The global online gambling and betting market comprises various online casino games, sports betting, poker games and lotteries accessible through computers and mobile devices. These entertainment products provide excitement, thrill and allow users to win cash prizes. The increasing digitalization and rising internet penetration are encouraging more people to enjoy gambling online in a convenient manner. 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:

Growth Accelerated by Mobile Gaming Applications
One of the major trends driving the online gambling and betting market is the rising popularity of mobile gaming applications. The young population is heavily using their smartphones for playing games and entertainment. Leading betting companies are launching dedicated mobile applications for iOS and Android to offer users an enhanced experience of gaming on the go. Advancements in wireless connectivity like 5G networks are allowing seamless streaming of live casino and sports events on mobile phones. It is estimated that by 2030, over 80% of online betting will be performed through mobile platforms due to the flexibility and convenience offered. This shift towards mobile is catalyzing the market growth exponentially.

Segment Analysis

The Global online gambling and betting market size is dominated by the casino segment which accounts for more than 30% share of the market. The casino segment enjoys high popularity owing to variety of accessible games such as slots, roulette, blackjack etc. available for playing at any time without needing other players. This provides consumers with flexibility and independence which attracts large user base to the casino segment.

Key Takeaways

The global online gambling and betting market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 70.96 Bn by 2024, registering a CAGR of 23.%.

Regional analysis: Europe region currently holds the largest share of over 35% in the global online gambling and betting market. Countries like UK, Germany and Italy have high internet and smartphone penetration along with more liberal laws regarding online gambling which has boosted the market growth in Europe. However, the Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rising disposable income, growing youth population and penetration of smart devices in developing economies of China and India.

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