Online Gambling Market Product Driving Factors, Capacity and Growth Rate Analysis to 2030

Posted on 2022-06-30 by researchinsights in Technology // 0 Comments

San Francisco, California , USA, June 30, 2022 — /EPR Network/ —

Online Gambling Industry Overview

The global online gambling market size is expected to reach USD 153.6 billion by 2030, registering a CAGR of 11.7% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growing consumer inclination toward betting apps and the introduction of the freemium model in online gambling are the major factors expected to drive market growth in the upcoming years.

The increased smartphone and internet penetration and easy access to casino gaming platforms is positively influencing the market statistics. Moreover, the availability of cost-effective betting applications is expected to favor the market growth over the forecast period. According to the data published by the New York state government, over 650,000 individual accounts were created on mobile betting apps in 2021.

Electronic Gambling Devices (EGDs), equipped with in-built software mimicking the local casino experience, are creating lucrative opportunities for the market. For instance, the Video Lottery Terminals (VLT) are powered by advanced technologies. They can be customized to electronic poker games, video slot machines, spinning reel slot machines, and electronic slot machines. The burgeoning demand for VLTs is opening ample growth opportunities for the market players. To illustrate, in April 2022, IGT Canada Solutions ULC, a subsidiary of International Game Technology PLC, inked a contract with the Atlantic Lottery Corporation to provide 1,375 CrystalDual 27 VLTs throughout the remaining year.

The COVID-19 pandemic played a crucial role in expediting the online gambling demand as people spent most of their time indoors and opted for online games for their leisure. Besides, the availability of secure options for digital payment is also stimulating the adoption of online gambling apps. The market growth will be further accelerated by the increased adoption of digital currency and websites provided by betting and gambling companies.

Online Gambling Market Segmentation

Grand View Research has segmented the global online gambling market based on type, device, and region:

Based on the Type Insights, the market is segmented into Sports Betting, Casinos, Poker, Bingo and Others.

The market has been segmented into casinos, sports betting, bingo, poker, and others, with the sports betting segment, dominating the market with a revenue share of approximately 50% in 2021. Rising popularity of sports betting gambling on games such as football, and casino, coupled with increased internet penetration, has fueled the market growth in Europe.

Based on the Device Insights, the market is segmented into Desktop, Mobile and Others.

In terms of devices, the desktop segment generated a significant revenue of approximately USD 28 billion in 2021. The desktop offers a large screen size compared to mobile phones and other devices that allow the gamblers to enjoy the details and graphics of the game.
Advanced technologies in mobile phones have resulted in extraordinary gaming visuals in smartphones that have resulted in increased access to online gambling through mobile phones. Additionally, gambling can be done through mobile phones, making it convenient for gamblers.

Online Gambling Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

Leading players in the online gambling market are focused on continuous innovations to differentiate and personalize their product offerings for potential users. Mergers and acquisitions, product launches, and partnerships are the primary methods these companies adopt to establish and compete in the gambling market.

Some prominent players in the global Online Gambling market include

William Hill
Bet365
Paddy Power Betfair PLC
Betsson AB
Ladbrokes Coral Group PLC
The Stars Group Inc.
888 Holdings PLC
Sky Betting and Gaming
Kindred Group PLC
GVC Holdings PLC

Order a free sample PDF of the Online Gambling Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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