The global Online Gambling and Betting Market is forecasted to expand at a CAGR of 11.8% from 2018 to 2025 with estimated value of USD 128.2 billion.
Online gambling and betting takes place at online casino and consists of games such as poker, casino, sports betting, and lottery on digital platforms. Players can participate in gambling and betting activities in real-time through their digital devices such as remote control, mobile phone or computer.
The rapid growth rate of this industry is due to the changes in regulatory environment, which in turn is expected to propel the global market across the globe. The relaxation of provides new opportunities online casinos to generate revenue. They also changed their business models, putting more focus on innovative game development to adapt with required demands from players and regulations of authorities.
The rise in disposable income of consumers, trust in the mode of online casino, and growth in penetration rate of Internet and adoption of Internet-based devices are major factors driving the prevalence of online casino.
A couple of years ago until 2017, only 10% of all users of smart mobile devices are betting on the results of sports events and gambling. In 2018, the proportion increase to over 50% of visitors access the gambling site via gadgets. And in 2019, the rise in the level of this business doesn’t leave this course.
In term of geographically, there are five main regions of the online gambling and betting market namely North America, Europe, Asia Pacific, Middle East & Africa, and South America, of which, Europe was a leading the global market in 2017 and will continue to expand at a substantial pace during the forecast period.
However, Asia Pacific is expanding at an unexpected CAGR of around 14% during the forecast period. The availability of trusted online casinos and the increase of internet users who have more disposal income, have driven the growth in this area.