Online Gambling Revenue Forecast: Expected Growth and Market Expansion
Online Gambling and Betting Market Poised for Significant Growth
The global Online Gambling and Betting Market is experiencing robust expansion, with projections indicating a rise from USD 68.33 billion in 2023 to approximately USD 132.99 billion by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 9.98% during the forecast period.
Market Dynamics
This growth is primarily driven by the widespread adoption of smartphones, enhanced internet connectivity, and the increasing popularity of online gaming platforms. The convenience of accessing gambling activities online has attracted a diverse demographic, further propelling market expansion.
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Competitive Landscape
The online gambling and betting industry is characterized by intense competition, with key players such as Bet365, GVC Holdings PLC, William Hill, Paddy Power Betfair PLC, and Ladbrokes Coral Group PLC striving for market dominance. These companies are focusing on strategic mergers and acquisitions, technological advancements, and regional expansions to strengthen their market positions.
Regional Demand
The Asia-Pacific region is witnessing a surge in demand for online gambling and betting services, attributed to increasing internet penetration and a growing middle-class population. Similarly, North America and Europe continue to exhibit strong market performance, supported by favorable regulatory environments and technological innovations.
Country-Specific Insights
United States: Consolidation in the Online Gambling Industry
The U.S. online gambling market is experiencing significant consolidation, highlighted by Flutter Entertainment's acquisition of FanDuel, positioning it as a market leader. This move reflects a broader trend of mergers and acquisitions aimed at capturing market share in the rapidly expanding U.S. market.
Europe: Recent Developments in the Online Gambling Market
Europe remains a significant market for online gambling, with countries like Italy witnessing major developments. Flutter Entertainment's acquisition of Snaitech for €2.3 billion has solidified its presence in the Italian market, reflecting strategic expansion efforts within regulated European markets.
Recent Mergers and Acquisitions
The online gambling industry has seen a flurry of mergers and acquisitions, as companies aim to expand their global footprint and enhance their service offerings. Notably, Flutter Entertainment has been active in this space, acquiring Italy's Snaitech and engaging in discussions to purchase Playtech's Italian operations. These strategic moves are designed to capitalize on emerging markets and consolidate their position as industry leaders.
Online Gambling and Betting Market Segment Analysis:
by Gaming Type
Poker
Lottery
Bingo
Sports Betting
Fantasy Sports
Others
by Device Type
Desktop
Mobile
Tab
by Component
Hardware
Software
Service
Over the course of the projected period, sports betting is anticipated to hold the biggest market share. The market will grow as sports gain popularity and more people around the world follow them. The market for sports betting is expanding due to young people's rising obsession with sports. Over the course of the projected period, mobile is anticipated to hold the biggest market share. Growing internet penetration and smartphone usage are contributing to a growing market share. Online operators are becoming more trustworthy, and mobile gambling is growing as well.
Due to the availability of numerous online payment methods, the software category is anticipated to hold the greatest share of the online gaming and betting market over the projection period. Furthermore, the market for online gambling and betting is separated into other gaming categories, such as poker, casinos, sports betting, bingo, lottery, horse racing betting, and others. Over the course of the projected period, the poker segment is anticipated to maintain a significant share.
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Online Gambling and Betting Market, Major Players:
1. 888 Holdings plc
2. The Stars Group
3. Paddy Power Betfair plc.
4. Fortuna Entertainment Group,
5. GVC Holdings Plc.
6. Playtika
7. SciGames
8. Zynga
9. Bet365 Group Ltd.
10.Betfred Ltd.
11.Paddy Power Fortuna Entertainment Group
12.The Betway Group
13.William Hill Plc
14.Kindred Group
15.Rank Group
16.Playtech
17.Hong Kong Jockey Club
18.Mybet Holding
19.Kindred Group
20.NetEnt AB
21.Ladbrokes Coral Group Plc
Key Recent Developments
Flutter Entertainment announced a comprehensive growth plan, including a $5 billion share buyback program, aiming to achieve a total addressable market of $368 billion in global gross gaming revenue by 2030.
The introduction of innovative platforms, such as Fanatics Casino and Wheel of Fortune Casino, has diversified the U.S. online gambling landscape, offering unique features and attractive bonuses to new users.
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