The worldwide Online Gambling market was worth USD 110472.38 million in 2022 and is predicted to grow at a 10.53% CAGR during the forecast period, expected to reach USD 201453.05 million by 2028. Throughout the forecast period, the market expansion is anticipated to be fueled by the widespread availability of affordable mobile applications for online betting. The increasing usage of online gambling platforms worldwide is also probably being driven by the increasing internet penetration. This promotes international investments in the development of live casinos and online gambling. Also, during the forecast period, market growth is anticipated to be fueled by the rising acceptance of the freemium model.
Online Gambling Market Analysis
In 2022, there was USD 110472.38 million worth of online gambling revenues worldwide. Looking ahead, the market is expected to reach USD 201453.05 million by 2028, growing at a 10.53% CAGR between 2023 and 2028.A significant portion of the general population engages in the gambling and gaming sectors. Any kind of gambling or betting falls under the umbrella of the gaming and gambling business. This includes, but is not restricted to, bingo, scratch-off games, online gambling, slot machines, card games, roulette, and state lotteries. It consists of a broad range of bingo parlours, casinos, bookmakers, and different lotteries. The gaming and gambling industries frequently conduct business in regulated casinos, as well as more recently in the online and virtual gaming markets. Games that are played online or on a smartphone or portable devices with internet access, as well as iTV, are included in gaming and gambling online. The popularity of virtual, online gambling, and gaming is continuously rising as a result of the internet’s increased accessibility and the world’s rising daily internet user population.
Online Gambling Industry Segments
According to the report’s coverage, online gambling is often wagering on Indian casinos online or sporting events over the internet. The online gambling sector is classified into three categories: game type, device type, and region.
Game Type
Based on the kind of game: sports betting (e.g., e-sports, horse racing), casino (live casino, baccarat, blackjack, poker, slots, and other casino games), lottery, and bingo.
Device
If we talk about the device, then the market is divided into two segments: desktop and mobile.
Region
In terms of regions, the market examines Asia-Pacific (India, China, Australia, Japan, and Rest of Asia-Pacific), North America (United States, Canada, Mexico, and the Rest of North America), South America (Brazil, Argentina, and Rest of South America), the Middle East, Europe (Germany, United Kingdom, France, Russia, Spain, Italy, and the Rest of Europe), and Africa (South Africa, Saudi Arabia, and Rest of Middle East and Africa).
Market segmentation and forecasting have been carried out based on revenue for each category (in USD million).
Online Gambling Market Trends
The increasing use of smartphones for online gaming, along with expanding internet access, is driving market expansion. Furthermore, convenient online gambling access, cultural and legal acceptability, sponsorship deals, and famous celebrity endorsements are some of the primary factors driving the adoption of online gambling services. Moreover, the availability of low-cost mobile apps throughout the world is projected to drive market expansion. Additionally, technological improvements such as the incorporation of virtual reality (VR) and blockchain technologies in online gambling services are likely to boost market expansion. These advancements serve to maintain the transparency of gambling operations while also providing gamers with an enjoyable environment, which is predicted to enhance the demand for online gambling.
Online Gambling Market Competitor Analysis
The casino gaming industry is extremely fragmented, with regional and worldwide participants. The market is dominated by key businesses like Casino Days, Pure Win, Pin Up, Fun88, and JeetCity. Major firms are focused on mergers and acquisitions, collaborations, and product developments to extend their market position and strengthen their product line to appeal to the market trend. In the online gambling sector, merger and acquisition is the most favoured approach, followed by development. Services, reliability of gambling material, user experience, brand recognition, highly customized payoffs, and access to numerous platforms are all criteria that key companies compete on. Manufacturers have an advantage in expanding their product variety globally due to advanced distribution channels and production capabilities.
How Big is India’s Online Gaming Market?
Revenue and Industry Growth
The Indian mobile gaming industry’s revenue was predicted to exceed USD 1.5 billion in 2022, and approach USD 5 billion by 2025. The country’s gambling sector increased at a CAGR of 38% between 2017 and 2020, compared to 8% in China and 10% in the US. Its revenue is predicted to rise at a 15% CAGR to Rs 153 billion by 2024.
User Growth
For two years in a row, India’s ratio of New Paying Users (NPUs) in gaming has been the fastest rising in the world, with 40% in 2020, and was expected to reach 50% in 2021. Based on an EY FICCI (Federation of Indian Chambers of Commerce and Industry) analysis, income from transaction-based games increased by 26% in India, with the number of paying gamers growing by 17% from 8 crores in 2020 to 9.5 crores in 2021.
Online Gambling Industry Reports
For 2020, 2021, and 2022, detailed industry data and market share information for the Online Gaming industry are provided. The market’s attributes, size and growth, segmentation, regional and national breakdowns, competitive environment, trends, and strategies are all included in the report. It charts the market’s historical and projected global expansion and also compares the market to other sectors and situates it within the larger online gambling industry from 2023 to 2028.
Conclusion
The online gambling sector, which is expanding quickly, is the focus of this study. The research provides a roadmap for the online gambling industry that will be important in the coming five years and beyond, including how the industry will respond to future trends.
