May 31, 2023, in Dublin GLOBEE NEWSWIRE The study “Online Gambling Market – Global Outlook & Forecast 2023-2028” has been added to the collection of ResearchAndMarkets.com
From 2022 to 2028, the global market for online gaming is anticipated to expand at a CAGR of 12.56 percent.
Growing Use of Virtual and Augmented Reality in Gambling
The gambling industry is very sensitive to new developments and advances. Online gambling players have been forced to adopt new technology to stay competitive by the unstoppable rise of online gambling activities including online casinos and betting. Virtual and augmented reality are two such technologies that are rapidly entering the market. Future application of AR and VR technology has the greatest potential in the gambling sector.
During the anticipated period, leading gambling vendors would focus on developing a VR casino setting. The use of AR technology gives online casinos a number of alternatives for enhancing and expanding their game selections. This technology has the potential to bring a variety of new features to casinos. To give its clients a more engaging experience, it may mix the greatest aspects of live gameplay and software with virtual reality add-ons and overlays.
Global Live Casino Industry Expands
Players all over the world like playing at live casinos. These casinos provide real-time broadcasts and live dealers to more closely resemble the atmosphere and experience of a physical land-based casino. High-end paying clients who have previously used real money are starting to favor these casinos. Live casinos are becoming more and more popular all over the world, particularly in the United Kingdom where internet gambling is hugely popular. Major companies like Ladbrokes, William Hill, and Flutter Entertainment already provide a live casino experience, which is rapidly gaining client acceptance.
INDUSTRY RESTRAINTS Strict Rules in Different Regions
Since the growth of the industry, online gambling has come under increased legal scrutiny. Due to the delicate line separating games of skill from games of chance, laws and regulations have had to adjust in many jurisdictions for the overall business model. Globally, many nations are placing restrictions on online gambling because they believe it may result in financial loss. Because the vendor will lose out on the market from the area where online gambling is prohibited, the introduction of limitations might thus represent a significant barrier for the growth of the online gaming industry. Online gambling is subject to limitations in a number of American states, and some online gambling firms have even faced fines for breaking the rules.
INSIGHTS INTO SEGMENTATION INSIGHTS BY PRODUCT
The casino, lottery, betting, poker, and other product segments make up the global online gambling market. With a market share of more than 52% in 2022, the casino sector dominated the whole sector. Online casinos are also growing in popularity all around the world. The idea of online casinos has gained great popularity around the world as revenue increases due to the convenience of playing a variety of casino games from the comfort of one’s home. Las Vegas and Macau, the two biggest conventional casino markets, remain uninvaded by online casinos. With the introduction of live casinos, traditional casino operators now have another way to generate revenue and boost profitability through digital means. Live casinos have improved the chances for traditional casino operators to make more money, as one of their main issues was a lack of visitor attendance.
Division by Product
Casino
Lottery
Poker
Others
EXPERIENCES BY PLATFORM
It is anticipated that the desktop-based platform sector would rule the worldwide online gaming market. On desktop gadgets like computers and laptops, desktop gambling provides access to gambling sites and gaming. One of the most obvious advantages of desktop gambling is screen size, especially now that 4K displays in sizes of 30+ inches are readily accessible. When playing on large screens, gamers may fully immerse themselves in online gambling and pay attention to subtleties they might otherwise miss on a small mobile screen. This enables playing multiple games at once, even on different websites, for those with two or more screens.
ANALYSIS GEOGRAPHIQUE
In 2022, Europe accounted for almost 46% of the global market for online gaming. The proliferation of online gambling websites in the area and the introduction of mobile gaming applications were the main drivers of the increase in demand. Additionally, several European nations are embracing online gambling, with the UK, Italy, and Nordic nations spearheading the sector’s expansion in the area. Due to the growing popularity of online gaming in Europe, the gambling industry will have strong YOY growth in 2022–2028 in terms of value. An increase in per capita disposable income is one of the main causes of European households’ high gambling expenditures. The economies of several European nations are expanding, which has raised the continent’s disposable income.
Segmentation based on Location
Europe
The U.K.
Italy
Nordics
Sweden
Denmark
Norway
Finland
France
Germany
Spain
APAC
Australia
China
Hong Kong SAR of China
China’s mainland
Macau SAR of China
Japan
India
Singapore
The Americas
The U.S.
Canada
South America
Brazil
Mexico
Colombia
Europe, Asia, and Africa
S. Africa
Turkey
CONCURRENT LANDSCAPE
There are many domestic and foreign players in the fairly fragmented global online gaming market. These players are in fierce competition with one another. Vendors may suffer as a result of the quickly evolving technical environment since consumers anticipate ongoing improvements and developments in the field of online gaming. The top vendors in the international online gaming business include William Hill, Entain, Flutter Entertainment, Kindred, and bet365. The current situation encourages vendors to hone their special value offer in order to have a significant market presence.
