According to a relevant report from company Zion Market Research, a consultancy that develops in-depth business intelligence materials, the market for online betting was worth approximately USD 61.5 billion in 2021 and will increase to USD 114.4 billion by 2028.
Online Gambling & Betting Market by Game Form, Device, Components and Region is the full title of this investigation, which includes all relevant data and statistics. An overview of the global and regional industries, market intelligence, in-depth analysis, historical data, and forecasts for the years 2022–2028.
The market demand for digital gambling is being fueled, among other things, by the rising popularity of smartphones, advancements in Internet technology, and rising consumer spending power.
Additionally, as online gambling software providers allocate funds to new technologies that will enhance the user experience, players’ curiosity will be piqued. The online gambling industry is anticipated to benefit during the forecast period from an increase in female casino patronage as well as the convenience of using a cashless method of payment for gambling.
Aside from that, the development of new technologies like blockchain and virtual reality is advancing the industry. Additionally, operators are coming up with a variety of thrilling tournaments and promotions that may be of interest to newcomers, and bonus programmes and betting options are expanding daily. As a result, the market will keep growing.
CERTAIN INDUSTRIAL DYNAMICS
The increased use of online payments globally will fuel the growth of the online gambling software market. Due to the increased acceptance of digital and mobile payments, these procedures are now simpler for online gamers. Online payment services also offer a safe and secure method of transaction, which has accelerated their adoption in this industry.
The ease of remote payments gives online gamblers a wealth of options for promoting and enhancing cash flow. There are also e-wallet services for online gaming offered by companies offering free transactions in multiple currencies. The availability of secure online payment options is therefore anticipated to boost demand for virtual gaming.
The game form, device, and component categories are used in this document to segment the online gambling market (software and services). The market is divided into poker, White label casino, sportsbooks, bingo, lotteries, and others based on the type of game being played. Sports betting (including live-action betting and fixed-odds betting) is anticipated to rule the market during the projected time frame. Online sports betting sponsorships will also increase.
The market is divided into Desktop, Mobile, and Other categories according to device. Players will use desktop and mobile devices in a similar way. Mobile devices allow betting anytime and anywhere, whereas PCs offer better graphic design, clearer image quality, and more storage, among other things that enhance the customer experience.
DOMINANCE IN A REGION
While Europe dominated the market until 2015, the approval of iGaming regulation in some US states (as of 2018) and in various Latin American countries since that time has altered the usual landscape. Asia-Pacific was expanding in that regard concurrently.
Due to rising Internet service usage and laxer online betting and gambling regulations, the Asia-Pacific market will grow during the forecast period. Additionally, the use of digital currency for betting has increased in that region as a result of the rise in popularity of Bitcoins.
Because more people are using Internet services and because the laws governing online betting and gambling are becoming more lax.
Additionally, the use of digital currency for betting has increased in that region as a result of the rise in popularity of Bitcoins. As a result of the Asia-Pacific region’s rapid economic growth and increasing