DUBLIN--(BUSINESS WIRE)--The "Online Gambling Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global online gambling market is expected to reach a value of $213.58 billion by 2028 from $105 billion in 2022, growing at a CAGR of 12.56%
Growing Adoption of Augmented Reality and Virtual Reality in Gambling
Gambling is highly sensitive and responsive to new technologies and innovations. The unprecedented growth of online gambling activities, such as online casinos and betting, has propelled players in the online gambling market to adopt new technologies to survive the competition.
One such technology which is widely making inroads into the industry is augmented reality and virtual reality. The gambling industry has the highest potential to use AR and VR technology in the future. Top gambling vendors would go for creating a VR casino environment during the forecast period.
The implementation of AR technology provides online casinos with various options for improving and developing their gaming offerings. In casinos, this technology can introduce a range of new features. It can combine the best elements of live gaming and software with virtual reality add-ons and overlays to make a more engaging experience for its customers.
Growing Number of Live Casinos Worldwide
Live casinos have been very popular among gamblers worldwide. These casinos offer live dealers and real-time feeds that help replicate the experience and feel of a real-world land-based casino. These casinos are becoming popular among high-end paying customers who have been using real money in the past.
Live casinos are gaining popularity worldwide, especially in the U.K., where online gambling has become very popular. Live casinos are gaining immense customer adoption, and major players such as Ladbrokes, William Hill, and Flutter Entertainment are already offering such an experience.
INDUSTRY RESTRAINTS
Stringent Regulations Across Regions
Online gambling has attracted legal scrutiny ever since the sport took off. Owing to the fine line of difference between the game of skills versus the game of chance, the overall business model has had to undergo several changes to laws & regulations across regions. Various countries worldwide are imposing restrictions on online gambling as they find it which could lead to financial loss.
Thus, the imposition of restrictions can become a major restraint for the online gambling market as the vendor will lose out on the market from the region where online gambling is banned. Several states in the U.S. are imposing restrictions on online gambling and are even posing fines against some online gambling platforms for disobeying the laws.
SEGMENTATION INSIGHTS
INSIGHTS BY PRODUCT
The global online gambling market by product is segmented into casinos, lottery, betting, poker, and others. In 2022, the casino segment dominated the industry with over 52% market share.
Further, online casinos are becoming popular worldwide. Playing a plethora of casino games from the comfort of one's own home has given impetus to the idea of online casinos, and revenue growth has been gaining much traction worldwide. Online casinos have yet to encroach on the largest traditional markets for casinos, such as Las Vegas and Macau.
The advent of live casinos has given traditional casino owners a different approach to earning money and increasing profitability using digital channels. Live casinos have bettered the prospects of earning more revenue for traditional casino owners who faced the shortage of guest arrival as one of their biggest challenges.
INSIGHTS BY PLATFORM
The desktop-based platform segment is expected to dominate the global online gambling market.
Desktop gambling enables access to gambling sites and plays on desktop devices such as computers and laptops. Screen size is one of the most apparent benefits of desktop gambling, mainly when 4K monitors in 30+ inch sizes are available.
Playing on big screens enables complete immersion in online gambling and catching some details that players could otherwise skip on a small mobile screen. For people with two or more screens, this enables playing different games simultaneously, even on different websites.
GEOGRAPHICAL ANALYSIS
Europe held the largest global online gambling market share, accounting for over 46% in 2022. The major reasons for the growth in demand were the growing number of online gambling websites in the region and the launch of mobile applications for online gambling activities in the industry.
Further, online gambling activities are gaining popularity in many European countries, with the UK, Italy, and Nordic leading the industry growth in the region. In 2022-2028, in terms of value, the YOY growth of gambling will be high due to the increasing penetration of online gambling in Europe.
One of the major reasons behind the high spending on gambling activities among European households is an increase in the per capita disposable income. An improving economy in many European countries has increased disposable income in Europe.
COMPETITIVE LANDSCAPE
The global online gambling market is moderately fragmented, with many local and international players. The competition among these players is intense. The rapidly changing technological environment could adversely affect vendors as customers expect continual innovations and upgrades in the digital gambling domain.
The leading global online gambling market vendors are bet365, Entain, Flutter Entertainment, Kindred, and William Hill. The present scenario forces vendors to refine their unique value proposition to achieve a strong industry presence.
Market Opportunities & Trends
- Growing Adoption of Augmented Reality and Virtual Reality in Gambling
- Increased Betting on Esports
- Inclusion of Digital/Cryptocurrency as Standard Money
- Increasing Number of Internet Users
Market Growth Enablers
- Growing Number of Live Casinos Worldwide
- Increasing Gamification of Online Gambling Industry
- Increased Focus on Online Strategy
- Increasing Popularity Among Millennial & Gen Z Population
Market Restraints
- Ethical Concerns
- Rise in Technicalities Hindering Growth
- Stringent Regulations Across Regions
Key Company Profiles
- Bet365
- Entain
- Kindred
- Flutter Entertainment
- William Hill
Other Prominent Vendors
- AsianLogic
- Betway
- Betfred Group
- Betsafe
- Betsson
- Bet-at-Home
- Bwin
- Caesars Interactive Entertainment
- Camelot
- Casino Cosmopol
- CasinoEuro
- Casinostugan
- Casumo
- Comeon
- Expekt
- Folkeautomaten
- GameTwist
- Genting Berhad
- Interwetten
- Jackpotjoy
- Las Vegas Sands
- LeoVegas
- MGM Resorts International
- Mobilbet
- Green
- mybet
- Nordicbet
- NordicAutomaten
- Norsk Tipping
- Onlinecasino Deutschland
- Pinnacle
- Playtech
- Rank Group
- SJM
- Sky Bet
- Sportech
- StarGames
- Sunmaker
- Svenska Spel
- Tipico
- Vera&John
- win2day
- Wynn Resorts
- xBet
- 8 Group
For more information about this report visit https://www.researchandmarkets.com/r/cbpch6
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