Online Gambling Market: Information by Type (Sports Betting, Casinos, Poker, Bingo), Device (Desktop, Mobile), and Region — Forecast till 2029

Dec 11, 2020   Market Overview The global online gambling market has recently gained traction, owing to the advancements in technology and the growing digitalization across the emerging and developing countries globally. Along with the backing of the online gaming market, the utilization of advanced technologies, such as Artificial Intelligence, Augmented Reality, and Virtual Reality has revolutionized the gambling experience. Some of the benefits of online gambling comprise convenience, free games, online bo...
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Report Description

Market Overview

The global online gambling market has recently gained traction, owing to the advancements in technology and the growing digitalization across the emerging and developing countries globally. Along with the backing of the online gaming market, the utilization of advanced technologies, such as Artificial Intelligence, Augmented Reality, and Virtual Reality has revolutionized the gambling experience. Some of the benefits of online gambling comprise convenience, free games, online bonuses, loyalty points, deposit options, game selection, bet sizes selection, value for money, and global access. The online gambling market is expected to grow from USD 51.8 billion in 2019 to USD 139 billion in 2029, with a CAGR of 12%.

Advent of Online Gambling: A Key Market Driver

With the popularity of online games, a significant surge is witnessed towards online gambling, owing to the increased penetration of smartphones and internet services. As stated by the Mobile Economy Report 2020 by the GSM Association, in 2019mobile internet users across the globe in the year were valued at 3.8 billion that is approximately 49% of the population, and it is anticipatedto reach up to 5 billion by the year 2025 that is approximately 61% of the population.

The same report states that smartphone penetration is anticipated to grow from 65% to 80% in 2019 and 2025, respectively. The higher inclination of the players on gaming applications and digitization andthe increasing trust of the users to bet real money online has surged the online gambling market. As per our paid databases, online gambling was valued at USD 58.9 billion in 2019 and is anticipated to reach USD 92.9 billion by 2023.

Legalization of Online Gambling: A Key Market Opportunity

The transition from traditional gambling to online gambling has encountered many changes in recent times. The multiple add on features has enabled the companies to bridge certain gaps, such as numerous language support, availability in different locations, multiple currency support, and the use of real money rather than chips. The legalization of online casinos in certain countries has boosted the revenue of the online gambling market. For instance,in July 2017, online casino games were legalized in Pennsylvania, the U.S. In 2020, sports betting was legalized in West Virginia, the U.S. As per the Decree signed in 2019, online gambling was legalized in Buenos Aires, South America.

Increasing Rate of Cybercrimes: A Key Market Restraint

Online gambling deals with a lot of transactions of real money over the internet. Certain users fall prey to fraudulent websites that steal credit card details or bank account details. Furthermore, certain cyberattacks such as (DDoS) denial of service attacks possess a threat to the real-time gaming experience. For instance, In August 2018, prominent PokerStars and Partypoker sites faced lengthy stretches of downtime due to DDoS attacks.Thus, the increasing rate of cybercrimes restrains the market growth.

Impact of COVID-19

The pandemic has caused a lockdown in almost all the countries of the world, backed by strict government regulations such as social distancing and quarantine. A surge in the inclination towards online platforms for gaming and gambling was observed. Additionally, the transition towards digital means of payments boosted the use of real money for online gambling. For instance, the popular payment gateway, ‘Easy Payment Gateway,’ noted a 10% rise in the processed volumes of transactions primarily from the gambling sector.

Online Gambling Market: Segmentation

Sports Betting Segment to Hold the Largest Market Share during the Forecast Period

The sports betting segment holds the largest market share during the forecast period. There is high popularity of sports betting in the Asia-Pacific region on account of the surging digital connectivity and surging spending power. Furthermore, the rising popularity of online betting among young adults has exhibited its fastest growth in the forecast period. The increasing convenience of betting from anywhere and at any time using real money has bolstered the growth of the market.

Mobile Segment to Witness the Fastest Growth during the Forecast Period

The desktop segment dominates the market as the large screen offers a wholesome view about the intricate details of the gambling games. The mobile segment, on the other hand, is anticipated to witnessthe fastest growth, owing to the surge in the number of mobile connections. As stated by the GSM Association, there wereapproximately 5.1 billion unique mobile subscribers in 2019, and the number is anticipated to reach 5.7 billion by 2025. Additionally, the high-end features and easy to use have enabled the players to connect anytime and anywhere, further bolstering the market growth.

Regional Overview

Robust Presence of Casino and Online Gambling Companies to Drive Europe’s Market Growth

Europe dominates the online gambling market on account of the high popularity of online games and thepresence of casinosand online gambling companies, such as William Hill, Bet365 Group Ltd., Paddy Power Betfair PLC, Betsson AB, Ladbrokes Coral Group PLC, 888 Holdings PLC, Sky Betting and Gaming, Kindred Group PLC, and GVC Holdings PLC. The legalization of gambling in most European countries, such as Italy, Germany, Spain, and Malta, have bolstered the growth of the market.

