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The growing adoption of smartphones, advancements in internet technology, and increasing spending power of users, among others, are driving the market demand for digital gambling. The online gambling software providers are heavily investing in advanced technologies to enhance the customer experience, which will boost the interest of players. In the scope of the market report, the market estimation is executed on the basis of the revenue generated by gambling platforms from users.
Also, various countries have imposed a ban on gambling sites owing to the increased risk of problematic gambling behavior. Countries such as Russia, the UAE, Qatar, and Poland have imposed bans on gambling. For instance, the Telecommunications Regulatory Authority of UAE controls internet content and activity, thus preventing access to online casinos. Further, some countries such as India, Singapore, Japan, and more are likely to impose bans on the gambling industry. All these key factors are likely to hamper market expansion.
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The growing adoption of digital and mobile payments has made payment procedures easier for users and online players. Also, online payment facilities offer a secured and safe mode of transaction, boosting their adoption in the online gaming industry. Further, the simpler and convenient payment methods boost player participation in the gambling industry.
The casinos are anticipated to showcase rapid growth during the forecast period owing to the multi-layer taxation environment in the casino business. In addition, the increasing fashion for remote gambling is expected to drive online betting demand.
Mobile gambling is expected to grow rapidly owing to the increasing adoption of smartphones. The youngsters are the driving force behind the surging demand for mobile-based sports betting. As per the Deloitte report on Betting and Gambling, one-third of betting and gaming users adopt smartphones for online gambling. Further, the growing cost-effectiveness of mobile applications is likely to expand mobile consumers in the market.
Similarly, bingo is likely to show a steady CAGR owing to the increasing development of bingo sites. The growing interest of young adults in poker is likely to boost internet-based gambling practices.
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Sports betting is expected to dominate the market during the forecast period. The growing demand for online gaming and betting practices are likely to drive the demand for sports betting. Further, growing sponsorships in online sports betting are also expected to fuel this segment.
The global online gambling software market size was USD 66.72 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with online gambling witnessing a positive demand shock across all regions amid the pandemic. Based on our analysis, the market exhibited a significant growth of 11.2% in 2021. The market is projected to grow from USD 74.17 billion in 2021 to USD 158.20 billion in 2028 at a CAGR of 11.4% in the 2021-2028 period. The steady rise in CAGR is attributable to this market’s demand and growth returning to pre-pandemic levels once the pandemic is over.
The key players in the market are Kindred Group Plc., William Hill Plc., StarsGroup.com, Flutter Entertainment Plc., Betsson AB, Buffalo Partners, GVC Holdings Plc., and DraftKings Inc., among others. These major players are aiming to enter strategic partnerships with local brands to widen their business presence worldwide. These players are aiming to gain expertise and understand customer requirements through partnerships and collaborations. Further, prominent gambling companies are also investing in providing new platforms and content to enhance the customer experience in the market.
North America ranks second in the market in terms of revenue share. Increasing digitalization, coupled with secure mobile solutions, is likely to drive demand in the region. In the United States, three states, namely, Nevada, Pennsylvania, and New Jersey, have gambling regulations, which are driving sportsbook and betting apps demand.
Similarly, the Middle East & Africa is expected to show steady growth during the forecast period. The growing demand for online gaming and smartphones is expected to boost online betting in the region.
