Gambling Market to Expand by USD 262.1 Billion (2024-2028) Driven by E-Sports Betting Growth, AI's Impact on Market Transformation- Technavio Report

NEW YORK, Aug. 23, 2024 /PRNewswire/ -- The global gambling market size is estimated to grow by USD 262.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 6.78%  during the forecast period. Increasing betting on e-sports is driving market growth, with a trend towards introduction of bitcoin gambling. However, security and credibility issues associated with online gambling  poses a challenge. Key market players include 888 Holdings plc, Bet365 Group Ltd., Betsson AB, Caesars Entertainment Inc., Camelot UK Lotteries Ltd., Crown Resorts Limited, Entain Plc, EquiLottery LLC, Flutter Entertainment Plc, Freaks 4U Gaming GmbH, Galaxy Entertainment Group Ltd., Gateway Casinos and Entertainment Ltd., International Game Technology plc, INTRALOT SA, Kindred Group Plc, Las Vegas Sands Corp, MGM Resorts International, New York State Gaming Commission, SkyCity Entertainment Group, and The Betway Group.

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Market Driver

Bitcoin, a digital and decentralized currency, offers several advantages for the gambling market. Transactions using bitcoins provide anonymity and are not regulated by central banks, allowing users to withhold personal details. Bitcoin facilitates international transactions, easy deposits and withdrawals, lower fraud risks, quick payments, and zero transaction fees. The versatility of bitcoin transactions caters to various online gambling activities, such as lotteries and e-sports betting, enhancing customer satisfaction. The rising popularity of online gambling is expected to boost the use of bitcoins, expanding the global gambling market during the forecast period. 

The online gambling market is experiencing significant growth, driven by technology advancements and increasing internet penetration. Key trends include the integration of Artificial Intelligence and Machine Learning for personalized user experiences, and the use of Augmented Reality (AR) in Casino gambling for immersive gaming. Digital currency and Blockchain technology are also gaining popularity for secure and anonymous transactions. Brands are leveraging major athletic events, films, and television programs to attract viewers, offering Freemium models and various Payment Options. Mobile gambling is on the rise, with the penetration of smartphones and modern phones enabling convenient access to Online betting platforms and services. Bookmakers are innovating with Online payment gateways and Product innovations to cater to the needs of Internet users in Emerging nations. Sports betting, Horse racing contests, and Sports games continue to dominate the market, with streaming content and Tournaments driving engagement. 

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Market Challenges

• Online gambling market growth is hindered by significant security and credibility concerns. Many gambling websites lack robust dispute resolution mechanisms, transparency in cash prize payouts, and adhere to fair and responsible gaming standards. These issues undermine the credibility of operators and platform providers, discouraging new users and limiting market expansion. Moreover, online gambling platforms are susceptible to cyberattacks, with user data, including bank details and credit card numbers, at risk. Offshore casinos often lack advanced cybersecurity technologies, increasing vulnerability. Some websites employ poker bots, artificially inflating betting amounts. To mitigate these challenges, operators must prioritize authentication, cryptographic techniques, software protection, and vulnerability scanning. Neglecting these measures could hinder the global gambling market's growth during the forecast period.
• The online gambling market faces several challenges in the modern business landscape. Freemium models, popularized by Gaming Realms and others, require careful balance to monetize user engagement. Horse racing contests and major athletic events attract large viewerships, driving demand for online betting. Internet penetration and the growing number of internet users create vast opportunities, but a clear legislative framework is essential. Technology advancements, such as machine learning and virtual reality (VR), offer product innovations, with mobile gambling on smartphones and tablets becoming increasingly popular. Online payment gateways and virtual payment systems must provide diverse payment options for users. Primary factors like sports betting, sports games, streaming content, and television programs fuel market growth. Tournaments and tourneys on virtual platforms are also gaining traction, making VR and virtual wagering key trends to watch.

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Segment Overview 

This gambling market report extensively covers market segmentation by  

1. Type 
• 1.1 Lottery
• 1.2 Betting
• 1.3 Casino
2. Platform 
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Lottery-  The gambling market is a significant business sector, generating substantial revenue worldwide. It includes various forms such as casinos, sports betting, lotteries, and online gambling. The market's growth is driven by increasing consumer interest and technological advancements. Companies offer various promotions and bonuses to attract customers. Regulations and safety measures ensure fair play and consumer protection. The market's future looks promising with ongoing innovation and expanding consumer base.

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Research Analysis

The gambling market has experienced significant growth in recent years, driven primarily by the increasing number of internet users and the penetration of smartphones. Modern smartphones and Internet penetration have made online gambling services more accessible than ever before. Augmented reality, machine learning, and artificial intelligence are transforming the industry, providing immersive experiences and personalized recommendations. Virtual reality (VR) and sports betting are popular categories, with desktop and online gambling platforms offering a wide range of casino games, sports games, and virtual wagering. Freemium models and virtual payment gateways, including digital currency, have also gained traction in the market. Virtual tournaments add an extra layer of excitement for players. Overall, the future of the gambling market looks bright, with continuous innovation and technological advancements shaping the landscape.

Market Research Overview

The online gambling market is experiencing significant growth due to technology advancements and increasing internet penetration. Artificial intelligence and machine learning are revolutionizing the industry, enhancing user experience through personalized recommendations and real-time analysis. Augmented reality (AR) and virtual reality (VR) are transforming casino gambling into immersive experiences. Blockchain technology ensures secure digital currency transactions and virtual payment gateways. Major athletic events, football championships, and horse racing contests attract millions of viewers, driving the demand for online betting and digital betting platforms. The penetration of smartphones and modern mobile phones has made mobile gambling increasingly popular. Product innovations, such as freemium models and streaming content, are also contributing to the market's growth. Emerging nations with growing internet users are also becoming significant contributors to the online gambling market. The legislative framework varies across regions, impacting the market dynamics. Sports betting, sports games, and tournaments remain popular categories, with brands offering various payment options to cater to diverse customer needs. Technology advancements continue to shape the online gambling landscape, with virtual platforms and virtual wagering gaining traction.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Lottery
• Betting
• Casino
• Platform
• Offline
• Online
• Geography
• North America
• APAC
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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