Global online gambling market size to grow at CAGR 11.6% market value to reach USD 172 billion by 2030
Acumen Research and Consulting
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As per research conducted by Acumen research and consulting the global online gambling market size will grow at a CAGR of 11.6% with valuation reaching USD 172 billion by 2030.?
Gambling has been played for many years on sports events. Money can be betted on sports, poker casinos etc. using the internet. In the past few decades, the internet and smartphones have facilitated the rise of online gambling, and have driven the market for online gambling further. It will keep rising at a steady and impressive pace between the forecast period of 2022 to 2030.?
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Dynamics of the online gambling market:?
There has been a significant growth in the rise of online casinos, online poker rooms, sportsbook, live casinos and other services. The live casinos with real money have developed into a multibillion dollars industry which will be grown in the future. Additionally, introduction of AI technology in online casino market is also propelling the market growth. The AI platforms have largely helped to transform the industry. The AI is capable of determining which of the game players browse more frequently as well as the frequent traffic on the website, how the website is getting accessed, how much the customer wagers on the events and games.?
Sports betting is quite popular in many countries such as North America, India and other European countries where sports is extremely popular. It is a heavily profitable industry where people with any age could bet, especially now the millennials have entered the market in big numbers. Sports betting legalization has resulted in huge flock of people making bets online. As per reports more than 60% of the betters are below the age of 40.?
The market is challenged by data privacy and theft concerns as hackers can steal money identities and other personal information?easily. Illegal gambling is also a challenge for the market, as per reports the illegal market for gambling is worth USD 1.7 trillion.?
Region based analysis of the online gambling market?
Europe stands as the region having the largest share in terms of revenue in the online gambling market and has been expected to hold its top position for years to come. The gambling friendly regulations, high earning population and large sports fan base especially football are some of the factors why the European online gambling market is so huge. Countries such as France, UK, Germany, Spain and Italy are at the top of the online gambling market.?
The Asia Pacific region with its high youth population, high smartphone and internet penetration and rising disposable income, is also rapidly expanding in the online gambling business. Cricket, Football and hockey are some of the most popular sports in the Asia Pacific countries like India where a billion people watch cricket and many of them place bets. Other popular gambling games in the region are casino, poker and esports.?
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Top key players:?
bet365 888holdings GVC Group Betsson AB (publ) Ladbrokes Coral Kindred Group plc Sky Betting & Gaming Paddy Power William Hill The Stars Group
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Global Sports Betting Market size stood at USD 65.29 Billion in 2020,?is estimated to reach market value?USD 139.41 Billion by 2028,?at CAGR 10.2%?for forecast period between?2021 and?2028.
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