USD 114.21 Bn growth in Online Gambling Market | Dominated by 888 Holdings Plc, bet365 Group, and Betsson Ab among others | Technavio
NEW YORK, Feb. 4, 2022 /PRNewswire/ -- Online Gambling Market: Overview
NEW YORK, Feb. 4, 2022 /PRNewswire/ -- Online Gambling Market: Overview
The global online gambling market will witness an incremental growth of USD 114.21 billion between 2019 and 2024, according to the latest market research report by Technavio. The market registered a YOY growth rate of 12.04% in 2020. However, the growth momentum is expected to decelerate at a CAGR of over 11% during the forecast period. The market will be driven by the rising popularity of freemium models and increasing partnerships between restaurants and online food delivery aggregators. But the threat from direct delivery services offered by restaurants will reduce the growth potential in the market.
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Online Gambling Market: Vendor Landscape
The online gambling market is fragmented due to the presence of several vendors. However, only a few major players are dominating the market. With growing competition, the market is witnessing an increased number of M&A activities among vendors. 888 Holdings Plc, bet365 Group, Betsson Ab, Camelot UK Lotteries Ltd., Flutter Entertainment Plc, GVC Holdings Plc, Galaxy Entertainment Group Ltd., INTRALOT SA, MGM Resorts International, and William Hill Plc are among some of the dominant players in the market.
888 Holdings Plc: The company offers casino, poker, bingo, and sports betting.
bet365 Group: The company offers online casino and poker games, including in-play, and sports betting.
Betsson Ab: The company offers online betting for various sports.
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Online Gambling Market 2020-2024: Segmentation
Online Gambling Market is segmented as below:
By type, the market is generating the highest revenue in the lottery segment. The segment is driven by the growing expectation of high returns, especially from low-income groups. In addition, factors such as the development of gambling infrastructure that enhance the consumer experience, increased foreign investment due to high market attractiveness, and the easing of government regulations and policies will further accelerate the market growth in the lottery segment over the forecast period.
Similarly, by device, the desktop segment accounted for maximum growth in the market in 2021. Desktops offer a better experience as they have bigger screens compared to mobile devices. Moreover, most of the online gambling offerings are web-based, which is contributing to the growth of the segment.
Based on geographic segmentation, APAC will generate maximum growth opportunities for market players during the forecast period. About 36% of the global market growth will originate from APAC during the forecast period. Factors such as the liberalization of regulations and the increasing number of casinos and lottery events are driving the growth of the online gambling market in APAC.
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Online Gambling Market 2020-2024: Key Highlights
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Lottery Market in US by Type and Platform - Forecast and Analysis 2021-2025
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Online Gambling Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2019 |
Forecast period |
2020-2024 |
Growth momentum & CAGR |
Decelerate at a CAGR of 11% |
Market growth 2020-2024 |
USD 114.21 billion |
Market structure |
Concentrated |
YoY growth (%) |
12.04 |
Regional analysis |
APAC, Europe, MEA, North America, and South America |
Performing market contribution |
APAC at 36% |
Key consumer countries |
China |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
888 Holdings Plc, bet365 Group, Betsson Ab, Camelot UK Lotteries Ltd., Flutter Entertainment Plc, GVC Holdings Plc, Galaxy Entertainment Group Ltd., INTRALOT SA, MGM Resorts International, and William Hill Plc |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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