The global online gambling market was valued at US$65.316 billion in 2020 and is expected to grow at a CAGR of 10.11% over the forecast period to reach a total market size of US$128.154 billion in 2027. online betting

The growing popularity of betting across different regions around the globe is significantly driving the global online gambling market. According to the American Gaming Association (AGA), around 2,800 sites were active online and offered games and activities, such as poker, lottery, and bingo, as of 2018.

The growing adoption of smartphones, coupled with rapid penetration of better internet connectivity across various regions/countries, is supporting easy access to various online gambling platforms. With companies offering freemium models to their customers, the number of people engaged in various types of online gambling is rising at a considerable rate which, in turn, is boosting the growth of the global online gambling market.

According to the American Gaming Association (AGA), around 2,800 sites were active online and offered games and activities, such as poker, lottery, and bingo, as of 2018. The growing adoption of smartphones, coupled with rapid penetration of better internet connectivity across various regions/countries, is supporting easy access to various online gambling platforms. With companies offering freemium models to their customers, the number of people engaged in various types of online gambling is rising at a considerable rate which, in turn, is boosting the growth of the global online gambling market.

An increasing number of cost-effective mobile applications to play different online gambling games on smartphones is also contributing to the market growth of online gambling worldwide. The ease of sports betting using a portable connected device such as a smartphone, laptop, and tablet has increased the number of players in the online gambling industry.

Dreams | Landing page | 25 Free Spins on Secret Symbol

Moreover, the proliferation of sports betting along with other online gambling ads is further attracting people to try online gambling, thus positively impacting the market growth during the forecast period. Online agencies, third-party ad servers, and networks and exchanges are used for advertising gambling websites of various companies. Online gambling service providers enter into agreements with individual customers or players to offer betting services for real money, attracting more and more gamers.

Online gambling legislation online betting

The online gambling industry has a vast range of regulatory frameworks in place, which are attributed mainly to the market size, the number of participants, and the level of illegal gambling. Legislation for online gambling ranges from licensed markets that are fully open to commercial operators to explicitly prohibited and banned. Tax rates, online penetration, and other regulatory requirements vary widely across geographic regions. As legislation continues to evolve, the regulated markets have a severe impact of increasing costs and barriers to entry which includes consumer protection initiatives and rising gambling taxes. By far, the United Kingdom is the largest regulated online gambling market for many online operators. Other sizeable regulated markets include Sweden, Spain, Italy, and Australia.

However, many countries prohibit the online gambling industry, which is hampering the growth of the global online gambling market. Countries, where online gambling is illegal, include Singapore, the United Arab Emirates (UAE), North Korea, India, and Qatar. In Russia, online gambling is completely banned except for interactive gambling, which includes simulators of slot machines, card games, and casino games. Moreover, countries, where online gambling is allowed have restricted and stringent regulations, which further erodes the growth of this overall online gambling market.

Europe holds a significant share in the global online gambling market

By geography, the global online gambling market has been segmented into five major regional markets- North America, South America, Europe, the Middle East and Africa (MEA), and Asia Pacific (APAC). Europe accounted for a substantial share of the global online gambling market in 2019 and will remain at its position until the forecast period. Online gambling is legal in many European countries, which supports the growth of the online gambling market in this region. In the United Kingdom, for example, online gambling is legalized on account of safe practices with strict regulations laid down by the British government. Asia Pacific (APAC) online gambling market is projected to register the highest compound annual growth rate owing to the booming adoption of smartphones and internet penetration, with the younger population inclined towards online gambling services. In New Zealand, the government encouraged TAB and NZ Lotto to offer a collection of services while growing their gaming portfolio. In October 2019, the government of Malaysia announced its plans to implement better online gaming legislation and is looking forward to amending the country’s laws on the gambling industry to include the online segment.

North America is also a growing online gambling market and is projected to witness decent growth during the forecast period. Several U.S. states, such as Pennsylvania, New Jersey, West Virginia, Nevada, and Delaware, offer legal online gambling- online casinos, online poker, and online sports betting. The Michigan governor signed legislation to legalize online gambling in the state on December 20, 2019. The first retail sportsbooks in Michigan went live in March 2020, with online platforms expected to enter the fold as early as October 2020. In Canada, though it is illegal to operate online casinos within the country, players are allowed to gamble at sites located offshore where they can be legally registered to operate. Also, some online casinos in Canada are legal and managed by local governments to generate funding.

Key Companies in the Global Online Gambling Market