ONLINE GAMBLING AND BETTING MARKET ANALYSIS

Online Gambling And Betting Market Size and Trends

The global online gambling and betting market is estimated to be valued at US$ 94.34 Bn in 2024 and is expected to reach US$ 195.12 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 10.9% from 2024 to 2031. The legalization of online gambling in many jurisdictions across the world and rising internet and smartphone penetration are fueling the growth of this market.

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The market trend in the industry shows a continued shift towards online/mobile platforms from traditional in-person channels. Strong consumer preference for the convenience and variety offered through online gambling is evidenced in growing digital traffic and engagement. Personalization capabilities and live betting options augment the user experience and engagement for both casual players and sports betting enthusiasts. Enhanced regulation brings new opportunities and investors to the legal online gambling space.

Online gambling on the rise

The online gambling and betting market has witnessed a huge rise over the past decade mainly due to the increase in smartphone and internet penetration globally. The ease and convenience of being able to place bets from anywhere using just a mobile device is a huge draw for users. No longer do people have to visit land-based casinos or betting shops to try their luck. Websites and apps have transitioned the entire experience online with features like live streaming of games and tournaments that allow users to feel immersed in the action from the comfort of their homes. The social and interactive elements built into many online platforms have also boosted their popularity. Users can chat with others, create betting groups and leagues to enhance engagement. This has made online platforms more vibrant and exciting compared to the conventional offline systems. The online medium is also perceived as relatively more affordable and provides access to a much wider array of games and bets on a global scale. With just a few clicks or taps, users can experience different offerings from all over the world. Such accessibility and exposure have played a big role in driving up participation levels in online gambling activities. The industry is leveraging latest technological capabilities like AR/VR, AI and immersive experiences to continually innovate and improve user experience to attract new converts.

For instance, in September 2023, leading online gambling operator, bet365, entered into a partnership with Gaming Realms, a provider of innovative mobile gaming content. As part of the agreement, Gaming Realms will supply bet365 with a selection of its popular online gaming titles, including the hit Slingo games Slingo Rainbow Riches and Slingo Lobstermania. This collaboration marks a significant milestone for Gaming Realms, as it continues to expand its global footprint by aligning with well-established brands like bet365. The partnership will enable bet365 to offer its players a diverse range of engaging and entertaining gaming options, further enhancing the user experience on its platform.

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Emergence of cryptocurrencies

The introduction and growing adoption of cryptocurrencies over the past decade has given a huge boost to the Online Gambling And Betting Market. With the anonymity and borderless nature of digital currencies, operators have found it easier to tap into new global markets without having to deal with complexities of traditional payment systems and local regulations. Cryptocurrencies like Bitcoin opened up new opportunities for operators to offer services in restrictive jurisdictions where gambling is illegal. Even for users in regulated markets, crypto payments provided a sense of added privacy and security that drew many of them to switch to such emerging payment options. Crypto also allowed seamless micro-transactions for betting on single events or games without the hassles of cashing in and out of traditional accounts. Various gambling platforms began accepting major cryptocurrencies, and some even launched their own branded digital tokens. This integration of blockchain technology played a pivotal role in reinvigorating the industry and revolutionizing experience for both operators and players worldwide. Crypto adoption has seen a steady rise creating a viable revenue stream apart from regular fiat currencies. Its popularity and liquidity have validated its credentials as a mainstream payment mode for online gambling moving forward.