The market for online gambling as a whole was valued at USD 63.53 billion in 2022, and it is expected to increase at a CAGR of 11.7% between 2023 and 2030. The demand for online gambling is rising as a result of increased internet usage and an increase in users’ use of mobile devices to play online games. For example, 92% of the population of the United States had access to the internet in 2022. Additionally, factors including simple access to internet gambling, cultural and legal approval, celebrity endorsements, and corporate sponsorships all contribute to the market’s expansion. For instance, PokerStars hired Cristiano Ronaldo in May 2021 to serve as a brand ambassador and to appear in the business’ marketing initiatives.
The industry is expanding due to the increasing use of smartphones and 5G internet technology. According to Ookla LLC, there were 127,509 5G deployments in 128 countries as of November 2022. Artificial intelligence, machine learning, and augmented reality are features of contemporary smartphones that aid programmers in developing immersive and interactive gambling applications. Furthermore, the market is anticipated to be stimulated by the availability of inexpensive cellphones.
The annual growth of online casinos coexists with technological advancements, and these developments are meant to build the necessary trust in the online gambling industry. With the right hardware, users can engage with the virtual environments created by virtual reality (VR) in gambling in a real way. VR delivers a more realistic gambling experience, higher sound quality, and a realistic game design, as well as allowing players to interact with other players and dealers. For instance, the SlotsMillion online casino from SLTM Ltd. has a VR feature.
Developers of online casinos put a lot of effort into creating solutions that help gamblers, guarantee the integrity of gambling, and stop fraud. A free-play version of the games is provided by several online gambling sites, which draws in new players. The free-to-play versions rely on website or in-app adverts to make money. For instance, gambling websites and apps offer ad spots for their websites and in-app content. The online gambling industry is expanding and is in high demand since players from all over the world can play whenever it suits them.
The introduction of blockchain technology has also had a big impact on market expansion. Blockchain payments are now being accepted by gambling websites and apps in addition to conventional payment methods. For instance, BitStarz, a platform for bitcoin gambling, has almost 4 million regular users. In the form of blockchain ledgers, the blockchain can provide safe payments and transparency in gaming activity. Due to the speed and security of bitcoin transactions, gambling offers a wide range of chances. Cryptocurrency transactions are now often used by players in online gambling since they are subject to fewer rules and limitations.
The internet gambling market has been divided into different categories, including bingo, casinos, sports betting, and poker. In 2022, the market was led by the sports betting segment, which had a revenue share of almost 50%. Additionally, the high internet penetration rate and the rise in popularity of sports betting on games like rugby and soccer have accelerated market expansion. The market has grown as a consequence of collaborations between private businesses and gambling software providers to create UI gaming solutions. For instance, Amazon.com, Inc. collaborated with DraftKings Inc. in September 2022 to give it the sole sports betting tool for soccer matches broadcast on Prime Video.
Due to the popularity of casino games like blackjack, virtual slot machines, and more, the casinos segment is anticipated to grow at a considerable CAGR between 2023 and 2030. This market is being driven by the popularity of fast-paced casino games. For instance, there are more than 100 live and interactive casino games available on the Lucky Block online casino website. Users are also drawn to play these games without any risk due to the availability of customer support.
In terms of devices, the desktop market produced significant income in 2022, amounting to over USD 31 billion. Compared to handhelds and other devices, desktops have larger screens, allowing users to enjoy the game’s graphics and finer details. Additionally, desktops’ performance characteristics, such as their high-definition audio and video and scalable storage options, enhance the gaming experience. These elements have contributed to the expansion of the desktop market.
Realistic gaming images on smartphones thanks to advanced mobile technology have improved access to online gambling on mobile devices. For instance, iOS and Android smartphones allow access to betting apps like CricBaba, Sky Bet, bet365, and more. The segment is expanding as a result of the widespread availability of mobile phones at reasonable rates and contemporary features like enhanced graphics and expanded storage. Users can benefit from several aspects of mobile gambling, including remote play, loyalty points, more deposit choices, and opportunities for multiplayer games.
In 2022, Europe dominated the market, accounting for more over USD 26 billion in sales. The legalization of gambling in several European nations, notably Italy, Spain, France, and Germany, is to blame for the development. The availability of high-speed broadband internet, the growing appeal of online casinos, and the expanding use of smartphones are some other factors driving industry expansion. For instance, according to a survey by the European Gaming & Betting Association, sports betting made up the greatest portion of online gambling in 2022. Additionally, the UKGC (U.K. Gaming Commission imposition )’s of the Gambling Act 2005 has made it possible for businesses to advertise their gambling websites, aiding in the growth of the local market.
The rapid growth of the market in the Asia Pacific region is predicted to be facilitated by the rising use of internet services and the relaxation of regulations pertaining to online gambling and betting over the course of the forecast period. Additionally, the use of cryptocurrencies for gaming has increased in the area as a result of the popularity of bitcoins. Increasing spending on leisure activities and Asia Pacific’s rapid economic …