Global Online Gambling and Betting Market: Snapshot
The global online gambling and betting market is primarily being driven by an increasing adoption of high-speed internet services in mobile devices. The overall demand for live streaming of sports and games videos through online portals and mobile devices is growing at a very high rate and provides players from the global online gambling and betting market the opportunity to integrate their betting services into live streams directly, further enhancing the growth rate of the market. Currently, the global online gambling and betting market comprises players that primarily providing online gambling and betting platforms and gaming solutions. Meanwhile, progress is being made into developing comprehensive online gambling and betting solutions that allow for better user interface and interactions, and provide an enhanced user experience.
The global online gambling and betting market is expected to reach US$96.89 bn by the end of 2024. The market is projected to expand at a CAGR of 10.8% from 2016 to 2024. By the end of 2016, the global online gambling and betting market is expected to reach US$42.63 bn.
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Europe Reigns Supreme in Provision of Online Betting and Gambling Platforms
From a regional perspective, Europe held the leading share in the global online gambling and betting market in terms of revenue for 2015. This region in marked by the presence of a large number of online operators for gambling and betting, and several of its countries hold favorable regulatory environments conducive to the growth of the market. The U.K. is especially expected to play a key role the European market, followed by Malta. Additionally, Asia Pacific is expected to contribute a steady revenue stream in the global online gambling and betting market over the coming years, due to a growing demand for online betting and gambling portals and the easing up of regulatory norms for these online portals. The market for global gambling and betting in Asia Pacific is expected to expand at a CAGR of 12.9% in terms of revenue, from 2016 to 2024.
Conversely, a heavy restriction on online gambling and betting in the U.S. has resulted in a severe loss for market players in North America. This region is expected grow at a much slower pace than others. Over the coming years, the relaxation of stiff regulations for online betting and gambling is expected to result in an upswing in their demand in states such as Nevada, Delaware and New Jersey. The Middle East & Africa (MEA) region and South American countries are expected to contribute very low revenue to the global online gambling and betting market for the foreseeable future.
Online Casino Services Show High Revenue Generation
Based on the types of games, casino services segment held the leading share in the global online gambling and betting market – a hefty 26.4% of its revenue – in 2015. On the other hand, sports betting is expected to surge over the coming years due to a higher rate of adoption of live sports betting by multiple players. Online Lottery and poker are also likely to be potentially beneficial to the overall market’s growth rate. A large number of users are showing a demand for better gaming experience and also hold higher disposable incomes to spend.