NEW YORK, June 25, 2023 /PRNewswire/ — The global online gambling market size is estimated to grow by USD 150.5 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 11.03%. The growth momentum will progress during the forecast period. APAC is estimated to account for 39% of the global market during the forecast period. Another region offering significant growth opportunities to vendors is North America. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in the region is increasing at a fast pace because of the increase in the number of mobile application platforms. In North America, the US is the major leading country in the market. The growing use of websites and applications for online gambling, as well as the increasing penetration of smartphones, has encouraged vendors to launch online-based gambling. For example, in 2021, Lotto.com Inc. announced the launch of the first digital platform in the state of New Jersey that allows lottery ticket purchases from any device without the need for an app or pre-deposited amounts. Also, In January 2020, BetAmerica launched an online platform for sports betting in Pennsylvania. Hence, due to such factors, the regional market is expected to grow during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report

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Online Gambling Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on Device (Desktop and Mobile), Product (Lottery, Betting, and Casino), and Geography (North America, APAC, Europe, South America, and the Middle East and Africa).

• The market share growth by the desktop segment will be significant during the forecast period. The major characteristic driving the segment growth is that desktop devices offer a better experience as they have bigger display screens compared with mobile devices. Generally, online gambling offerings are web-based, which is better experienced on desktops. Although many vendors have optimized their offerings for mobile devices and have designed apps for mobile platforms, users still choose desktops for a better experience. Thus, due to these factors, the segment in the global market will grow during the forecast period.

Insights on the market contribution of various segments, including country and region-wise historic data (2017 to 2021) and forecast market size (2023 to 2027) – Download a Sample Report

Online Gambling Market – Market Dynamics
Key factor driving market growth

The growing demand for mobile gambling is notably driving the online gambling market growth. Smartphone penetration is growing because of the lowering average selling price (ASP) of smartphones and the developments in communication network infrastructure. They provide a convenient and intuitive interface for playing casino games and e-sports. However, smartphone users engage vastly with their mobile devices on an intermittent basis for short to long periods of time. Therefore, users are rapidly moving from desktops to mobile devices for playing casino games. As they provide easy access to casino games and e-sports betting, smartphones are becoming one of the major platforms for online gambling. Thus, due to the enhancements in mobile payment systems, several vendors have launched mobile gambling applications. Therefore, growing smartphone penetration will drive market growth during the forecast period.

Leading trends influencing the market 

The emergence of VR as a cure for gambling addiction is an emerging trend in the market. The use of VR enables individuals with gambling addiction to experience safe and secure virtual environments that are conducive to replicating the desires of their addiction. Technology places people in an environment in which their senses are tested, supporting therapists determine the progress of individuals. Therapists are permitted to expose gambling addicts to a VR environment, catering to the latter needs. However, addicts with intense desires are gently ushered into the VR world setup. This is done by lowering the noise levels, the number of slot machines, the number of players in the casino, and the intensity of the entire environment. Thus, the trend of VR being used as a tool to cure gambling addictions is likely to continue, which, in turn, will drive the market growth during the forecast period.

Major challenges hindering the market growth

The growing online data security issues are major challenges impeding the online gambling market growth. Security and credibility issues in online gambling are some of the significant factors restraining the growth of the global market. Generally, gambling websites do not have a proper dispute resolution framework and lack transparency in cash prize payouts. In addition, they also do not have appropriate and accountable casino gaming standards, which reduces the credibility of gambling operators and platform providers. This credibility issue has an adverse impact on the scaling of the casino business and discourages new users from joining gambling games, such as casinos and poker. However, online gambling websites have become major targets for cyber attackers and scammers. Gambling websites capture crucial information about users, such as bank details and credit card numbers, which are vulnerable to hacking. Several offshore-run internet casinos do not have the latest cybersecurity technologies in place, which augments the chances of cyberattacks.  Therefore, issues like these will impede the growth of the global market during the forecast period.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Online Gambling Market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the online gambling market between 2023 and 2027

• Precise estimation of the online gambling market size and its contribution to the market in focus on the parent market

• Accurate predictions about upcoming trends and changes in consumer behaviour

• Growth of the online gambling market industry across North America, APAC, Europe, South America, and the Middle East and Africa

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of online gambling market vendors

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Table of contents

1 Executive Summary

• 1.1 Market overview

2 Market Landscape

• 2.1 Market ecosystem

3 Market Sizing

• 3.1 Market definition

• 3.3 Market size 2022

4 Historic Market Size

5 Five Forces Analysis

• 5.1 Five forces summary

• 5.6 Threat of rivalry

• 5.7 Market condition

6 Market Segmentation by Device

• 6.1 Market segments

• 6.2 Comparison by Device

7 Market Segmentation by Product

• 7.1 Market segments

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape

• 11.4 Industry risks

12 Vendor Analysis

• 12.1 Vendors covered

• 12.3 888 Holdings Plc

• 12.4 Bet365 Group Ltd.

• 12.5 BetOnline

• 12.6 Betsson AB

• 12.8 Entain Plc

• 12.12 INTRALOT SA

• 12.13 Kindred Group Plc

• 12.16 The Betway Group

• 12.17 William Hill Plc

13 Appendix

• 13.1 Scope of the report

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