Dublin, March 14, 2024 (GLOBE NEWSWIRE) -- The "Online Gambling Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global online gambling market has grown strongly in recent years. It will grow from $88.65 billion in 2023 to $96.89 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The historic period's growth can be attributed to robust economic expansion in emerging markets, the widespread adoption of smartphones with enhanced internet accessibility, the increasing popularity of digital payments, and a rise in disposable income.
The online gambling market is expected to see strong growth in the next few years. It will grow to $137.26 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The forecast period's growth can be attributed to the rising involvement of gamers during the COVID-19 pandemic, a growing consumer acceptance of fintech, technologically advanced platforms, the legalization of gambling, and changing consumer gambling habits. Major trends in the forecast period include investments in AI technology to enhance user experience, the integration of cryptocurrency as a payment mode, the development of mobile apps, investments in AR and VR technology, sponsorship of sports events with large viewership, partnerships with celebrities and influencers, offering free access to games with certain main features, and providing cross-platform support for games.
The online gambling market is experiencing growth due to the increasing adoption of smartphones with improved internet accessibility. For example, in July 2023, DemandSage reported that 86% of the global population owns a smartphone, with 6.8 billion smartphone users worldwide. In the United States, 94.4% of millennials own smartphones, and nearly half of the U.S. population dedicates 5 to 6 hours per day to using smartphones. This widespread use of smartphones is expected to propel the growth of the online gambling market.
Technological advancements, such as Blockchain, IoT, and VR, are revolutionizing various industries, including online gambling. Virtual Reality (VR) and VR Headsets have gained significant popularity, bringing a revolutionary dimension to online gambling. VR technology allows users to immerse themselves in a virtual casino environment and participate in various games without the need for physical travel. However, concerns about fraud and cheating have been prevalent in online gambling, with accusations of non-transparency and hidden internal workings. Blockchain technology is seen as a solution to address these concerns by providing transparency and visibility into the operations of online casinos and gambling sites. Games such as SlotsMillion, Casino VR Poker, and The Gear, played through VR, are captivating customers and reshaping the online gambling industry.
Major companies in the online gaming market are incorporating innovative gaming technologies to stay competitive. An example is zVentures Web3 Incubator (ZW3I), introduced by Razer, a US-based gaming company, in June 2023. ZW3I leverages blockchain technology, empowering players to own their in-game assets, including characters, weapons, and skins. This ownership grants players greater control over customizing and utilizing their assets within the gaming environment.
In May 2022, MGM Resorts International made a strategic move by acquiring LeoVegas, a gaming and online sports betting company, for $604 million. This acquisition positions MGM Resorts International to establish a globally scaled online gaming business. LeoVegas, based in Sweden, offers a range of online gambling services, including video poker, table games, progressive jackpots, video slots, and live betting through its online casinos and sportsbooks.
Asia-Pacific was the largest region in the online gambling market in 2023. Eastern Europe is expected to be the fastest-growing region in the global online gambling market report forecast period. The regions covered in the online gambling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Report Scope
Markets Covered:
1) By Game Type: Betting; Casino; Lottery; Poker; Bingo; Others
2) By Device: Desktop; Mobile; Other Devices
3) By Component: Software; Services
Key Companies Mentioned: Flutter Entertainment plc; bet365 Group Ltd.; Entain plc; Kindred Group plc; William Hill PLC
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Flutter Entertainment plc
- bet365 Group Ltd.
- Entain plc
- Kindred Group plc
- William Hill PLC
- 888 Holdings PLC
- International Game Technology PLC
- Betsson Ab
- DraftKings Inc.
- Betfred
- QQ Lottery
- Las Atlantis
- Sports Toto Malaysia
- Ruby Fortune
- Jackpot City
- SPIN Casino
- 32Red
- Royal Vegas
- Europa Casino
- Mobile Premier League
- 1xBet
- Evolution Gaming
- Netent
- Microgaming and Play 'n' Go
- Bodog88
- 188bet
- Ladbrokes Coral
- Sky Betting & Gaming
- Super Slots
- Pari Mutuel Urbain
- CODERE
- SuperWins
- Bede Gaming
- Betfair
- Buzz Bingo
- Superbet
- GVC Holdings PLC
- 22BET
- Betway
- Scientific Games
- Buffalo Partners
- Betway
- LeoVagas.com
- Cherry AB
- Casino.com
- Slots Million
- Camelot UK Lotteries Ltd.
- Jumeirah
- Farah Experiences LLC
- BetKing
- Betcoza
- MelBet
For more information about this report visit https://www.researchandmarkets.com/r/9gxlbm
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