The online gambling market size has grown strongly in recent years. It will grow from $88.65 billion in 2023 to $96.89 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The historic period's growth can be attributed to robust economic expansion in emerging markets, the widespread adoption of smartphones with enhanced internet accessibility, the increasing popularity of digital payments, and a rise in disposable income.
The online gambling market size is expected to see strong growth in the next few years. It will grow to $137.26 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The forecast period's growth can be attributed to the rising involvement of gamers during the COVID-19 pandemic, a growing consumer acceptance of fintech, technologically advanced platforms, the legalization of gambling, and changing consumer gambling habits. Major trends in the forecast period include investments in AI technology to enhance user experience, the integration of cryptocurrency as a payment mode, the development of mobile apps, investments in AR and VR technology, sponsorship of sports events with large viewership, partnerships with celebrities and influencers, offering free access to games with certain main features, and providing cross-platform support for games.
The online gambling market is experiencing growth due to the increasing adoption of smartphones with improved internet accessibility. Globally, mobile device usage surpasses that of desktop computers or laptops, constituting approximately 80% of all users in the online gambling industry across most countries. For example, in July 2023, DemandSage reported that 86% of the global population owns a smartphone, with 6.8 billion smartphone users worldwide. In the United States, 94.4% of millennials own smartphones, and nearly half of the U.S. population dedicates 5 to 6 hours per day to using smartphones. This widespread use of smartphones is expected to propel the growth of the online gambling market.
Technological advancements, such as Blockchain, IoT, and VR, are revolutionizing various industries, including online gambling. Virtual Reality (VR) and VR Headsets have gained significant popularity, bringing a revolutionary dimension to online gambling. VR technology allows users to immerse themselves in a virtual casino environment and participate in various games without the need for physical travel. However, concerns about fraud and cheating have been prevalent in online gambling, with accusations of non-transparency and hidden internal workings. Blockchain technology is seen as a solution to address these concerns by providing transparency and visibility into the operations of online casinos and gambling sites. Games such as SlotsMillion, Casino VR Poker, and The Gear, played through VR, are captivating customers and reshaping the online gambling industry.
Major companies in the online gaming market are incorporating innovative gaming technologies to stay competitive. An example is zVentures Web3 Incubator (ZW3I), introduced by Razer, a US-based gaming company, in June 2023. ZW3I leverages blockchain technology, empowering players to own their in-game assets, including characters, weapons, and skins. This ownership grants players greater control over customizing and utilizing their assets within the gaming environment.
In May 2022, MGM Resorts International made a strategic move by acquiring LeoVegas, a gaming and online sports betting company, for $604 million. This acquisition positions MGM Resorts International to establish a globally scaled online gaming business. LeoVegas, based in Sweden, offers a range of online gambling services, including video poker, table games, progressive jackpots, video slots, and live betting through its online casinos and sportsbooks.
Major companies operating in the online gambling market report are Flutter Entertainment PLC, bet365 Group Ltd., Entain PLC, Kindred Group PLC, William Hill PLC, 888 Holdings PLC, International Game Technology PLC, Betsson Ab, DraftKings Inc., Betfred, QQ Lottery, Las Atlantis, Sports Toto Malaysia, Ruby Fortune, Jackpot City, SPIN Casino, 32Red, Royal Vegas, Europa Casino, Mobile Premier League, 1xBet, Evolution Gaming, Netent, Microgaming and Play ‘n’ Go, Bodog88, 188bet.g, Ladbrokes Coral, Sky Betting & Gaming, Super slots, Pari Mutuel Urbain, CODERE, SuperWins, Bede Gaming, Betfair, Buzz Bingo, Superbet, GVC Holdings PLC22BET, Betway, Scientific Games, Buffalo Partners, Betway, LeoVagas.com, 22BetCherry AB, Casino.Com, Slots Million, Camelot UK Lotteries Ltd., Jumeirah, Farah Experiences LLC, BetKing, Betcoza, MelBet.
Asia-Pacific was the largest region in the online gambling market in 2023. Eastern Europe is expected to be the fastest-growing region in the global online gambling market report forecast period. The regions covered in the online gambling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the online gambling market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain. The online gambling betting market includes revenues earned by entities operating facilities that provide services such as online betting (digital table games and sports bets). The online gambling market comprises revenue generated by remote gaming activities using the internet and desktop and mobile devices. The market includes gambling establishments developing online sports betting, casino, bingo, lotteries, and poker games, among others. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The primary types of online gambling games include betting, casinos, lottery, poker, online bingo, and others. Lotteries are games in which numbers are randomly drawn for a prize. These games can be played on various devices such as desktops, mobiles, and others. The essential components of online gambling include software and services.
The online gambling market research report is one of a series of new reports that provides online gambling market statistics, including the online gambling industry's global market size, regional shares, competitors with an online gambling market share, detailed online gambling market segments, market trends and opportunities, and any further data you may need to thrive in the online gambling industry. This online gambling market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Table of Contents
Executive Summary
Online Gambling Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on online gambling market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
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- Measure the impact of high global inflation on market growth.
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- Benchmark performance against key competitors.
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Description
Where is the largest and fastest growing market for online gambling? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:
1) By Game Type: Betting; Casino; Lottery; Poker; Bingo; Others
2) By Device: Desktop; Mobile; Other Devices
3) By Component: Software; Services
Key Companies Mentioned: Flutter Entertainment plc; bet365 Group Ltd.; Entain plc; Kindred Group plc; William Hill PLC
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Flutter Entertainment plc
- bet365 Group Ltd.
- Entain plc
- Kindred Group plc
- William Hill PLC
- 888 Holdings PLC
- International Game Technology PLC
- Betsson Ab
- DraftKings Inc.
- Betfred
- QQ Lottery
- Las Atlantis
- Sports Toto Malaysia
- Ruby Fortune
- Jackpot City
- SPIN Casino
- 32Red
- Royal Vegas
- Europa Casino
- Mobile Premier League
- 1xBet
- Evolution Gaming
- Netent
- Microgaming and Play 'n' Go
- Bodog88
- 188bet
- Ladbrokes Coral
- Sky Betting & Gaming
- Super Slots
- Pari Mutuel Urbain
- CODERE
- SuperWins
- Bede Gaming
- Betfair
- Buzz Bingo
- Superbet
- GVC Holdings PLC
- 22BET
- Betway
- Scientific Games
- Buffalo Partners
- Betway
- LeoVagas.com
- Cherry AB
- Casino.com
- Slots Million
- Camelot UK Lotteries Ltd.
- Jumeirah
- Farah Experiences LLC
- BetKing
- Betcoza
- MelBet
Methodology
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