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New York, NY, Sept. 19, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Online Gambling & Betting Market by Game Form (Poker, Casino, Sports Betting, Bingo, Lottery, Horse Racing Betting, and Others) and by Component (Hardware, Software, and Service): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, the global online gambling & betting market accounted for USD 45.8 billion in 2017 and is expected to reach USD 94.4 billion globally by 2024, growing at a CAGR of around 10.9% between 2018 and 2024.
Online gambling & betting is a form of gambling that is played by means of computer, mobile, laptop, and tablet through the internet. Online gambling and betting games can be accessed at any time & place. The games include poker, blackjack, roulette, bingo, sports, & race betting.
The global gambling market size reached a value of nearly $449.3 billion in 2018, having grown at a compound annual growth rate (CAGR) of 4.1% since 2014, and is expected to grow at a CAGR of 5.9%. While $168.83 million is the valuation for the 22 leading digital currencies, five of the most popular gambling cryptos hold market capitalizations worth more than 10 million dollars. What’s more, investors are trading over 3 million dollars every day across these coins, and the number continues to grow as the industry expands.
Browse through 41 Tables & 24 Figures spread over 118 Pages and in-depth TOC on “Global Online Gambling and Betting Market Size & Statistics 2017: Industry Trends, Growth Forecast up to 2024”.
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The rise of cryptocurrencies in the past few years is projected to fuel the growth of online gambling & betting market. Cryptocurrencies have started to gain popularity due to benefits over other traditional funding methods. Gambling with cryptocurrencies does not require legalization as real money is not used. Bitcoin was the first cryptocurrency used for payments by various online gambling platforms. At the beginning of 2017, the total value of cryptocurrencies was about USD 17.7 billion and is projected to rise over the next 5 years. Thus, the usage of cryptocurrencies in online gambling is anticipated to rise during the estimated timeframe.
Adoption of Virtual Reality (VR) headsets in online gambling is projected to drive the online gambling & betting market. VR headsets provide a better experience for gambling and it is observed that online gambling sites are opting for this technology. As of now, there are games available in VR such as blackjack and roulette. The global AR/VR shipments in the second quarter of 2017 witnessed a growth of about 25% as that of the same period in 2016. Thus, usage of VR in online gambling is anticipated to propel the online gambling and betting market over the forecast period.
Online Gambling Market Growth & Trends The global online gambling market size is expected to reach USD 127.3 billion by 2027, registering a CAGR of 11.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. The market is expected to gain traction over the forecast period. A section is also dedicated to the growing market of online/mobile gambling versus traditional forms of gambling. A forecast of the global casinos and gambling industry till 2023 is included. The global gaming market is set to reach $256.97 billion by 2025. More than 2.5 billion people worldwide play games. In 2020, the console gaming market will experience its slowest growth rate since 2015. Players will spend $4.5 billion on immersive games by the end of 2020.
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The global online gambling & betting market is divided as per component into hardware, software, and service. Software segment is anticipated to dominate the online gambling & betting market during the projected timeframe. This share is due to the availability of various online payment options. Further, the online gambling & betting market is divided on the basis of game form into poker, casino, sports betting, bingo, lottery, horse race betting, and others. Poker segment is expected to hold a notable share during the forecast period.
North America is expected to grow at a significant rate in the global online gambling & betting market since it is the most technologically developed region. The U.S. is projected to be a major contributor in the region. The growth is projected due to the increasing usage of VR in the gaming sector. Online gambling is expected to hold a notable share in the U.S. gaming sector. In 2016, the gaming sector contributed to almost 50% in revenue generation of the U.S. media and entertainment industry. Due to the rising demand for VR in gambling applications, the growth of this sector is imminent. Since VR headsets are used in online gambling & betting, the market in this region will witness a substantial growth in the near future.
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Europe is anticipated to hold a considerable share in the global online gambling & betting market. The share is attributed to the legalization of online gambling and betting in various European countries. The UK was one of the first nations to legalize online gambling. In 2015, online gambling accounted for almost 33% of the overall gambling in the UK. The number is anticipated to rise owing to the increasing revenue of online gambling sites in the country. In 2017, the overall revenue generated by these sites was almost 10% more than that of 2016 in the UK. Further, legalization of online gambling in Italy, France, Spain, and Malta with proposals being made for the same in the Netherlands, Germany, and other European nations is expected to fuel online gambling & betting market in the region. Thus, European online gambling & betting market is anticipated to propel in the estimated timeframe.
The Asia Pacific is expected to notice a substantial growth in global online gambling & betting market over the estimated timeframe. Online gambling in China is permitted in Hong Kong. The Hong Kong Jockey Club offers online betting for sports, racing, and lottery. Currently, about 34% of the overall betting in Australia was through the internet as compared to 15.7% in 2012. The growth is due to the increase in betting by smartphones. As of now, about 22% of Australian bettors use smartphones for betting as compared to a mere 5.5% in 2012. Thus, it is anticipated that the Asia Pacific will witness significant growth in the online gambling & betting market.
Browse the full 'Online Gambling & Betting Market by Game Form (Poker, Casino, Sports Betting, Bingo, Lottery, Horse Racing Betting, and Others) and by Component (Hardware, Software, and Service): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024' report at https://www.zionmarketresearch.com/report/online-gambling-betting-market
Latin America will contribute substantially to the growth of global online gambling & betting market over the forecast timeframe. There is no central law in Argentina to govern gambling. Gambling is regulated by individual provinces. The African region is expected to have a significant share in the online gambling & betting market. Online sports betting in South Africa, Nigeria, and Ghana will contribute to the payment systems developed by the local firms.
Key players in the online gambling & betting market are report Bet365 Group Ltd., Betfred Ltd., 888 Holdings plc, Paddy Power Betfair Plc, GVC Holdings Plc, Fortuna Entertainment Group, The Stars Group, The Betway Group, William Hill Plc, Kindred Group, Rank Group, Playtech, William Hill Plc, Hong Kong Jockey Club, and mybet Holding, among others.
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The report segments the global online gambling & betting market as follows:
Global Online Gambling & Betting Market: Game Form Segment Analysis
- Poker
- Casino
- Sports Betting
- Bingo
- Lottery
- Horse Race Betting
- Others
Global Online Gambling & Betting Market: Component Segment Analysis
- Hardware
- Software
- Service
Global Online Gambling & Betting Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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Global revenue from gambling is expected to reach $635 billion by 2022, according to new findings out of Dublin, Ireland from Research and Markets.
Gambling Market Worth Anything
The worldwide gambling market will grow by nearly six percent from 2016 until 2022, the research said. “Increasing smartphone and tablet penetration, increased device capability and the confidence of users are driving the market growth,” the group said.
“Asia Pacific is the major region growing in this market due to the emergence of major casinos in the region that are operated by the US-based companies which will divert some of the US overseas-derived business in the region.”
Gambling is front and center because many countries are looking to beef up their respective tourism industries.
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In a different study by Morgan Stanley, it was found that the global gambling market was $423 billion in 2014. Casinos are among the largest industries on earth.
Recent findings from research group Technavio said that online gambling in the US will hit $4 billion by 2020. The US land-based casino industry is worth about $70 billion a year.