May 20, 2024
Online Gambling and Betting Market

The Global Online Gambling and Betting Market is trending towards Hyper Personalization

The online gambling and betting market has been transforming the way individuals enjoy casino games, sports betting, poker and other activities from the comfort of their homes. Online platforms offer a wide variety of games including slots, poker, blackjack and a growing range of live dealer games streamed in real-time.

With virtual sportsbooks platforms integrated across dedicated apps and websites, individuals can place bets on popular sports like football, cricket, basketball and more from anywhere, anytime. The convenience of access through smartphones and advancing technologies has boosted the popularity of Online Gambling And Betting Market Growth experiences.

The Global Online Gambling and Betting Market is estimated to be valued at US$ 81.75 Bn in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2024 to 2031.

Key Takeaways
Key players: Key players operating in the online gambling and betting market include Pfizer Inc., Novartis AG, Bayer AG, Sanofi, F. Hoffmann-La Roche Ltd, Eli Lilly and Company, Merck KGaA, GSK plc., AbbVie Inc., Bristol-Myers Squibb Company, Regeneron Pharmaceuticals Inc., AstraZeneca, AbCellera Biologics Inc., Molecular Depot LLC, DAIICHI SANKYO COMPANY, LIMITED., Abbott, Biogen, Thermo Fisher Scientific, Inc., Cell Signaling Technology, Inc, Intas Pharmaceuticals Ltd., Avantor Inc., UCB S.A., Merus N.V., GENEXTGENOMICS.COM, Biogenuix.

Key players like DraftKings, Flutter Entertainment, and Caesars Entertainment are investing heavily in developing personalized experiences for customers through integration of advanced technologies like AI, machine learning and predictive modeling.

Growing demand: Rising internet and smartphone penetration coupled with improving digital payment solutions across regions are fueling the demand for online gambling experiences. Availability of localized language support and payment options are facilitating market expansion into emerging economies.

Global expansion: Major industry players are pursuing strategic mergers and acquisitions to expand their geographic footprints and offerings. Growing affordability is increasing accessibility in under penetrated markets of Asia Pacific and Latin America regions.

Market key trends
Hyper-personalization through data analytics is a key trend enabling online gambling platforms to understand behavioral patterns and offer tailored product recommendations, promotions, financial controls and responsible gambling assistance. Machine learning supported features like live streaming of odds changes, automated cash-out suggestions during games and customized bet settlement options are enhancing user experience. Integration of augmented and virtual reality solutions can further immerse users in digital games and lead to higher engagement and monetization rates for operators in the coming years.

Porter’s Analysis

Threat of new entrants: The online gambling and betting market requires high initial capital investments for infrastructure, technologies and payment solutions. This creates barriers for new companies to enter the market.

Bargaining power of buyers: Individual buyers have low bargaining power in this market due to the availability of many providers. However, large corporate buyers may negotiate better deals and prices.

Bargaining power of suppliers: A few leading suppliers of software technologies and payment solutions dominate the market. This gives them significant bargaining power over gambling companies.

Threat of new substitutes: Alternative entertainment options provide some substitution. However, switching costs are relatively low for customers to try different gambling and betting platforms.

Competitive rivalry: The market comprises many global and local providers creating intense competition. Companies adopt strategic innovations and regional expansions to gain market share.

Geographical Regions

North America accounts for the largest share of the online gambling and betting market, valued at US$ 32.55 Bn in 2024. Countries like the US and Canada have regulations allowing domestic operators while restricting offshore gambling.

The Asia Pacific region is expected to grow the fastest at a CAGR of 26.6% during the forecast period. Rising Internet and smartphone penetration along with growing acceptance of gambling is driving the market in countries such as China, India and Japan. Ease of digital payments further aids market growth in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it