Huge Growth in Online Gambling & Betting Market Size May Reach up to $100 Billion by End of 2026: Everything you Need to Know.
Online gambling and betting markets are expected to reach more than $100 billion by the end of 2026 and is expected to grow compound annual growth rate of 10% from 2020 to end of 2026.
The global online gambling and betting market was around $50 million in 2019 and it is expected to exceed $100 billion by the end of 2026, with the industry set to excel massively in the coming few years.
Online betting, commonly known as internet gambling is a form of gambling on various different markets, some of which include sports and casino games. The most common markets in the world of online gambling are poker, sports betting, lottery and bingo. Online gambling has excelled majorly over the past 10 years and the temptation of winning big money very easily is one of the main reasons why this market has been at its peak for some time.
The online gambling market has done well for many reasons and the rise of mobile betting has definitely assisted it, especially due to the fact that more and more people are gambling via their mobile device. The rise of mobile apps has widened the overall market growth and it only looks to grow even bigger in the coming years. In addition to this, online streaming and huge internet usage is expected to fuel the market even more.
The main markets in the online gambling industry are poker, casino, sports betting, lottery and bingo. All of these markets are very popular however sorts betting was the biggest market in 2019 and it is expected to register growth by CAGR of 10% over the upcoming forecast era.
Based on component type, the global betting market is segmented into different software’s and services. The software is anticipated to acquire a large share in the global gambling and betting market in 2020. The service segment is expected to have the quickest growth over the coming years.
In terms of device type, with online gambling the market is segmented into mobile, desktop and others too. The desktop segment dominated the industry in 2019 with the majority of players choosing to play via their desktop. The mobile segment is expected to be the fastest growing device over the next 6 years attributed to increasing the usage of mobile by online casino players, specifically in the developing countries.
In recent years it has been Europe who have dominated the online gambling market and they were responsible for 52% of online betting consumption in 2019. Europe are expected to have a large revenue in the betting market because of the big demand which has originated from Western European countries. The online betting markets in the Asia Pacific are expected to encounter serious growth in the future because of awareness about betting, increased internet penetration, growth in GDP and increase in population in certain countries such as China and India.
There are several giants in the online gambling world right now, with some of the most common ones being the Bet365 Group, 888 Holdings plc, Betfred Ltd, Betfair and also Paddy Power. Other companies who have encountered large amounts of success include Betway, William Hill, Hong Kong Jockey Club and Kindred Group.
This part of the report demonstrates the online betting and gambling market as follows:
Top Online Gambling Markets
- Sports Betting
Online Gambling Device Analysis
Online Gambling Component Analysis