth of the industry. As the global economy continues to improve, more people have disposable income to spend on leisure activities such as online gambling. According to the research report, “Global Online Gambling Market Overview, 2023-28," published by Bonafide Research, the market is expected to reach a size of over USD 179 Billion, up from USD 94.17 billion in 2022. From 2023 to 2028, the market is expected to grow at an 11.64% CAGR. The growing internet penetration is also likely to drive the use of online gambling platforms across the globe. This contributes to increased investments in online gambling platforms and the number of live casinos worldwide. Furthermore, the growing popularity of the freemium model is expected to fuel market growth over the forecast period. The changing legislative framework for virtual betting and the legalization of the market across emerging nations is anticipated to drive industry growth. For instance, online gambling has recently been made legal in Goa and Sikkim. The increasing credibility globally is further expected to drive market growth. The growing focus of key players such as Kindred, Entain, Bet365, and others towards innovation, partnerships, mergers, and promotion to expand their presence globally is anticipated to drive the industry growth. For instance, in August 2021, DraftKings Inc. acquired Golden Nugget online gaming, enabling DraftKings to leverage the brand's product experience and colossal customer database of over 5 million. Further, in July 2021, FanDuel launched its casino offering in Michigan and New Jersey, adding live dealer blackjack and roulette, among other games for the customers. Recent developments such as these are anticipated to provide lucrative growth opportunities globally.

The increasing investments in the online gambling market can be primarily credited to the rising demand for cost-effective payment mechanisms. Another crucial factor favouring investments in online gambling is the introduction of virtual and augmented reality. There are enormous investment opportunities in the market which has influenced professional players to invest in sports betting and stocks of some of the critical online gambling companies. Various new entrants and investors are reaching out to stakeholders in the online gambling market, including operators, suppliers, regulators, and industry-focused legal/ financial advisors. 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 favouring market growth. The shifting of players from offline to online gambling has created lucrative growth prospects for online casino operators. Numerous professional players prefer live casinos as they help them track their moves. Besides, they also offer games in real-time with live dealers, a live chat feature, and games that can be played anytime and anywhere. The emergence of live casinos based on advanced technologies is expected to fuel market growth over the forecast period. In 2021, Evolution launched its third live casino studio in Michigan as a part of its business expansion strategy amid the fast development of the US iGaming industry. The integration of Virtual Reality (VR) and Augmented Reality (AR) technology in online gambling platforms can enhance the user experience by creating a more immersive and interactive environment. Players can enjoy a realistic casino experience from the comfort of their homes. Artificial Intelligence (AI) and Machine Learning (ML) technology can be used to analyse player behaviour and create personalized recommendations, which can enhance the overall user experience. These technologies can also be used to identify and prevent problem gambling behaviours. In addition to that, the integration of crypto currencies such as Bitcoin, Ethereum, and Litecoin can make online gambling transactions faster, more secure, and more anonymous. This can also open up new markets for online gambling, particularly in countries where traditional payment methods are restricted. Further, the increasing popularity of smartphones and tablets has led to a significant increase in mobile gambling. Online gambling operators are likely to continue to invest in mobile platforms to cater to this growing market. On the other hand, esports has gained significant popularity in recent years, and online gambling operators are starting to offer esports betting options. This trend is likely to continue as more people become interested in esports and traditional sports betting becomes more competitive. In 2022, the sports betting segment held the largest share of the global market. The rising popularity of digital platforms around the world is expected to drive the segment's growth. The increasing spending capacity of the population in emerging economies as per capita income rises is expected to contribute to segment growth. However, the Poker segment is growing at a faster rate than the rest of the market. This can be attributed to a variety of factors, including the enormous popularity of virtual card games and others. One of the primary factors driving the segment's growth is the convenience provided by digital platforms. The majority of websites and platforms accept payments via wallets, credit/debit cards, and cryptocurrencies. Additionally, the availability of a wide range of games for online poker is projected to boost the segment's industry growth.

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Manmayi Raval

Research Consultant

Covid-19 Impacts: The COVID-19 pandemic has had a significant impact on the online gambling market. The economic impact of the pandemic has led to job losses and a decrease in disposable income for some individuals, which may lead to a decrease in spending on online gambling. Furthermore, some regulatory bodies have increased their scrutiny of online gambling operators during the pandemic, with a particular focus on problem gambling and player protection measures. This increased regulation may result in higher compliance costs for online gambling operators and could potentially affect profitability. As many physical casinos and betting shops were forced to close due to lockdowns and social distancing measures, more people turned to online gambling as a form of entertainment. This led to a surge in demand for online gambling services and a significant increase in online gambling revenue. In addition to an increase in demand, the COVID-19 pandemic has also led to changes in player behaviour. With more people working from home and spending more time indoors, there has been a shift towards more casual gambling, such as playing online slot games. Companies Covered in the report: Bally's Corporation, Betsson AB, Entain Plc, Firekeepers Casino, Churchill Downs Incorporated, Kindred Group plc, The Stars Group, Sportech PLC, 888 Holdings Plc, Sportpesa Considered in this report • Geography: Global • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028

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Aspects covered in this report • Global Online Gambling market with its value and forecast along with its segments • Regional-wise Online Gambling market analysis • On-going trends and developments • Top profiled companies • Strategic recommendation Regions Covered in the report: • North America • Europe • Asia-Pacific • South America • Middle-East & Africa By Gaming Type: • Sports Betting • Casinos • Poker • Bingo • Lottery • Others By Device Type: • Mobile Devices (phones and tablets) • Desktop The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Online Gambling industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.