The European Commission supports the efforts of EU countries to modernize their national legal structures for online gambling, particularly in the sense of administrative cooperation between gambling regulatory authorities. Additionally, themassive popularity of online gambling in the sports category, especially in events such as the FIFA World Cup and European Championships, has fostered the growth of the market.

Macau and Singapore to Be the Frontrunners in Asia-Pacific’s Market Growth

Asia-Pacific is anticipated to exhibit the fastest growth in the online gambling market, owing to the increasing digital connectivity, surging spending power, rising number of smartphone users, and the growing popularity of digital payments. Additionally, the lack of physical casinos is surging the demand for online gambling. The legalization of gambling in countries, such as the Philippines, Japan, and Taiwan,provides an impetus to the regional market growth. Besides,countriessuch as Macau and Singapore have been the hotspots of online gambling and surpassed the revenue of Las Vegas years ago.

Key Players

  • William Hill PLC (the U.K.)
  • Bet365 Group Ltd.(the U.K.)
  • Paddy Power Betfair PLC (Ireland)
  • Betsson AB (Sweden)
  • Ladbrokes Coral Group PLC (the U.K.)
  • The Stars Group Inc. (Canada)
  • 888 Holdings PLC (Gibraltar)
  • Sky Betting and Gaming (the U.K.)
  • Kindred Group PLC (Malta)
  • GVC Holdings PLC (Isle of Man)

Recent Developments

  • On September 15, 2020,William Hill PLC partnered with Caesars Entertainment’s Grand Victoria Casino to launch a mobile sports betting platform
  • On September 15, 2020,William Hill PLC launched Mobile Sports Betting App and Website in West Virginia to gain popularity during the upcoming football season and strengthenits product portfolio

Online Gambling Market: Segmentation

By Type

  • Sports Betting
  • Casinos
  • Poker
  • Bingo

By Device

  • Desktop
  • Mobile

By Region

North America

  • The U.S.
  • Canada
  • Mexico

Europe

  • The U.K.
  • Italy
  • France
  • Spain
  • Germany
  • The Rest of Europe

The Middle East and Africa (MEA)

  • Saudi Arabia
  • Turkey
  • Egypt
  • South Africa
  • The Rest of MEA

Asia-Pacific

  • India
  • China
  • Japan
  • Australia
  • South Korea
  • The Rest of Asia-Pacific

South America

  • Columbia
  • Brazil
  • Chile
  • Peru
  • Argentina
  • The Rest of South America

 

Market Overview

The global online gambling market has recently gained traction, owing to the advancements in technology and the growing digitalization across the emerging and developing countries globally. Along with the backing of the online gaming market, the utilization of advanced technologies, such as Artificial Intelligence, Augmented Reality, and Virtual Reality has revolutionized the gambling experience. Some of the benefits of online gambling comprise convenience, free games, online bonuses, loyalty points, deposit options, game selection, bet sizes selection, value for money, and global access. The online gambling market is expected to grow from USD 51.8 billion in 2019 to USD 139 billion in 2029, with a CAGR of 12%.

Advent of Online Gambling: A Key Market Driver

With the popularity of online games, a significant surge is witnessed towards online gambling, owing to the increased penetration of smartphones and internet services. As stated by the Mobile Economy Report 2020 by the GSM Association, in 2019mobile internet users across the globe in the year were valued at 3.8 billion that is approximately 49% of the population, and it is anticipatedto reach up to 5 billion by the year 2025 that is approximately 61% of the population.

The same report states that smartphone penetration is anticipated to grow from 65% to 80% in 2019 and 2025, respectively. The higher inclination of the players on gaming applications and digitization andthe increasing trust of the users to bet real money online has surged the online gambling market. As per our paid databases, online gambling was valued at USD 58.9 billion in 2019 and is anticipated to reach USD 92.9 billion by 2023.

Legalization of Online Gambling: A Key Market Opportunity

The transition from traditional gambling to online gambling has encountered many changes in recent times. The multiple add on features has enabled the companies to bridge certain gaps, such as numerous language support, availability in different locations, multiple currency support, and the use of real money rather than chips. The legalization of online casinos in certain countries has boosted the revenue of the online gambling market. For instance,in July 2017, online casino games were legalized in Pennsylvania, the U.S. In 2020, sports betting was legalized in West Virginia, the U.S. As per the Decree signed in 2019, online gambling was legalized in Buenos Aires, South America.

