Report “Online Gambling Global Market Report 2022, By Game Type, Device, Component” has been added to ResearchAndMarket’s offer.
The global online gambling market is expected to grow from $73.42 billion in 2021 to $81.08 billion in 2022 at a compound annual growth rate (CAGR) of 10.4%. The market is expected to reach $115.13 billion in 2026 with a CAGR of 9.2%.
The online gambling market includes revenue generated from remote gambling activities over the Internet using desktop and mobile devices. The market includes gambling establishments developing online sports betting, casino games, bingo, lottery and poker, among others.
The main types of online gambling are betting, casino, lottery, poker, online bingo and others. A lottery is a type of game in which numbers are drawn at random for a prize. The games are played on various devices such as desktop, mobile and others. The different components include software, services.
Asia-Pacific was the largest region in the online gambling market in 2021. Eastern Europe is expected to be the fastest growing region during the forecast period. Regions covered in Online Gambling Market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle -East and Africa.
The growing adoption of smartphones with better internet accessibility is driving the online gambling market. Globally, the average usage of mobile devices compared to desktop or laptop computers is significantly higher. In most countries, mobile users represent around 80% of all users in the online gaming industry. According to the study published by the Gambling Commission, in 2020, the most common way to access online gambling remained the mobile phone, especially among the youngest.
Online gambling laws vary greatly from region to region. Most countries have their own local laws that deal with relevant legal and regulatory issues. Countries like the United States have a much more complex gambling regulation process. Moreover, in countries like India, gambling is under strict control. With each country having different gambling laws, it’s hard to know them all.
Nevertheless, all gambling sites must comply with all laws to which they are subject, in order to ensure that gambling sites are operated in a legal, ethical and safe manner. Established and reputable licensing authorities impose a strict code of conduct on licensees, who must follow the necessary regulations if they want to keep their licenses. Strict and varying laws from country to country are likely to challenge the growth of the market.
Technologies such as Blockchain, IoT and VR are changing everything in all areas, including online gaming. Virtual reality and VR headsets have grown in popularity in recent years and are a revolutionary addition to the world of online gambling. With virtual reality, you can actually enter a virtual casino and play all the games without having to move. However, fraud and cheating mainly concerned online gambling users. Many online casinos and online gambling sites have been accused of not being transparent and hiding their inner workings and methods of their transactions. These concerns can be resolved using blockchain technology. Thanks to blockchain technology, everyone will be able to see exactly what is going on behind the scenes.