The online gambling and betting market comprises various online platforms that facilitate gambling and betting activities, including casinos, sports betting, poker, bingo, and lotteries. Key products in this market include online casino games such as slots, roulette, blackjack and others played using desktops and mobile applications. The availability of a wide range of casino games and sporting events to bet on has attracted many customers worldwide. The global online gambling and betting industry is growing rapidly as customers find it convenient to engage in gambling from the comfort of their homes using their digital devices. 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 23. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving growth in the Global online gambling and betting market size is the increasing use of online casinos and sports betting apps on mobile phones. Smartphone penetration is rising globally and customers find mobile gambling more accessible than gambling via desktop. Casinos and sportsbooks are investing heavily in developing optimized mobile apps and websites to capitalize on this trend. Live betting and live streaming of games is another fast developing trend in the market. Bettors are now able to place in-play bets and watch games live on the same platform. This has increased customer engagement for both sports betting and casino games. Operators are partnering with streaming services to integrate live streaming features into their platforms.
Threat of new entrants: The online gambling and betting market has moderate threat of new entrants due to the need for obtaining licenses and certifications. Bargaining power of buyers: Buyers in this market have moderate bargaining power due to availability of many options. Bargaining power of suppliers: Suppliers have low bargaining power due to presence of many existing players operating in this market. Threat of new substitutes: Threat from new substitutes is low as there are limited alternatives for online gambling and betting. Competitive rivalry: The market witnesses high competitive rivalry due to presence of many global and regional players.
The global Online Gambling and Betting Market is expected to witness high growth at a CAGR of 23% during the forecast period.
Regionally, Asia Pacific dominates the market and is expected to continue its dominance during the forecast period. Factors such as increasing youth population, expanding middle class have resulted in higher gamification and betting activities in the region.
Key players operating in the Online Gambling and Betting market are Pfizer Inc., Novartis AG, Bayer AG, Sanofi, F. Hoffmann-La Roche Ltd, Eli Lilly and Company, Merck KGaA, GSK plc., AbbVie Inc., Bristol-Myers Squibb Company, Regeneron Pharmaceuticals Inc., AstraZeneca, AbCellera Biologics Inc., Molecular Depot LLC, DAIICHI SANKYO COMPANY, LIMITED., Abbott, Biogen, Thermo Fisher Scientific, Inc., Cell Signaling Technology, Inc, Intas Pharmaceuticals Ltd., Avantor Inc., UCB S.A., Merus N.V., GENEXTGENOMICS.COM, Biogenuix. Major players are focusing on partnership and acquisition strategies to gain competitive advantage in the market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it