by Online gambling and betting is one of the rapidly growing industries, owing to various benefits associated with these activities, such as convenience in gambling from the comfort of one’s home. Gambling through online services offers a wide range of options, including sports betting, casinos, poker, and lotteries, to users looking for entertainment and excitement.
The global Online Gambling and Betting Market is estimated to be valued at US$ 70.96 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Mobile usage and penetration has increased significantly in the past few years. Mobile gaming offers flexibility and accessibility to people on the go, thereby increasing the reach of gambling services. Major companies offering online gambling have developed dedicated mobile applications for a seamless gaming experience. For instance, William Hill developed dedicated mobile sports betting and casino apps to capitalize on the growing mobile gaming trend. Investments in enhancing the mobile gaming experience of online casinos, poker, and sportsbooks is expected to accelerate market growth over the forecast period.
Segment Analysis
The global online gambling and betting market has two prominent segments – online casino and online sports betting. The online sports betting segment dominates the market at present and accounts for around 60% of the total market share. The online sports betting segment has seen significant growth in recent years driven by increasing digitalization, rising disposable income, and availability of sports leagues across various sports categories throughout the year. The segment also benefits from in-play betting options which allow users to bet on an ongoing match or event.
Key Takeaways
The Global Online Gambling And Betting Market Size is expected to witness high growth between 2023-2030 supported by increasing smartphone and internet penetration globally. Regional analysis:
Asia Pacific currently dominates the global online gambling and betting market with a share of over 35% in 2023. The region is expected to continue its leadership position led by strong growth in countries like China, India and Japan. These countries have a large population base along with increasing rates of digitalization which is driving the adoption of online gambling platforms. Additionally, bans on gambling in certain regional countries is further boosting the demand for online platforms.
Key players:
Key players operating in the online gambling and betting market include MaritzCX Research LLC (Inmoment LLC), Adobe Inc., Medallia Inc., Oracle Corporation, Clarabridge, SAP SE, Sitecore, IBM Corporation, Zendesk, Avaya Inc., Open Text Corporation, Verint Systems Inc., and Tech Mahindra. MaritzCX Research LLC is one of the largest providers of experience management solutions including voice of customer and market research solutions. The company provides platforms that help organizations in gathering real-time customer/user data across various touchpoints to enhance customer experience.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
