The global online gambling market size is projected to reach USD 158.20 billion by 2028, exhibiting a CAGR of 11.4% during the forecast period. Fortune Business Insights™ provides this information in its report, titled “Online Gambling Market, 2021-2028”. As per the report, the value of the global market was USD 66.72 billion in 2020.
With a large chunk of people worldwide confined to their homes amid the coronavirus-induced lockdowns, the demand for virtual gaming suddenly spiked in many countries, such as Canada and Australia. Registering a CAGR of 11.2% and attaining a value of USD 74.17 billion in 2021, the COVID-19 pandemic has benefited the online gambling market growth and the market is also anticipated to display phenomenal growth once the pandemic is over.
Growing Availability of Online Payment Systems to Boost the Market
The main concern among online gamers and gamblers is the ease of payment. However, in today’s digital age, several virtual payment mechanisms are available and online gambling platforms are actively incorporating them into their ecosystem to ensure maximum customer engagement. For example, EcoPayz, an e-wallet from PayPal, allows players to create an ecoAccount and enables them to conduct their online casino transactions through one endpoint. Another mode of transaction is instant bank transfers, which are being extensively utilized by digital payment and gambling platforms. Trustly, for instance, is a hugely popular instant bank transfer service adopted by iGaming operators across Europe. The security ensured by these payment systems is stoking the adoption of virtual gaming among enthusiasts worldwide.
Lottery Segment to Make Steady Headway in the Market
On the basis of type, the market has been categorized into sports betting, casinos, poker, lottery, bingo, and others. The lottery segment is expected to gather momentum in the forthcoming years due to the increasing interest of players in draw-based online gambling games. The segment held a share of 15.1% in the global market and a share of 15.4% in the UK market in 2020.
Based on devices, the market has been segregated into desktop, mobile, and others. By region, the market has been divided into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Europe Generates $30.92 Billion Revenue in 2020, to Lead the Market through 2028
Europe is foreseen to lead the online gambling market share from 2021 to 2028 owing to the strong presence of some of the top players in the gambling industry. Moreover, the robust culture of sports and sporting events in Europe has also provided market players with rich content and themes to create exciting sports-themed virtual gaming platforms. The region’s market size stood at USD 30.92 billion in 2020.
In Asia Pacific, the widening adoption of smartphones and increasing utilization of blockchain-based payment methods, especially in Japan, are expected to augment market potential in the region. In North America, the market will be driven by stringent regulations on online gambling.
List of Key Players Profiled in this Market Report:
- Mansion Casino (Gibraltar)
- Evolution Gaming AB (British Columbia, Canada)
- Scientific Games Corporation (Nevada, United States)
- Buffalo Partners (New York, United States)
- bet-at-home.com AG (Germany)
- 888 Holdings PLC (Gibraltar)
- Bet365 (Stoke-on-Trent, United Kingdom)
- Flutter Entertainment Plc. (Dublin, Ireland)
- William Hill Plc. (London, United Kingdom)
- Entain plc (GVC Holdings Plc.) (Douglas, Isle of Man)
- Slots Heaven Casino (Slots Heaven Casino)
- Sky Betting & Gaming (Leeds, United Kingdom)
- SPIN Casino (Canada)
- DraftKings Inc. (Massachusetts, United States)
- Betfred (Warrington, United Kingdom)
- BetAmerica (California, United States)
- LeoVegas AB (Stockholm, Sweden)
- Betsson AB (Stockholm, Sweden)
- com (Ontario, Canada)
- Kindred Group Plc. (Valletta, Malta)