Global online gambling & betting market expected to reach USD 94.4 billion globally by 2024, growing at a CAGR of around 10.9% between 2018 and 2024. Online gambling & betting is a form of gambling that is played by means of computer, mobile, laptop, and tablet through the internet.
Sarasota, FL -- (SBWIRE) -- 04/19/2019 -- Zion Market Research has published a new report titled "Online Gambling & Betting Market by Game Form (Poker, Casino, Sports Betting, Bingo, Lottery, Horse Racing Betting, and Others) and by Component (Hardware, Software, and Service): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024". According to the report, the global online gambling & betting market accounted for USD 45.8 billion in 2017 and is expected to reach USD 94.4 billion globally by 2024, growing at a CAGR of around 10.9% between 2018 and 2024.
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Online gambling & betting is a form of gambling that is played by means of computer, mobile, laptop, and tablet through the internet. Online gambling and betting games can be accessed at any time & place. The games include poker, blackjack, roulette, bingo, sports, & race betting.
The rise of cryptocurrencies in the past few years is projected to fuel the growth of online gambling & betting market. Cryptocurrencies have started to gain popularity due to benefits over other traditional funding methods. Gambling with cryptocurrencies does not require legalization as real money is not used. Bitcoin was the first cryptocurrency used for payments by various online gambling platforms. At the beginning of 2017, the total value of cryptocurrencies was about USD 17.7 billion and is projected to rise over the next 5 years. Thus, the usage of cryptocurrencies in online gambling is anticipated to rise during the estimated timeframe.
Adoption of Virtual Reality (VR) headsets in online gambling is projected to drive the online gambling & betting market. VR headsets provide a better experience for gambling and it is observed that online gambling sites are opting for this technology. As of now, there are games available in VR such as blackjack and roulette. The global AR/VR shipments in the second quarter of 2017 witnessed a growth of about 25% as that of the same period in 2016. Thus, usage of VR in online gambling is anticipated to propel the online gambling and betting market over the forecast period.
The global online gambling & betting market is divided as per component into hardware, software, and service. Software segment is anticipated to dominate the online gambling & betting market during the projected timeframe. This share is due to the availability of various online payment options. Further, the online gambling & betting market is divided on the basis of game form into poker, casino, sports betting, bingo, lottery, horse race betting, and others. Poker segment is expected to hold a notable share during the forecast period.
Europe is expected to witness a notable growth in the online gambling & betting market in the forecast timeframe. The rise is due to the legalization of online gambling in various European countries. With the UK being the first to legalize online gambling, countries such as Italy, Spain, and France have also followed the trend. Proposals for legalizing online gambling are made in many European nations such as the Netherlands and Germany. Thus, it is imminent that the market in this region will grow significantly in the near future.
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Key players in the online gambling & betting market are report Bet365 Group Ltd., Betfred Ltd., 888 Holdings plc, Paddy Power Betfair Plc, GVC Holdings Plc, Fortuna Entertainment Group, The Stars Group, The Betway Group, William Hill Plc, Kindred Group, Rank Group, Playtech, William Hill Plc, Hong Kong Jockey Club, and mybet Holding, among others.
The report segments the global online gambling & betting market as follows:
Global Online Gambling & Betting Market: Game Form Segment Analysis
Horse Race Betting
Global Online Gambling & Betting Market: Component Segment Analysis
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Global Online Gambling & Betting Market: Regional Segment Analysis
The Middle East and Africa