The global Online Gambling market size was valued at US$ 69,059.3 Million in 2022, and anticipated to grow at a CAGR of 11.8% over the forecast period.

Many people come across random online gambling adverts while surfing the internet. According to CMR research analysis, gambling is not permitted in all countries. The advantages of a high rate of employment and revenue production from the market have prompted various nations to legalize online gambling, which is anticipated to propel the industry's expansion over the forecast period.

The development of smartphone technology has transformed the lives of people in several ways. Gambling is a one specific area where it has had a significant impact, as smart phones provide easy access to numerous online games and gambling, people are transitioning from real to virtual gambling in large numbers which in turn is propelling the growth of global online gambling and betting market during the forecast period. Furthermore, advancements in the online space are congruent with the evolution of internet casinos, where gamers are leveraging technology to create quality gambling experiences. Additionally, gamers can access these services virtually through their preferred betting sites and indulge in their favourite gambling activities.

Many people prefer using smartphones for gaming and gambling because it is a faster and simpler way of enjoying the favourite activity. The apps can place bets online from anywhere and anytime. Most apps allow the convenience of in-play or in-game betting, which makes gambling even more exciting for enthusiasts. Sports betting apps provide gamers 24/7 access to a number of games. Just reliable and fast internet connection is needed for a seamless betting experience. Smartphones enable users to access any betting platform regardless of the time zone they are in which triggers the market growth over the forecast period.

Furthermore, several countries have forced a ban on gambling sites due to the surging risk of problematic gambling behaviour. Gambling and betting bans have been imposed in countries like Russia, the United Arab Emirates, Qatar, and Poland which is anticipated to impede market growth over the forecast period.

COVID-19 Insights

The COVID-19 pandemic positively impacted the online gambling and betting market, as consumers turned more toward the online platform to bridge their financial, social, and psychological crisis during lockdowns. For instance, according to research conducted by the Lund University, Sweden, found that due to restrictions in sports events due to lockdowns, consumers have surged their interest in online gambling platforms. In addition, several operators turned digital in response to the closure of many gambling establishments. Many players increased their online gambling services, and bingo providers transferred their operations online, resulting in a positive market impact.

Furthermore, according to the report of AlphaBeta Australia, Australia witnessed a 67% increase in online betting in April 2020. Similarly, according to a report by Concordia University, Great Britain observed a 17.5% rise in internet-based gambling.

Regional Insights

In terms of region, Europe dominated the global market share in 2021. The legalization of gambling in various European nations, including Italy, Malta, Spain, and Germany, is largely responsible for the increase. Furthermore, factors such as the increasing popularity of online casinos, the availability of high-speed internet, and the expanding number of smartphone users are driving regional market expansion. For example, the UK Gambling Commission (UKGC) has allowed companies to promote gambling sites under the Gambling Act 2005, which is likely to have a positive impact on the European market.

North America is anticipated to grow at a higher CAGR of 13.7% during the forecast period.  Football, horse racing, and tennis have done well for the significance of online gambling due to the growing prominence of e-sports. The penetration in the United States and Canada has been fueled by the rise of sports leagues and the incorporation of local sportsbooks. The growing presence of legal sports gambling, in particular, has aided government in exploring potential in the form of tax income and job opportunities, which will promote market growth in North America throughout the projection period.

Key Companies Insights

Some of the major companies studied under the market scope are as follows: GVC Holdings PLC., GSN games, Amaya Inc. (Flutter Entertainment plc), Playtech PLC., Fortuna Entertainment Group, 888 Holdings PLC, Playtika Holding Corp., Betclic Group, Scientific Games Corporation, MGM Resorts International, Kindred Group plc, IGT, Aristocrat Leisure, William Hill PLC, Zynga, Bet365 Group Ltd., Betsson AB, LeoVegas AB, SAZKA a.s, Tabcorp among others. The leading players such as Flutter Stars Group, GVC Holdings, Bet365, Scientific Games, Playtech, Aristocrat, International Games Technology, Bet Fred, Kindred Group, and 888 HOLDINGS PLC and Others. Major players operating in the ecosystem experiences intense competition owing to the presence of large number of players on the global scale. Further, players are adopting various strategies such as merger and acquisition, geographic expansion, product launch, research & development for expanding their product portfolio, and others.

For instance, February, 2022 In order to expand its footprint in Canada's recently liberalized sports wagering sector, Entain Plc is paying approximately $235 million for the acquisition of Deis Ltd., the parent company of Avid Gaming. Entain is purchasing Avid Gaming from Middle Brook Investments Ltd., which specializes in private alternative investments. Avid also owns Sports Interaction, which is one of Canada’s largest online betting brands. With the acquisition of Avid, Entain is acquiring a growth engine that could spur its efforts to boost Canadian market share.

In February, 2022 Kambi Group plc has entered into partnership with NorthStar Gaming Inc., in which Kambi offered Canadian operator with its high-performance online sportsbook. Known to be one of Canada's most exciting digital wagering brands, NorthStar Gaming's collaboration with Kambi will provide customers with a high-quality entertainment and betting experience, starting with Ontario's regulated online gaming and sports betting market this year.

Segments

By Type

·         Sports Betting

o   Football

o   Horse Racing

o   E-sports

o   Other Sports

·         Casino

o   Live Casino

o   Baccarat

o   Blackjack

o   Poker

o   Slots

o   Others Casino Games

·         Lottery

·         Bingo

By Application

·         Desktop

·         Mobile

·         Tablet

By End-user

·         Dabblers

·         Gambling Enthusiasts

·         Social Exuberant