According to a new market research report published by Transparency Market Research titled “Online Gambling & Betting Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,” the global online gambling & betting market is expected to reach a value of US$ 128.2 Bn by 2026, expanding at a CAGR of 11.8% from 2018 to 2026. Europe held the leading share of the online gambling & betting market in 2017.
Online gambling and betting refers to operators providing gambling and betting games, such as, casino, poker, sports betting, lottery, and other games to end-users through an Internet-based digital platform. This allows users to witness and engage in gambling and betting activities in real-time through their Internet-enabled electronic devices. Rise in penetration of Internet-based devices, trust on wagering through online mode of payment, and relaxation of laws have boosted the online gambling & betting market across the globe. Based on device type, the mobile segment is anticipated to expand at a significant CAGR of around 16 % during the forecast period.
Factors, such as, increase in prevalence gambling, disposable income of consumers, trust in a wagering through electronic payment mode of online gambling & betting, and growth in penetration of the Internet, along with adoption of Internet-based devices, are driving the growth of the online gambling & betting market. However, stringent regulatory laws for online gambling, insufficient facility for internet operations, and threat of cyber-attack are the major challenges faced by the online gambling & betting market.
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Furthermore, the online gambling & betting market faces threats from regulatory bodies implementing stringent laws and regulations in terms of social-political aspects and the availability of option to wager in traditional or offline gambling & betting. Nevertheless, integration of live streaming with online gambling and development of online gambling & betting sites with advanced technology as per requirement of end-users are likely to create new opportunities in the market.
The global online gambling & betting market report offers detailed segmentation based on gaming type, device type, and region. According to the report, based on gaming type, the sports betting segment is anticipated to expand at a significant CAGR of about 14 % during the forecast period. Casino was the second leading segment of the online gambling & betting market in terms of value in 2017. In terms of value, the sports betting and casino segments are projected to expand at a CAGR of about 14 % and 12 %, respectively, during the forecast period. The mobile segment is anticipated to expand at a CAGR of around 16% from 2018 to 2026. The desktop segment is expected to remain at a competitive growth rate with a CAGR of around 6 % during the forecast period.