According to a report from Globe Newswire, the worldwide online gambling industry is expected to reach an estimated worth of $80.65 billion in 2025. The increased adaptation of smartphones in the gambling sector is expected to push the online gambling market to a CAGR of 9.8% by 2025. This rise will be majorly driven by increasing internet access and rising smartphone and tablet adoption by millennials and generation X.
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The shift from the land-based establishment to online gambling
Online gambling sites offer a large number and form of various online gambling games like sports betting, online bingo, online poker, online lottery, and casino games. The easy accessibility of these games has caused a massive switch from the traditional gambling at land-based establishments to online gambling platforms. The gambling sector has been dominated by sports betting, with Europe being the region responsible for this, as it continues to dominate the online gambling industry since 2018. The reason for this is that the area consists of many countries, including the UK, France, Italy, and Germany, all of which have legalized online gambling.
The report by Globe Newswire sheds light on many aspects of online gambling using value chain analysis to assess the market. It also covers many qualitative parts of the online gambling sector, like crucial industry trends, market drivers, and market restraints. The report also gives an in-depth analysis of competition in the market and company profiles of local and global vendors.
Currently, the consumer landscape is increasingly shifting from gambling in land-based establishments to online gambling. Many gambling companies are striving to switch and provide quality online platforms that will feature online gaming products. This switch will offer them new revenue opportunities.
In the offering of different products (product type segment), the market for casino sub-segment is expected to grow by CAGR 10.2% by 2025. The growth is mainly pushed by increasing internet streaming and server stability, which ensures that companies provide the real-time gaming experience for their players' benefit. Recently, the population of millennials turning to online casinos has grown and is expected to drive the market further.
Mobile phones are driving online gambling.
A study of the global gambling sector by region – North America, Asia Pacific, Central & South America, Europe, and African - by Type – Sports Betting, Bingo, Poker, Casinos, and Others - by Device – Desktop and Mobile and forecast between 2018-2025 offers a comprehensive view of historic, present, and predicted market estimates.
There was an increased use of mobile devices to access online gambling sites in 2018. This increase accounted for up to $26.99 billion of the market and is predicted to grow at a CAGR of 12.0% in the forecast period. This growth is because of the easy access and convenience of mobile devices to access online casino sites. Gamblers can easily play their favorite games on their preferred gambling sites and applications anytime from anywhere. This flexibility is expected to provide a considerable boost to the gambling market. As of 2018, mobile phones have a share of 64.40%. The explosion of mobile gambling and advances in technologies for mobile devices in the online gambling industry has made gaming sites more accessible and more user-friendly. Mainly for people who prefer smartphones to tablets and desktops.
The Asia Pacific region is the geographic region responsible and leading the global online gambling market. This is driven by rising population across the region and newly developing markets such as Singapore, India, Indonesia, and Thailand because of increased internet access. North America and Europe are the major leaders in the market value share. Other regions of developing markets like Argentina and Brazil are the primary leader for driving the South American market. The South American market is the second-fastest-growing market worldwide.
Many gambling companies are working to improve their online sites even as the population of players visiting online casinos increases. The online casino is the future of the gambling industry. With time, it will make up for up to 80% of the industry's revenue.
