Rising Smartphone Adoption and Internet Accessibility will Drive Global Online Gambling Market to $115.13 Billion by 2026
The Industry Expected to Enjoy CAGRs of Around 10 Per Cent
According to the recently made available report by Research And Markets on the Online Gambling Global Market 2022 by Game Type, Device, and Component, the world’s online gambling market is expected to reach a value of $81.08 billion in 2022 growing at a compound annual growth rate (CAGR) of 10.4 per cent from its estimated 2021 size of $73.42. The market is further projected to expand at a CAGR of 9.2 per cent to $115.13 billion by 2026.
The Research And Markets report defines the online gambling market as “revenue generated by remote gaming activities by means of the internet using desktop and mobile devices” and segments it into casino apps, betting, lottery, poker, online bingo and others. The device types vary between desktop and laptop computers, mobile phones and others, while components include software and services.
The growth of the online gambling market is largely driven by the rising adoption of smartphones and the improvements to the accessibility of internet connections. On a global scale, mobile devices are much more widely used than computers, with mobile users having a share of roughly 80 percent in the majority of local markets around the world.
A 2020 study by the Gambling Commission confirms this finding revealing that mobile phones are the prevailing method to access online gambling products, especially among the younger generations.
Online Gambling Markets by Region
The report by Research And Markets discusses the regions of Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. Asia Pacific had the biggest regional online gambling market in 2021, and Eastern Europe is projected to display the fastest growth rate over the projected period until 2026.
Legislation and regulations pertaining to online gambling vary to a great extent between different regions, countries, and, in some cases, state jurisdictions. The USA, for example, has a more complex regulatory process, while India has a mainly prohibitive stance on gambling and betting. The multifarious legal landscape related to online gambling is acting as a key restraining factor for the growth of the market.
The established and reputable gaming licensing authorities around the world require online gambling platforms to conform to strict rules of conduct and comply with the relevant regulatory frameworks. Websites must be operated in a lawful manner, with high ethical integrity, and must provide a safe gaming product in order to keep their license.
Recent advances in technological development, including blockchain, Internet of Things (IoT), Virtual Reality and Augmented Reality (VR/AR), and others are rapidly transforming the way we live and do business.
Online gambling is no exception and is also going through major transformations brought around by new tech. Virtual Reality and VR headsets are bringing a whole new immersive dimension to online live-dealer gambling experience where the gamer can enter the floor of a virtual casino and play from the comfort of their own living room sofa.
Blockchain technology, on the other hand, is able to provide the necessary tools to address issues such as online casino and betting websites transparency and enhance the battle against cheating and fraudulent activities.
The Research And Markets study covers a number of individual countries, including China, India, Japan, Australia, the UK, Germany, France, Russia, the USA, Brazil and others. Among the key industry players mentioned in the report are 888 Holdings PLC, Bet365 Group Ltd, Betsson AB, William Hill PLC, GVC Holdings PLC, Kindred Group PLC, and Sky Betting & Gaming.
