April 22, 2024
Online Gambling and Betting Market
Ict

Online Gambling and Betting Market is Estimated to Witness High Growth Owing to Strong Growth of Online Gambling

The online gambling and betting market has witnessed significant growth over the past few years owing to the growing preference of customers towards online modes of gambling and betting over traditional modes. Online gambling offers a wide range of games such as poker, casino, sports betting and lotteries which can be easily accessed through websites or mobile applications. Furthermore, online gambling provides flexibility, accessibility and enhanced experience to customers as compared to traditional modes of gambling and betting. This has significantly boosted the demand for online gambling platforms globally.

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 operating in the online gambling and betting are 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 opportunities in the Online Gambling And Betting Market Growth include rising popularity of live casino and live sports betting. Furthermore, advancements in technologies such as blockchain, artificial intelligence and augmented reality are further enhancing the experience of online gambling.

The online gambling and betting market is expanding globally with rising internet and smartphone penetration. Emerging economies in Asia Pacific and Latin America provide huge growth opportunities for players in the online gambling and betting market.

Market drivers

Strong growth of online gambling is one of the key drivers of the online gambling and betting market. The availability of a wide range of online casino games, poker, sports betting and lotteries on multiple platforms has boosted the popularity of online gambling. Furthermore, increased spending capability of people globally has increased gambling and betting activities significantly, thereby driving the online gambling and betting market growth.

PEST Analysis
Political: The gambling market is influenced by regulations imposed by governments across different jurisdictions. Regulators aim to balance tax revenue generation with preventing gambling addiction. Some countries have legalized online gambling to generate tax revenues while others have imposed restrictions or bans on it.

Economic: A promising economy and rising disposable incomes bolster individuals’ spending ability on leisure and entertainment activities like online gambling. Higher online betting during major sports events or tournaments reflects increased consumer optimism. However, economic downturns may negatively impact discretionary spending on gambling.

Social: Changing social attitudes have spurred the acceptance and popularity of online gambling. It provides an engaging and convenient entertainment option for users compared to land-based casinos. However, concerns around gambling addiction and its social costs remain.

Technological: Advancements in technology have enabled the growth of online and mobile gambling platforms. Platforms employ analytics, virtual reality and real-time functionality to enhance user experience. Advanced security features also facilitate safe and secure transactions. However, technological disruption through decentralization and cryptocurrencies introduce complex regulatory challenges.

The geographical regions concentrating the highest market value for online gambling and betting are North America and Europe. North America accounts for over 30% of the global market value due to legalization across multiple states in the United States. Major countries driving Europe’s large share are the UK, Germany, Italy and Spain owing to established markets and supportive regulations.

Asia Pacific is poised to be the fastest growing region during the forecast period. This is attributed to rising internet and smartphone penetration along with improving digital payments infrastructure in developing economies like India and China. Growing youth populations and their increasing spending power in these nations will likely spur online gambling participation in the coming years.

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