The global online gambling market size is expected to reach USD 127.3 billion by 2027, registering a CAGR of 11.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. The market is expected to gain traction over the forecast period. Growing popularity of betting across the globe and freemium model in online gambling are among the potential opportunities likely to unfold in the next few years.
Increasing
adoption of smartphones and easy access to casino gaming platforms are
currently driving the market. Factors such as increasing internet penetration
and availability of cost-effective mobile applications for betting are also
expected to contribute to market growth over the forecast period. According to
the American Gaming Association (AGA), as of 2018, approximately 2,800 sites
are active online and offer activities including bingo, poker, and lottery.
Electronic
Gambling Devices (EGDs) are inexpensive to run and easily available. These
devices have an in-built software that mimics the experience of a local casino.
For instance, a Video Lottery Terminal (VLT) uses advancing technology and can
also be customized to electronic slot machines, spinning reel slot machines,
video slot machines, and electronic poker games.
The
spread of COVID19 has accelerated the demand for online gambling. Moreover,
increasing digitalization coupled with secure digital payment options are also
some factors contributing to online gambling market growth. The market is
further expected to gain momentum over the forecast period attributed to the
rising use of digital currency and websites provided by companies for betting
and gambling.
For
more info visit here: https://www.grandviewresearch.com/industry-analysis/online-gambling-market
Online
Gambling Market Report Highlights
- Ease of sports
betting using a computer or smartphone coupled with the proliferation of
sports betting ads across the globe is expected to propel segment growth
over the forecast period
- Online
gambling service providers/operators are allowed to enter into agreements
with individual players or customers to provide betting services for real
money, in turn attracting more gamers
- A large
number of customers are using desktops for betting as downloading and
installing casino software proves to be easier on desktops. This, in turn,
is expected to propel the growth of the desktop segment
- Online
agencies, networks and exchanges, and third-party ad servers are used for
advertising gambling websites of various companies
- Europe is
expected to continue its dominance over the forecast period. In U.K.,
online gambling is legalized owing to safe practices and stringent
regulations laid down by the government
- Asia Pacific
is anticipated to register the highest growth rate owing to the increased
adoption of smartphones, larger proportion of younger population, and
legalization of online gambling in the region. The market size is largely
influenced by the size of betting and pertinent outcome
- Key companies
in the online gambling market include William Hill PLC and Paddy Power
Betfair PLC.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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