The Global Online Gambling And Betting Market Driven By Rising Internet Penetration
The online gambling and betting market involves a variety of platforms and products that allow users to wager money or value in games of chance, sports betting, or other events using the internet. Key gambling products in this sector include casino games such as slots, roulette, blackjack available through online and mobile applications as well as various sports betting options for events like football, cricket, basketball and more. The global online gambling industry has grown rapidly in recent years due to rising internet penetration and availability of these services on smartphones. Advancements in payment technologies have also made online transactions for betting and gambling much more secure and convenient compared to traditional brick-and-mortar casinos.
The global Online Gambling and Betting Market is estimated to be valued at US$ 70.96 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
As the esports audience grows exponentially worldwide, many new gambling platforms are launching options to bet on tournaments and matches for games like League of Legends, Counter-Strike, Dota 2 and others. According to recent estimates, the global esports betting market will reach a value of over US$ 5 billion by 2023. Another key trend is the increasing mergers and acquisitions in the sector as larger companies look to gain market share by acquiring promising new startups working on innovative products in online gambling tech space. This consolidation is expected to intensify competition while also rewarding customers with improved features and services.
Porter's Analysis
Threat of new entrants: With high initial investment requirement for infrastructure and marketing, threat of new entrants is low to moderate in the Online Gambling and Betting Market.
Bargaining power of buyers: Online gamblers have many options available, thus giving them high bargaining power in this market.
Bargaining power of suppliers: There are few suppliers and many buyers in this market, giving suppliers moderate bargaining power.
Threat of new substitutes: The threat of substitutes like online casual and social gaming is moderate as they provide similar user experience but lack betting/risk attributes of gambling.
Competitive rivalry: The market is dominated by global players with regional dominance increasing competitive rivalry.
Key Takeaways
The Global Online Gambling And Betting Market Size is expected to witness high growth. Asia Pacific region dominates the market currently due to large population and rising disposable incomes in countries like China and India. Regulatory shifts are also supporting the market growth.
Regional analysis: Asia Pacific holds the major share currently due to large populations and rising incomes in countries like China and India. Regulatory changes encouraging legalized gambling are further fueling the market. Europe is the second largest region driven by developed markets like the UK. North America is poised to witness strong growth due to legalization in many states.
Key players: Key players operating in the Online Gambling and Betting Market are MaritzCX Research LLC (Inmoment LLC), Adobe Inc., Medallia Inc., Oracle Corporation, Clarabridge, SAP SE, Sitecore, IBM Corporation, Zendesk, Avaya Inc., Open Text Corporation, Verint Systems Inc., and Tech Mahindra. International operators like William Hill, GVC Holdings, Flutter Entertainment etc. dominate through acquisition driven strategies.
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