Home > Professional Services > Online Gambling Market
Online Gambling Market Size
- Report ID: GMI4795
- Published Date: May 2023
- Report Format: PDF
Online Gambling Market Size
Online Gambling Market size was valued at over USD 90 billion in 2022 and is anticipated to grow at a CAGR of over 10% between 2023 and 2032.
The growing adoption of smartphones, as well as 5G internet technology, is propelling the market forward. Modern smartphones support Augmented Reality (AR), Machine Learning (ML), and Artificial Intelligence (AI), allowing developers to create immersive & interactive gambling applications. The availability of low-cost smartphones is expected to fuel online gambling market expansion. Approval from cultural & legal authorities, easy access to online gambling, celebrity endorsements, and corporate sponsorships are contributing to market growth. Digital advancements occurring in tandem with the annual expansion of online casinos are intended to achieve the desired trust in the online gambling sector.
The gambling market is made up of entities (organizations, sole traders, and partnerships) that operate gambling facilities such as casinos, bingo halls, video gaming terminals, lotteries, and off-track sports betting. This market includes bingo halls, coin-operated gambling device concession operators, bookmakers, lottery ticket sales agents, and card rooms. The gambling market also includes the sale of gambling services and related goods by casino hotel operators.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Online Gambling Market Size in 2022: | USD 90 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 10% |
| 2032 Value Projection: | USD 370 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 211 |
| Segments covered: | Game, Device Type |
| Growth Drivers: |
|
| Pitfalls & Challenges: |
|
Since its inception, online gambling has attracted legal scrutiny. Due to the fine line between skill and chance, the overall business model has had to undergo several changes according to laws & regulations across different regions. Various countries around the world are imposing restrictions on online gambling as they believe it can lead to financial losses. The imposition of restrictions can significantly restrain the online gambling market as vendors will lose market share in regions where it is prohibited. Several states in the U.S. have placed restrictions on online gambling and have even imposed fines on some online gambling platforms for breaking the law.
Frequently Asked Questions (FAQ) :
Online Gambling Market Scope
