DUBLIN--(BUSINESS WIRE)--The "Global Online Gambling Market Overview, 2023-28" report has been added to ResearchAndMarkets.com's offering.
According to this report the market is expected to reach a size of over USD 179 Billion, up from USD 94.17 billion in 2022. From 2023 to 2028, the market is expected to grow at an 11.64% CAGR.
Companies Covered
- Bally's Corporation
- Betsson AB
- Entain Plc
- Firekeepers Casino
- Churchill Downs Incorporated
- Kindred Group plc
- The Stars Group
- Sportech PLC
- 888 Holdings Plc
- Sportpesa
The online gambling market has grown rapidly in recent years due to the increasing availability of high-speed internet and the growing adoption of smartphones and tablets.
The market is also driven by factors such as the convenience of playing from anywhere at any time, the globalization of the industry, and advancements in technology.
Online gambling platforms can be accessed from anywhere in the world, making it easier for players to access a wide variety of games and betting options from different regions. The legalization and regulation of online gambling in several countries have created a more favourable environment for online gambling operators, increasing their ability to reach new customers and expand their businesses.
Advancements in technology, such as virtual reality, artificial intelligence, and machine learning, have enhanced the user experience and made online gambling more immersive and interactive. Online gambling operators invest heavily in marketing and advertising to reach new customers and increase brand awareness, which has contributed to the growth of the industry. As the global economy continues to improve, more people have disposable income to spend on leisure activities such as online gambling.
The growing internet penetration is also likely to drive the use of online gambling platforms across the globe. This contributes to increased investments in online gambling platforms and the number of live casinos worldwide. Furthermore, the growing popularity of the freemium model is expected to fuel market growth over the forecast period. The changing legislative framework for virtual betting and the legalization of the market across emerging nations is anticipated to drive industry growth. For instance, online gambling has recently been made legal in Goa and Sikkim.
The increasing credibility globally is further expected to drive market growth. The growing focus of key players such as Kindred, Entain, Bet365, and others towards innovation, partnerships, mergers, and promotion to expand their presence globally is anticipated to drive the industry growth.
For instance, in August 2021, DraftKings Inc. acquired Golden Nugget online gaming, enabling DraftKings to leverage the brand's product experience and colossal customer database of over 5 million. Further, in July 2021, FanDuel launched its casino offering in Michigan and New Jersey, adding live dealer blackjack and roulette, among other games for the customers. Recent developments such as these are anticipated to provide lucrative growth opportunities globally.
The increasing investments in the online gambling market can be primarily credited to the rising demand for cost-effective payment mechanisms. Another crucial factor favouring investments in online gambling is the introduction of virtual and augmented reality. There are enormous investment opportunities in the market which has influenced professional players to invest in sports betting and stocks of some of the critical online gambling companies.
Various new entrants and investors are reaching out to stakeholders in the online gambling market, including operators, suppliers, regulators, and industry-focused legal/ financial advisors. A growing consumer preference for online live casinos over conventional land-based casinos across various countries that have legalized offline and online gambling is strongly favouring market growth. The shifting of players from offline to online gambling has created lucrative growth prospects for online casino operators. Numerous professional players prefer live casinos as they help them track their moves.
Besides, they also offer games in real-time with live dealers, a live chat feature, and games that can be played anytime and anywhere. The emergence of live casinos based on advanced technologies is expected to fuel market growth over the forecast period. In 2021, Evolution launched its third live casino studio in Michigan as a part of its business expansion strategy amid the fast development of the US iGaming industry.
Key Topics Covered:
1. Executive Summary
2. Market Dynamics
3. Research Methodology
4. Market Structure
5. Economic /Demographic Snapshot
6. Competitive Landscape
7. Global Online Gambling Market Outlook
8. North America Online Gambling Market Outlook
9. Europe Online Gambling Market Outlook
10. Asia-Pacific Online Gambling Market Outlook
11. South America Online Gambling Market Outlook
12. Middle East & Africa Online Gambling Market Outlook
13. Company Profile
14. Strategic Recommendations
15. Annexure
16. Disclaimer
For more information about this report visit https://www.researchandmarkets.com/r/tm2oro
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