Online Gambling Market to Grow by USD 181.47 Billion (2024-2028), Fueled by Digital Tech Adoption, with AI Driving Market Transformation - Technavio

NEW YORK, Nov. 19, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The global online gambling market  size is estimated to grow by USD 181.47 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 11.96%  during the forecast period. Growing adoption of digital technologies is driving market growth, with a trend towards emergence of innovative features such as live betting, VR, and AR experiences. However, growing online data security issues  poses a challenge.Key market players include 1XBet, 888 Holdings Plc, Ballys Corp., Bet365 Group Ltd., Betfred Group, BetOnline, Betsson AB, Camelot UK Lotteries Ltd., Cherry Spelgladje AB, Churchill Downs Inc., Entain Plc, Flutter Entertainment Plc, Fortuna Entertainment Group AS, INTRALOT SA, Kindred Group Plc, MGM Resorts International, Rank Group Plc, Scientific Games LLC, Sportech Plc, Sportpesa, Super Group SGHC Ltd., The Stars Group Inc., Winamax, and Galaxy Entertainment Group Ltd..

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF

Key Market Trends Fueling Growth

The online gambling market is experiencing significant growth, with more people turning to convenient platforms for casino gambling, sports betting, and poker. Land-based casinos face increasing competition from digital alternatives, with slots being a popular choice for online gamblers. Companies like Kindred, Betway, and Entain PLC lead the way in product innovations, utilizing artificial intelligence (AI) and virtual reality (VR) for enhanced user experiences. Great Britain's Gambling Commission regulates the industry, focusing on responsible gambling and addressing concerns related to mental health, such as pathological gambling, chronic stress, and hypertension. Payment options, including Neteller and blockchain, ensure seamless transactions. Major sports events, like the FIFA World Cup and European Championships, attract millions of viewers, driving sponsorships and partnerships with organizations like the Argentine Football Association and OpenSports. Mobile gambling, through smartphones, is a major trend, with Gaming Realms' Slingo games, like Rainbow Riches and Lobstermania, being popular choices. The market continues to evolve, with telecommunications regulatory authorities monitoring trends and addressing concerns, such as gambling bans and streaming content. Companies like Betsson AB and Groupe Partouche are also investing in digital gambling, targeting internet users in Iowa and other regions. Overall, the online gambling market is a dynamic and innovative industry, driven by consumer demand and technological advancements. 

The online gambling market has experienced significant growth due to innovative features like live betting, Virtual Reality (VR), and Augmented Reality (AR). Live betting, or in-play betting, lets users place wagers on sports events and games in real-time, providing a dynamic and interactive betting experience. VR and AR technologies offer gaming environments, enhancing user engagement. These advancements are transforming the industry, catering to modern online gamblers' evolving preferences. Live betting has gained popularity, allowing responsive wagering based on the game's progression. Overall, these features are revolutionizing the online gambling industry, making it more technologically advanced and engaging. 

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

Market Challenges

• The online gambling market is experiencing significant growth, with land-based casinos facing increasing competition from digital platforms. Casino gambling, slots, poker, and sports betting are popular online activities in Great Britain and beyond. Companies like Kindred, Betway, and Entain PLC lead the way, utilizing artificial intelligence (AI) for personalized user experiences and convenient payment options through platforms like OpenSports, Neteller, and SA20. However, challenges persist, including mental health concerns related to pathological gambling, chronic stress, and hypertension. Regulatory bodies like the Telecommunications Regulatory Authority are implementing sponsorships and payment options restrictions. Product innovations, such as virtual reality (VR) and augmented reality (AR), are transforming the industry, with Bet365, Betsson AB, and Gaming Realms at the forefront. Major sporting events, like the FIFA World Cup and European Championships, drive significant traffic to online casinos and sports betting sites. Films and television programs also contribute to the market's growth. Mobile gambling, enabled by smartphones, is increasingly popular, with Iowa's Casino Queen Marquette and other land-based casinos exploring digital opportunities. Internet technology and digital gambling continue to expand, reaching more internet users every day.
• The global online gambling market faces challenges in terms of security and credibility. Many gambling websites lack dispute resolution system and transparency in cash prize payouts, which undermines the trust of consumers. Additionally, the absence of fair and responsible gaming standards reduces the market's credibility and discourages potential users from engaging. Furthermore, online gambling platforms are vulnerable to cyber attacks and scams, adding to the concerns of both operators and consumers. These issues hinder the market's growth and expansion.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This online gambling market report extensively covers market segmentation by

