Online Gambling Market Growth & Trends
The global online gambling market size is projected to reach USD 153.57 billion by 2030, recording a CAGR of 11.7% from 2023 to 2030, based on a report by Grand View Research, Inc. The emergence of freemium modes of online gaming following the trend of betting applications and websites is expected to drive market growth. The freemium model generates revenue via users and integrated advertisements.
Increased smartphone and internet penetration and easy access to casino gaming platforms positively influence the market. For instance, according to GSMA, the Asia Pacific region will witness 333 million new mobile internet subscribers by 2025. Moreover, the availability of cost-effective betting applications is expected to favor market growth over the forecast period. According to the data published by the New York state government, over 650,000 unique accounts were created on mobile betting apps in 2021.
Online gambling developers have partnered with online casino software suppliers to cater to the demand for immersive casino games. For instance, in February 2023, the Sisal subsidiary of Flutter Entertainment Plc. got its license for online gambling in Morocco from La Marcocaine des Jeux et des Sports (MDJS). For instance, in January 2023, FanDuel subsidiary of Flutter Entertainment Plc. launched a mobile sports betting platform in Ohio and announced its Sportsbook launch at Belterra Park Cincinnati.
The outbreak of COVID-19 played a crucial role in expediting the online gambling demand as people spent most of their time indoors and opted for online games for leisure. For instance, in May 2021, a study by the University of Bristol showed regular online gamblers were more than six times more likely to gamble online than pre-pandemic. Besides, adopting various options for digital payments with safe payment gateways is also stimulating the adoption of online gambling applications. The increased adoption of digital currency and websites provided by betting and gambling companies will further accelerate market growth.
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Online Gambling Market Report Highlights
The sports betting type segment is expected to attain the highest CAGR over the forecast period from 2023 to 2030 as a result of the increasing popularity of professional sports leagues and competitions
The mobile device segment is expected to record the highest CAGR over the forecast period from 2023 to 2030 due to the emergence of betting immersive applications and the convenience of gambling via mobile devices
The increased advertisement of online gambling websites through online agencies, third-party ad servers, and networks and exchanges is expected to drive market expansion over the subsequent years
Europe dominated the online gambling market in 2022 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 the legalization of online gambling in the region
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