The Global Online Gambling and Betting Market was valued at US$ 46.9 billion in 2017 and is projected to reach US$ 123.5 billion by 2026, exhibiting a CAGR of 11.4% over the forecast period, according to Global Online Gambling and Betting Market Report, by Gaming Type (Poker, Casino, Lottery, Bingo, and Sports Betting), by Device Type (Desktop and Mobile), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), published by Coherent Market Insights.
Online gambling includes poker, casino, lottery, and bingo, and online betting is done on sports such as cricket, football, basketball, car racing, and horse riding sports through digital platforms. Increasing internet penetration has led to the development of new online gambling and betting platforms such as party casino, dream Vegas, 21 Casino, and winstar online casino.
Stringent regulatory laws for online gambling, insufficient facility for internet operations, and threat of cyber-attack are major restraining factors of online gambling and betting market. According to a report published by iris-france in June 2017, all EU members passed specific legislation regarding betting activity. This legislative framework allow regulators to monitor or control the online gambling activity and reduce associated criminal risks.
Increasing use of mobile devices is expected to drive the market growth
As per the report published by gambling commission in 2017, 50% of online gamblers use laptop and the number of laptop users for gambling is decreasing. The use of laptop for online gambling is decreasing and use of mobile is increasing at a considerable rate.
Technological advancements such as secured payment options and high speed internet connection are major factors for use of mobile phones for gambling and betting. Furthermore, online gaming providers are providing easy to operate mobile applications, which will drive growth of the online gambling and betting market in the near future.
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Sports betting is expected to show a considerable CAGR during the forecast period
Sports betting is the activity of predicting the outcome of sports and placing a wager on an outcome. In sports betting, football, baseball, basketball, hockey, track cycling, boxing and horse racing are majorly included. Market growth is driven by use of online platforms for betting and easy money transfer practices.
Key Trends and Analysis of the Global Online Gambling and Betting Market:
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