In September 2022, the consulting company Grand View Research presented a report titled “Size and Growth of the Online Gambling Market, 2030.”
According to analysts, by 2030, the annual growth of online gambling (including sports betting, casinos, poker, and no deposit bonus casinos) worldwide will average 11.7%. Currently, the company’s experts estimate the global market to be worth 57.54 billion dollars. Grand View Research’s previous forecast was made before the 2019 pandemic and included a prediction of 11.5%.
The main reason for the market’s growth, according to experts, is the ongoing increase in internet penetration worldwide. As a result, there is an increased proliferation of smartphones and easy access to various gaming platforms and mobile applications.
Also in September, the company Business Research voiced its forecast. According to the report titled “Global Online Gambling Market Report for 2022,” by 2026, with an average annual growth rate of 9.2%, the online gambling market will reach 115.13 billion dollars. In the near future, for 2022, the online gambling market is expected to grow to 81.08 billion dollars, up from 73.42 billion dollars in 2021. Thus, the Compound Annual Growth Rate (CAGR) will be 10.4%.
In 2021, the largest region was the Asia-Pacific (including Australia, Canada, Malaysia, New Zealand, Singapore, the United States, Thailand, the Philippines, South Korea, Japan, Russia, and others). It is expected that by 2026, Eastern Europe (including the Baltics, Belarus, Moldova, Ukraine, Poland, Slovakia, Hungary, Romania, Bulgaria, Albania) will be the fastest-growing region for the development of online casinos and sports betting.
Experts attribute the growth of the gaming market to several factors:
- Resumption of operations and adaptation of companies after COVID-19. For example, recently VR headsets have become a revolutionary addition to the world of online gambling and have gained significant popularity. Now any player can practically “enter” a virtual casino and play all the games without the need to travel.
- Introduction of smartphones with improved internet accessibility. According to the annual report by Cisco, it is forecasted that by 2023, the total number of internet users worldwide will grow to 5.3 billion people, with an average annual growth rate of 6%, and the number of smartphones will increase by 7%. Already, the use of mobile devices predominates worldwide, with around 80% of all players in most countries.
- Another important stimulus for the development of the gambling and betting market is blockchain. Online games are often accused of being closed, which gives advantages to cheaters. With blockchain technology, everyone will be able to see exactly what is happening “inside.”
At the same time, experts at Business Research named the main reason hindering the growth of the global online gambling market. Laws regarding online gambling vary greatly in different regions. Most countries have their own local laws that regulate the corresponding legal and regulatory issues. Websites for gambling and betting that have obtained a license are obliged to operate legally, ethically, and safely. Thus, the complexity, strictness, and differing laws in different countries can hinder the growth of the global online gambling market.
Several other forecasts for the development of online gambling were published earlier:
– In July 2022, analysts at Sports Value speculated that by 2025, the global sports betting market will grow to 200 billion US dollars.
– In July, the Asian Racing Federation predicted the growth of illegal betting in Asia for the next 10 years.
– In March 2022, experts from the research company Global Industry Analysts Incorporated stated that by the beginning of 2027, the global online and land-based casino market will reach 153.2 billion dollars. Currently, this market is estimated at 129.2 billion dollars.