Increasing Rate of Cybercrimes: A Key Market Restraint

Online gambling deals with a lot of transactions of real money over the internet. Certain users fall prey to fraudulent websites that steal credit card details or bank account details. Furthermore, certain cyberattacks such as (DDoS) denial of service attacks possess a threat to the real-time gaming experience. For instance, In August 2018, prominent PokerStars and Partypoker sites faced lengthy stretches of downtime due to DDoS attacks.Thus, the increasing rate of cybercrimes restrains the market growth.

Impact of COVID-19

The pandemic has caused a lockdown in almost all the countries of the world, backed by strict government regulations such as social distancing and quarantine. A surge in the inclination towards online platforms for gaming and gambling was observed. Additionally, the transition towards digital means of payments boosted the use of real money for online gambling. For instance, the popular payment gateway, ‘Easy Payment Gateway,’ noted a 10% rise in the processed volumes of transactions primarily from the gambling sector.

Online Gambling Market: Segmentation

Sports Betting Segment to Hold the Largest Market Share during the Forecast Period

The sports betting segment holds the largest market share during the forecast period. There is high popularity of sports betting in the Asia-Pacific region on account of the surging digital connectivity and surging spending power. Furthermore, the rising popularity of online betting among young adults has exhibited its fastest growth in the forecast period. The increasing convenience of betting from anywhere and at any time using real money has bolstered the growth of the market.

Mobile Segment to Witness the Fastest Growth during the Forecast Period

The desktop segment dominates the market as the large screen offers a wholesome view about the intricate details of the gambling games. The mobile segment, on the other hand, is anticipated to witnessthe fastest growth, owing to the surge in the number of mobile connections. As stated by the GSM Association, there wereapproximately 5.1 billion unique mobile subscribers in 2019, and the number is anticipated to reach 5.7 billion by 2025. Additionally, the high-end features and easy to use have enabled the players to connect anytime and anywhere, further bolstering the market growth.

Regional Overview

Robust Presence of Casino and Online Gambling Companies to Drive Europe’s Market Growth

Europe dominates the online gambling market on account of the high popularity of online games and thepresence of casinosand online gambling companies, such as William Hill, Bet365 Group Ltd., Paddy Power Betfair PLC, Betsson AB, Ladbrokes Coral Group PLC, 888 Holdings PLC, Sky Betting and Gaming, Kindred Group PLC, and GVC Holdings PLC. The legalization of gambling in most European countries, such as Italy, Germany, Spain, and Malta, have bolstered the growth of the market.

The European Commission supports the efforts of EU countries to modernize their national legal structures for online gambling, particularly in the sense of administrative cooperation between gambling regulatory authorities. Additionally, themassive popularity of online gambling in the sports category, especially in events such as the FIFA World Cup and European Championships, has fostered the growth of the market.

Macau and Singapore to Be the Frontrunners in Asia-Pacific’s Market Growth

Asia-Pacific is anticipated to exhibit the fastest growth in the online gambling market, owing to the increasing digital connectivity, surging spending power, rising number of smartphone users, and the growing popularity of digital payments. Additionally, the lack of physical casinos is surging the demand for online gambling. The legalization of gambling in countries, such as the Philippines, Japan, and Taiwan,provides an impetus to the regional market growth. Besides,countriessuch as Macau and Singapore have been the hotspots of online gambling and surpassed the revenue of Las Vegas years ago.

Key Players

  • William Hill PLC (the U.K.)
  • Bet365 Group Ltd.(the U.K.)
  • Paddy Power Betfair PLC (Ireland)
  • Betsson AB (Sweden)
  • Ladbrokes Coral Group PLC (the U.K.)
  • The Stars Group Inc. (Canada)
  • 888 Holdings PLC (Gibraltar)
  • Sky Betting and Gaming (the U.K.)
  • Kindred Group PLC (Malta)
  • GVC Holdings PLC (Isle of Man)

Recent Developments

  • On September 15, 2020,William Hill PLC partnered with Caesars Entertainment’s Grand Victoria Casino to launch a mobile sports betting platform
  • On September 15, 2020,William Hill PLC launched Mobile Sports Betting App and Website in West Virginia to gain popularity during the upcoming football season and strengthenits product portfolio

Online Gambling Market: Segmentation

By Type

  • Sports Betting
  • Casinos
  • Poker
  • Bingo

By Device

  • Desktop
  • Mobile

By Region

North America

  • The U.S.
  • Canada
  • Mexico

Europe

  • The U.K.
  • Italy
  • France
  • Spain
  • Germany
  • The Rest of Europe

The Middle East and Africa (MEA)

  • Saudi Arabia
  • Turkey
  • Egypt
  • South Africa
  • The Rest of MEA

Asia-Pacific

  • India
  • China
  • Japan
  • Australia
  • South Korea
  • The Rest of Asia-Pacific

South America

  • Columbia
  • Brazil
  • Chile
  • Peru
  • Argentina
  • The Rest of South America