Grand View Research, a consulting firm, released a research in September 2022 titled “Size and Growth of the Online Gambling Market, 2030.”
Analysts predict that by 2030, internet gambling (including sports betting, casinos, poker, and no deposit bonus casinos) would increase at an average annual rate of 11.7% worldwide. The company’s analysts now peg the value of the global market at 57.54 billion dollars. Prior to the 2019 pandemic, Grand View Research issued a projection that contained an 11.5% prediction.
Experts attribute the market’s expansion mostly to the continued rise in internet usage around the globe. As a result, cellphones are becoming more common and different gaming platforms and mobile applications are simple to access.
The organization Business Research provided its forecast in September as well. According to the report “Global Online Gambling Market Report for 2022,” the online gambling market will reach 115.13 billion dollars by 2026, with an average annual growth rate of 9.2%. The market for online gaming is anticipated to increase quickly, from 73.42 billion in 2021 to 81.08 billion in 2022. A 10.4% Compound Annual Growth Rate (CAGR) will result as a result.
The Asia-Pacific region, which includes countries like Australia, Canada, Malaysia, New Zealand, Singapore, the United States, Thailand, the Philippines, South Korea, Japan, Russia, and others, had the largest region in 2021. By 2026, Eastern Europe (which includes the Baltic States, Belarus, Moldova, Ukraine, Poland, Slovakia, Hungary, Romania, Bulgaria, and Albania) is anticipated to be the region with the fastest rate of growth for the establishment of online casinos and sportsbooks.
Several reasons, according to experts, have contributed to the gaming market’s growth:
- Resuming operations and adapting businesses following COVID-19. For instance, VR headsets have recently revolutionized the world of online gambling and skyrocketed in popularity. Nowadays, anyone may virtually “enter” a virtual casino and engage in all the games without having to leave their home.
- The release of cellphones with better internet connectivity. The number of internet users globally is expected to reach 5.3 billion by 2023, with an average annual growth rate of 6%, while the number of smartphones will rise by 7%, according to Cisco’s annual study. Already, 80% or more of all players in most countries utilize mobile devices, making them the most common form of computing. Blockchain is yet another significant factor influencing the growth of the gambling and betting business. Online games are frequently charged with being closed, which favors cheats. With the help of blockchain technology, everyone will be able to observe everything that is happening “inside.”
- At the same time, Business Research analysts identified the primary factor impeding the expansion of the global online gambling sector. There are several regional differences in the laws governing internet gambling. The majority of nations have local laws that govern the corresponding legal and regulatory matters. A licensed website that offers gaming or betting is required to do business in a morally and safely manner. Therefore, the complexity, strictness, and varying rules in other nations may limit the expansion of the global online gaming industry.
Earlier predictions for the growth of online gambling included the following:
- In July 2022, experts at Sports Value predicted that the worldwide market for sports betting will reach $200 billion US in 2025.
- The Asian Racing Federation forecast in July that unlawful betting would increase in Asia over the following ten years.
- In March 2022, analysts from the research firm Global Industry Analysts Incorporated predicted that the market for land-based and internet casinos will total 153.2 billion dollars by the start of 2027. This market’s current value is assessed at $129,2 billion.