The global online betting market has grown significantly in the last two decades, reaching a value of over $72 billion in 2021. Looking forward, market experts predict this market will be worth over $130 billion by 2027, recording a 9.96% CAGR from 2022 to 2027. This market includes betting establishments developing online casinos, lotteries, online sports betting, bingo, and poker games.
The Global Online Casino Industry by Game Type
The global online casino industry features sales of gambling services and other goods by sole traders, organizations, and partnerships that operate facilities like bingo sites, video gaming platforms, and others. This market has recorded growth at an impressive rate, with experts projecting it will represent a CAGR of 8.0% from 2018 to 2023.
Based on the products available in the industry, the market is segmented into poker, bingo, sports betting, and casinos. The sports betting sector has a massive market share in 2022, thanks to the rise of digital platforms around the world. Additionally, the increase in disposable in the ASIA Pacific region has contributed to a higher spending capacity in the segment.
In the online sports betting segment, fixed odds and live-action betting are some of the most popular types. The online sports betting sector is closely followed by online poker, which has gathered the attention of the new generation of bettors like college students. This segment is also expected to record a significant CAGR by 2027 owing to the rise of online card games.
Over the last few years, convenience has been among the most crucial driving force aiding the growth of online card games. Many sites, like the reviewed W88 site, accept cash transfers through online wallets, major credit cards, Western Union, and international banks. Additionally, the wide variety of games available is driving growth in the segment.
Global Online Gambling Market by Device Type
In terms of the betting devices used, the global market is divided into mobile and desktop gambling. Desktop betting dominated the market in 2019, but the global pandemic contributed to more people wagering on their mobile phones in 2020 and 2021.
The domination of the desktop segment in the previous years was mainly because they allow bettors to enjoy great graphics and easily observe tiny details. Additionally, performance parameters like sound volume, storage capacity, and picture quality has helped to popularize the desktop online betting experience.
On the other hand, tech innovations in mobile phones and gaming graphics have contributed to the rise of smartphone gaming in the betting market. Moreover, mobile phones are continually becoming accessible to individuals looking to wager while on the go or in the comfort of their homes. As such, On
Online Gambling Market by Regions
Based on regions, the global online casino market is dominated by Europe, North America, Latin America, Middle East & Africa, and Asia-Pacific. Asia-Pacific is currently the largest online gambling market, accounting for about 38% of the total revenue recorded in 2020 & 2021. The region was closely followed by Europe, North America, and other regions.
Starting from 2020, the Middle East and Europe regions were the fastest-growing markets with CAGRs of 12% and 11% respectively. These regions are closely followed by South America and Africa regions, where the online gambling markets are expected to record CAGRS of 9.9% and 10.1% respectively. However, the top 10 competitors only accounted for around 20% of the global online casino industry due to the existence of offline betting serving players in different geographies.
Online Gambling Market Drivers
The key drivers in the online betting market include the rise in gamer involvement during the lockdown. Globally, the number of users in online gambling platforms has increased since traveling restrictions and social distancing rules were imposed in brick-and-mortar casino establishments. That’s because people were looking for new entertainment options as they remained at home during this period.
During this period, online betting websites welcomed thousands of new users daily. Some countries also saw this as a chance to earn revenue from the online gambling industry, modifying their laws to legalize the activity. For instance, Armenia amended their existing gambling laws and Belarus legalized these online gambling establishments.
Besides more governments relaxing their laws, online gambling companies also started increasing their marketing effort in 2020 to attract more players. For instance, most online betting websites increased their reload bonuses, free spins, and loyalty programs.
Online Gambling Market Restraints
The key restraints in the global online betting market include the recession that followed the pandemic. The recession might impact the online gambling market in 2022 and 2023, mainly due to the huge economic losses reported in the last two years. This recession reduced people’s disposable income in various regions, which decreased people’s willingness to spend their cash on non-essential things like online gaming.