1. Device 
• 1.1 Desktop
• 1.2 Mobile
2. Product 
• 2.1 Lottery
• 2.2 Betting
• 2.3 Casino
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Desktop-  The desktop segment holds a substantial share in the global online gambling market, providing a convenient platform for users to enjoy various forms of betting and gaming. Desktop devices, including personal computers and laptops, offer advanced capabilities and expansive interfaces for accessing virtual casinos, sports betting platforms, poker rooms, and other online gambling services. Notable online casinos like 888 Casino and Betway provide feature-rich desktop platforms with a diverse range of games, such as slots, roulette, and blackjack, along with live dealer options. Desktop devices' enhanced processing capabilities are crucial for high-stakes activities like live sports betting, where real-time data and video feeds are essential for informed decisions. The desktop segment caters to users seeking a comprehensive gambling experience, offering expansive lobbies, advanced graphics, and interactive interfaces. Desktop-specific promotions and loyalty programs incentivize continued engagement from users, providing exclusive bonuses, specialized tournaments, and targeted rewards based on desktop-specific gameplay metrics. These advantages position the desktop segment for growth in the global online gambling market.

Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022) 

Research Analysis

The online gambling market has experienced significant growth in recent years, with many consumers turning to the convenience and accessibility of playing casino games, slots, and poker from the comfort of their own homes. In countries like Great Britain, the popularity of online gambling continues to rise. The market includes various platforms offering various games, such as OpenSports for sports betting and Betway for casino and poker. Virtual Reality (VR) technology is also making waves in the industry, with companies like Bet365 and Entain PLC experimenting with gaming experiences. Payment options like Neteller have simplified transactions, while sponsorships with organizations like the Argentine Football Association and FIFA World Cup add credibility. Films have also played a role in popularizing online gambling, showcasing the excitement and potential winnings. Regardless, responsible gambling practices are essential to ensure a safe and enjoyable experience for all players.

Market Research Overview

Online gambling has seen significant growth in recent years, with land-based casinos facing increasing competition from the digital world. Casino gambling, including slots, poker, and sports betting, has become more accessible than ever before, thanks to advancements in technology. Great Britain is a major market for online gambling, with companies like Kindred, GAME, and Betway leading the charge. Artificial Intelligence (AI) and user experience are key focus areas, ensuring convenient payment options and personalized experiences for players. Virtual and augmented reality are also transforming the industry, with Bet365 and Flutter Entertainment PLC at the forefront. However, concerns around mental health, pathological gambling, and chronic stress remain, with sponsorships and gambling bans a contentious issue. Blockchain and online payment solutions like Neteller are revolutionizing transactions, while product innovations from Betsson AB, Gaming Realms, and others continue to push the boundaries. The FIFA World Cup, European Championships, and major sports leagues like the Argentine Football Association and SA20 are popular betting events, while films and television programs add to the entertainment value. Mobile gambling, fueled by smartphones, is a growing trend, with Iowa's Casino Queen Marquette and other land-based casinos exploring digital opportunities. Internet technology and digital gambling continue to attract internet users in their millions, making it an exciting and dynamic industry to watch.

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Device
• Desktop
• Mobile
• Product
• Lottery
• Betting
• Casino
• Geography
• North America
• APAC
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio