According to a recent market study published by Growth Market Reports, titled, “Online Gambling Market – Trends and Opportunity Analysis, 2023-2031”, the market size was USD 75.15 billion in 2022 and is expected to reach USD 216.9 billion expanding at CAGR of 12.5% by the end of 2031. online gambling market size

The market growth is attributed to the increasing use of mobile phones among users to play online games and the rising internet penetration across the globe, especially in emerging economies can drive the global market.

Key Market Players Profiled in the Report

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include type, device, and competitor analysis.

This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.

Highlights on the segments of the Online Gambling Market size

Based on type, the global online gambling market is segmented into poker, sports betting, casinos, and others. The sports betting segment is expected to gain a substantial market share in the forecast period due to the growth of the sports betting industry driven by the effective use of computers and cell phones to place wagers on sporting events.

In terms of application, the global market is bifurcated into desktops and mobiles. the desktop has a larger screen than the mobile, allowing users to enjoy the game’s details and images. Factors such as picture clarity, sound volume, and adjustable storage space are expected to fuel the desktop segment during the forecast period.

On the basis of region, the global market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Europe is expected to account for a substantial share of the market during the forecast period. The legalization of gambling in several countries in Europe such as Italy, France, Spain, and Germany is projected to drive the market in the region.

Key Takeaways from the Study: online gambling market size

• Online casinos emphasize creating informational tools that protect the integrity of gambling and protect the user against fraud.
• Bitcoin transactions are widely employed in online gambling, as Bitcoin transactions are subject to a smaller number of regulations that can drive the global market in the coming years.
• The rapid growth in internet penetration across the globe can boost the number of people playing online gambling.
• Online payments are accepted in the gaming sector, as a secure and reliable means of payment. Online payment acceptance for the betting market can produce lucrative opportunities for the global market in the coming years.
• The high penetration of mobile devices across the globe can increase the number of new players in the online gambling market.
• The market in Asia Pacific is expected to register a considerable CAGR during the forecast period owing to the rising popularity of e-sports and other sporting events with increasing internet penetration in developing countries such as China and India can drive the market in the region.