HYDERABAD, India, May 26, 2022 /PRNewswire/ —
According to a report published by ReAnIn, the global online gambling market was valued at $67.5 billion in 2021 and is expected to reach $146.4 billion by 2028, registering a CAGR of 11.7% during the forecast period. Rising popularity of sports betting, especially among young adults, increasing adoption of mobile payments and online payments, and growing use of smartphones are some of the major drivers of the global online gambling market. line. The COVID-induced lockdown has further fueled the market growth as physical casinos or attendance at live sporting events have been restricted. The absence of a legal framework for online gambling in different countries is the main obstacle to the growth of this market.
Download Free Sample: Global Online Gambling Market Growth, Share, Size, Trends and Forecast (2022-2028)
The legalization of sports betting in United States led to the explosion of online gambling
In May 2018, the United States Supreme Court ruled that each state could decide whether or not to allow legal sports betting and since then about 30 states have legalized sports betting, including 18 that allow online sports betting. 16 states have either crossed 1 billion US dollars in sports betting or are about to do so. This sports betting rush took almost everyone by surprise and paved the way for online sports betting in the country. New York collection US$1.6 billion in sports betting in less than a month after the launch of online sports betting in January.
Main highlights of the report:
- Sports betting was the main type of gambling and contributed more than 50% of global online gambling market revenue. Moreover, the sports betting segment is expected to maintain its dominance throughout the forecast period due to the growing popularity of sports betting among young adults.
- Among the device types, desktop/laptop is currently dominating the market, while mobile online gaming is expected to grow with the fastest CAGR during the forecast period. The expansion of online gambling in developing economies and increased mobile penetration are some of the factors driving the strong growth of mobile gambling.
- Europe accounted for the highest market share in the global online gambling market, as gambling is legal in the majority of EU countries, including France, Germany, Italy, Spainetc However, North America is expected to experience the highest CAGR in the near future as various states have already legalized it and some are in the process of legalizing it.
Access the report description on: Global online gambling market
Market segmentation :
ReAnIn has segmented the global online gambling market into:
- Type of game
- sports betting
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
The global online gambling market is highly fragmented and there is fierce competition between major global players and regional/local players. The major players operating in the global online gambling market are Bet365 Group Ltd, 888 Holdings PLC, Betsson AB, Kindred Group, Entain PLC, William Hill Limited, LeoVegas AB, Flutter Entertainment PLC, Paddy Power Betfair PLC, Ladbrokes Coral PLC, Sky Betting & Games and Betfred. Market leading companies focus on launching innovative products/solutions to gain market share. For example, in September 2021, LeoVegas Group has launched AI-powered messaging to bolster its safer gaming offering. Moreover, the exponential growth of online gambling has caught the attention of investors around the world. According to one estimate, online gambling received more than $130 million funding in 2020.
Learn more about this report: Global Online Gambling Market
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Last name: Deepak Kumar
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SOURCE Reanin Research & Consulting Private Limited