Dublin, Feb. 26, 2024 (GLOBE NEWSWIRE) -- The "Gambling Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The gambling market size has grown strongly in recent years. It will grow from $540.27 billion in 2023 to $580.36 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth witnessed in the historical period can be ascribed to the expansion of emerging markets, an increase in the number of female gamblers, and the rise in betting activities on e-sports.
The gambling market size is expected to see strong growth in the next few years. It will grow to $744.76 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The anticipated growth in the forecast period can be linked to the legalization of gambling, swift urbanization, the growing prevalence of social media, and an increasing population. Key trends expected in the forecast period involve investments in gambling games incorporating AR and VR technology, the adoption of advanced technologies for live casinos, investments in sports betting, the provision of mobile gambling services, investments in online casino facilities, the integration of cryptocurrencies to enhance transaction transparency, investments in branded slot games, and the provision of gambling services through smartwatch applications, as well as the offering of offshore betting services and keno games.
The increasing prevalence of live casinos is expected to play a crucial role in the growth of the gambling market. A live casino, operating online, provides real-time, interactive gaming experiences facilitated by specialized software that enables players to engage with the dealer and fellow players at the virtual table. Live casinos enhance the gambling experience by offering players an authentic and social environment, allowing real-time interaction through chat or video features. In 2021, the US commercial casino revenue witnessed a notable 77% increase compared to 2020, as reported by the American Gaming Association, emphasizing the significant impact of growing live casinos on the overall gambling market.
Asia-Pacific was the largest region in the gambling market in 2023.
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