The Growth of Online Gambling
With the rise in popularity of online casinos, video gambling & televised sports events, closing time the online gambling market is expected to grow at a high CAGR during the forecast period. The growth in this market is driven by several factors, including the growing popularity of smartphones, high-speed internet connectivity, and the increasing use of cryptocurrencies such as bitcoin. The rise of cryptocurrencies in the gambling industry is anticipated to increase revenue opportunities for online casino operators, while facilitating easy transactions.
The Growth of Online Gambling
According to the Global Online Gambling and Betting Report, the overall online gambling market reached US$ 61.5 Billion in 2021 and is expected to grow at a CAGR of 8.6% during the forecast period (2022). Asia Pacific accounted for the largest share of the global market with a market size of $8.4 Billion in 2022. The region is expected to witness rapid growth during the forecast period, owing to its increasing popularity and the emergence of new gamblng sites.
Despite the growing popularity of online gambling, there are many legal challenges that the industry is facing. This includes a lack of effective enforcement strategies to prevent online gambling providers from operating illegally. In addition, many countries have banned online gambling.
The legalization of online gambling in European nations such as Italy, Spain, and France has increased the demand for online casinos. Additionally, businesses can advertise their gaming websites due to the implementation of the Gambling Act 2005 imposed by the UKGC (UK Gambling Commission).
A large number of online gambling operators are leveraging digital payment platforms to facilitate secure transactions with customers around the globe. These platforms have become popular due to their convenience and safety. In addition, these services allow customers to use their credit cards and debit cards to place bets.
These features help players avoid identity theft and fraud, which are some of the common concerns associated with online gambling. The global online gambling market is also gaining popularity due to the growing awareness and interest in virtual betting.
The global online gambling market is expected to reach US$ 133.9 Billion by 2028, registering a CAGR of 8.5% during the forecast period. The Europe region is expected to account for the highest growth rate over the forecast period, owing to the legalization of online gambling in various European countries, the availability of high-speed internet connectivity, and the popularity of live casinos.
The growing use of mobile devices, the ease of transferring money between accounts, and the availability of online gambling software are some of the other factors driving the growth of the online gambling industry. Furthermore, the emergence of online gambling websites that accept cryptocurrencies is also fuelling the market growth.