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Market Overview

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The global online gambling market experienced significant growth in recent years, with its value reaching USD 105 billion in 2022 and projected to reach USD 213.58 billion by 2028, at a CAGR of 12.56% during the forecast period. This growth can be attributed to the increasing interest of individuals not only in playing online casino games but also in investing in online gambling ventures. The younger generation is likely to explore paid live streams for game development, affiliate marketing for gambling sites, betting sessions, and funding for new technologies required by online gambling platforms. Additionally, enhanced marketing strategies and online promotions have also contributed to the expansion of the online gambling market.

Gambling refers to the activity of placing bets or wagers on events with uncertain outcomes, known as gaming in many countries where it is legally permitted. It is a widely accepted commercial activity in numerous countries, and online gambling has gained popularity through various devices such as desktops, tablets, smartphones, and smart TVs. Developed economies like the United States, the United Kingdom, and Western European countries have a strong presence in the gambling industry. The digital era has witnessed substantial adoption of online gambling activities globally, driven by the significant interest of millennials in digital gaming.

Factors such as the high disposable income of baby boomers and Generation X, increased smartphone usage, a penchant for technological advancements, and rapid urbanization are fueling the growth of the gambling industry in North America. The United States is a key market for gambling activities in the region, primarily led by the baby boomers and Generation X. On the other hand, millennials are a generation immersed in digital technology, displaying a strong affinity for smartphones. This demographic segment is expected to drive the demand for the online gambling industry in North America.

The gambling industry is highly responsive to technological innovations. The rapid growth of online gambling, including online casinos and betting, has compelled market players to adopt new technologies to remain competitive. Augmented reality (AR) and virtual reality (VR) are emerging technologies with immense potential in the gambling industry. During the forecast period, leading gambling vendors are expected to create VR casino environments. The implementation of AR technology offers online casinos various options to enhance their gaming offerings. This technology introduces new features and combines live gaming elements with virtual reality add-ons and overlays, providing customers with a more immersive experience.

Live casinos have gained popularity among gamblers worldwide by offering live dealers and real-time feeds that emulate the atmosphere of traditional land-based casinos. High-paying customers, who have traditionally used real money in casinos, are drawn to the live casino experience. The popularity of live casinos is particularly pronounced in the United Kingdom, where online gambling has become widespread. Major players such as Ladbrokes, William Hill, and Flutter Entertainment already offer live casino experiences, which are highly embraced by customers.

Online gambling has faced legal scrutiny since its inception, as the distinction between games of skill and games of chance remains a subject of debate. Consequently, the business model of online gambling has had to adapt to changing laws and regulations in different regions. Several countries have imposed restrictions on online gambling due to concerns about potential financial losses. Such restrictions can hinder the growth of the online gambling market, as vendors may lose access to markets where online gambling is prohibited. Various U.S. states have imposed restrictions on online gambling and have levied fines against non-compliant platforms.

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Market Segmentation

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The market is segmented based on various factors, including product, platform, and geography.

Segmentation by Product
Casino
Lottery
Betting
Poker
Others

Segmentation by Platform
Desktop-based
Mobile
Others

Segmentation by Geography
North America – US, Canada
Europe – Germany, France, UK, Italy, Spain, Nordics (Sweden, Denmark, Norway, Finland)
Asia-Pacific – China (China SAR Hong Kong, Mainland China, China SAR Macau), Japan, India, Australia, Singapore
Latin America – Brazil, Mexico, Colombia
Middle East & Africa – South Africa, Turkey

The global online gambling industry is segmented by product into casinos, lottery, betting, poker, and others. The casino segment dominated the industry in 2022, accounting for over 52% of the market share. The popularity of online casinos has been growing worldwide, as it allows individuals to play a variety of casino games from the comfort of their own homes. Revenue growth in online casinos has gained significant traction globally, although they have yet to fully penetrate traditional markets such as Las Vegas and Macau. The introduction of live casinos has provided traditional casino owners with new opportunities to generate revenue and increase profitability through digital channels. Live casinos have improved the prospects for traditional casino owners, who have faced challenges due to decreased guest arrivals.

In terms of platforms, the desktop-based segment is expected to dominate the global market. Desktop gambling enables users to access gambling sites and play on devices such as computers and laptops. The advantage of larger screen sizes, especially with the availability of 4K monitors in sizes over 30 inches, allows for a more immersive online gambling experience. Playing on larger screens enables players to fully engage in online gambling and notice details that may be missed on smaller mobile screens. For individuals with multiple screens, this also allows for simultaneous gameplay on different games or websites.

