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Online Gambling & Betting Market: Segmented By Gaming Type (Poker, Casino, Sports Betting, Bingo, Lottery, and Others); By Device (Desktop, Mobile, and Others) and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
[170+ Pages Research Report] Online Gambling & Betting to surpass USD 172.23 billion by 2030 from USD 60.48 billion in 2020 at a CAGR 11.03% in the coming years, i.e., 2021-30.
Any form of gambling or betting that takes place over the internet is referred to as online gambling and betting. Online gambling & betting entails risking money or something of value on a case in the hopes of winning money or material objects. The results of a bet or wager are often immediate and uncertain, such as a single roll of the dice or a turn of the roulette wheel. Poker, slots, bingo, roulette, lotteries, keno, casinos, and sports betting are all examples of online gambling. It essentially necessitates the presence of three elements: consideration, risk, and a prize. Online gambling provides players with a variety of advantages, including cashless transactions, accessibility from any electronic device, budget flexibility, and a real-time gambling experience.
Global Online Gambling & Betting Market is expected to project a notable CAGR of 11.03% in 2030.
The use of digital platforms to encourage gambling has caused a stir in the global online gambling and betting industry. Several parts of the world have gone into total lockdown, allowing online gaming sites to take advantage of the digital space. Furthermore, the success of poker and rummy on the internet has aided in the growth of the global online gaming and betting industry.
Sports Betting segment to grow with the highest CAGR during 2020-30
Global Online Gambling & Betting Market is segmented by gaming type into Poker, Casino, Sports Betting, Bingo, Lottery, and Others. Sports Betting is expected to grow with the highest CAGR during the forecast period on the back of increasing use of digital platforms across the globe. Besides, the rising disposable income in Asia Pacific has resulted in a higher spending capacity, which is also anticipated to contribute to the growth of the segment. Some of the popular types of internet sports betting include Live-action betting and fixed-odds betting.
Mobile segment to grow with the highest CAGR during 2020-30
Global Online Gambling & Betting is divided by device into Desktop, Mobile, and Others. Mobile segment is expected to grow with the highest CAGR during the forecast period. Smartphone technological advances, such as increased storage space and better graphics, have improved the overall online gambling experience. Smartphones provide players with a variety of advantages, including reward points, deposit options, and the ability to compete with other players, resulting in a rise in the number of people using mobile devices to bet on sports.
Growing Usage of Virtual Reality and Augmented Reality
Virtual Reality (VR) and Augmented Reality (AR) are constantly being used by online gambling companies to provide a more immersive and realistic environment for their customers. Natural holograms are used in augmented reality to construct a 360-degree betting environment and a complete casino-style experience. Players can see each other and detect who is buffing, making VR a more immersive experience. This improves the user's overall online gambling experience and makes for more enjoyable gameplay.
Rising Penetration of Internet
Increased digitization and legalization of online betting and gambling around the world is anticipated to fuel market growth. The online gaming and betting industry is being driven by a rise in the number of internet users. In 2019, more than 46 percent of the global population had internet connectivity, up from 43 percent in 2017. Because of digitalization and legalization, the number is expected to increase. As a result, the online gaming and betting industry is expected to expand rapidly in the near future. The increased usage of mobile phones, combined with high internet penetration, is propelling market growth in various regions.
Concerns Regarding Cybercrimes
The market's expansion would be hampered by rising concerns regarding cybercrime in the industry. Individuals providing credit card details are put at risk as websites are hacked using fake apps and app-based hacking. A group of professional Chinese hackers attacked and hacked companies that operate online gambling and online betting websites in Southeast Asia in February 2020, according to a study by cyber-security firms Talent-Jump and Trend Micro. Furthermore, due to easy access to the internet, there has been a significant rise in the use of online gambling by minors, which is limiting the market growth.
Bet365 Group Ltd
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Online Gambling & Betting Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.Global Online Gambling & Betting in Europe held the largest market share of XX.X% in the year 2020 owing to strong demand from Western European countries. Due to increased awareness of gambling and betting, increased internet penetration increased population, and significant GDP growth in developing countries such as India, China, and others, the Asia Pacific online gambling and betting markets are expected to expand at a significant pace in the near future.
Global Online Gambling & BETTING MARKET is further segmented by region into:
Online Gambling & Betting Market Segments:
By Gaming Type
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