Europe held the largest market share in 2022, accounting for over 46% of the industry. The region experienced growth in demand due to the increasing number of online gambling websites and the launch of mobile applications for gambling activities. Online gambling activities have gained popularity in many European countries, with the UK, Italy, and Nordic countries leading the industry’s growth in the region. The YOY growth of gambling in Europe is expected to be high from 2022 to 2028, driven by the increasing penetration of online gambling. Higher per capita disposable income and an improving economy in European countries have contributed to increased spending on gambling activities among European households.

In the Asia-Pacific (APAC) region, there will be a rise in awareness of mobile gambling applications in developing countries during the forecast period. This will fuel market demand as the number of end-users in these regions grows. APAC, including emerging countries like India, is witnessing increased traction for online gambling activities such as sports betting and poker games. Macau is the largest regional market for traditional gambling in APAC. Moreover, with increased economic growth, many countries in the region are actively investing in infrastructure and industrial development. APAC presents one of the largest potential markets for gambling vendors due to the vibrant economic situation of countries in the region.

The competitive landscape of the global online gambling market is moderately fragmented, with numerous local and international players operating in the industry. Competition among these players is intense, driven by customer expectations for continuous innovation and upgrades in the digital gambling sector. Key vendors in this market include bet365, Entain, Flutter Entertainment, Kindred, and William Hill. In response to the current environment, vendors are refining their unique value propositions to establish a strong presence in the industry.

Intense competition among key players is particularly evident in countries such as the U.K., Germany, and other European nations. Market concentration is high in developed regions like Western Europe. The industry is still in its early stages in developing countries like the U.S. and India, primarily due to the entry of international brands into these markets. Positive government regulations in many countries have contributed to significant growth in the industry.

Vendors compete based on the offerings they provide, the premises they operate, and the type of platform they offer to customers. To drive growth, vendors are adopting new business models and focusing on developing their establishment portfolios. There is also a strong emphasis on digitizing gambling activities and developing mobile applications to enhance the overall customer experience.

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Competitive Landscape

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The global online gambling market exhibits a moderate level of fragmentation, with numerous local and international players operating within the industry. Competition among these players is intense, driven by customer expectations for continuous innovation and upgrades in the digital gambling sector. Leading vendors in this market include bet365, Entain, Flutter Entertainment, Kindred, and William Hill. In response to the current environment, vendors are refining their unique value propositions in order to establish a strong presence in the industry.

Intense competition among key players is particularly evident in countries such as the U.K., Germany, and other European nations. Market concentration is high in developed regions like Western Europe. The industry is still in its early stages in developing countries like the U.S. and India, primarily due to the entry of international brands into these markets. Positive government regulations in many countries have contributed to the significant growth witnessed in the industry.

Vendors compete based on the offerings they provide, the premises they operate, and the type of platform they offer to customers. To drive growth, vendors are adopting new business models and focusing on developing their establishment portfolios. In addition, there is a strong emphasis on digitizing gambling activities and developing mobile applications to enhance the overall customer experience.

Key companies profiled in this report include Bet365, Entain, Kindred, Flutter Entertainment, William Hill, AsianLogic, Betway, Betfred Group, Betsafe, Betsson, Bet-at-Home, Bwin, Caesars Interactive Entertainment, Camelot, Casino Cosmopol, CasinoEuro, Casinostugan, Casumo, Comeon, Expekt, Folkeautomaten, GameTwist, Genting Berhad, Interwetten, Jackpotjoy, Las Vegas Sands, LeoVegas, MGM Resorts International, Mobilbet, Green, mybet, Nordicbet, NordicAutomaten, Norsk Tipping, Onlinecasino Deutschland, Pinnacle, Playtech, Rank Group, SJM, Sky Bet, Sportech, StarGames, Sunmaker, Svenska Spel, Tipico, Vera&John, win2day, Wynn Resorts, 1xBet, 888 Group.

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Key Questions Answered

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What is the valuation of the global online gambling market?

The global online gambling market was valued at USD 105 billion in 2022 and is projected to reach USD 213.58 billion by 2028.

What is the growth rate of the global online gambling market?

The global online gambling market is expected to grow at a compound annual growth rate (CAGR) of 12.56% from 2022 to 2028.

Which region holds the largest market share in the global online gambling market?

Europe dominates the global online gambling market with a market share of over 46% in 2022.

What are some notable trends in the online gambling industry?

Key trends in the online gambling industry include the increasing adoption of augmented reality and virtual reality technologies, the rise of esports betting, the integration of digital/cryptocurrency as a standard form of currency, and the growing number of internet users participating in online gambling activities.

Who are the major players in the global online gambling market?

The key players in the global online gambling market include Bet365, Entain, Kindred, Flutter Entertainment, and William Hill.