The Online Gambling Market: A High-Stakes Industry

Online Gambling Industry Overview

The global online gambling market size was valued at USD 63.53 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 11.7% from 2023 to 2030. The growing internet penetration and rise in the use of mobile phones among users for playing online games is increasing the demand for online gambling. For instance, in 2022, internet penetration in the U.S. was 92% of the country's total population. Furthermore, cultural and legalization approval, easy access to online gambling, celebrity endorsements, and corporate ponsorships are also helping market growth. For instance, in October 2022, Betsson AB acquired 80% shares in KickerTech Malta Limited, a B2B sportsbook operator. This acquisition helped Betsson to grow its B2B client base and provide additional scalable technology.

The growing adoption of smartphones, along with the 5G internet technology, is driving the market's growth. For instance, in September 2022, the BetMGM subsidiary of Entain Plc. partnered with NBC Sports to provide weekly integrations on 2022 NFL season highlights on Football Night in America and other content across all the platforms of NBC Sports. Modern smartphones support augmented reality, machine learning, and artificial intelligence, which help developers create immersive and interactive gambling applications. Moreover, the availability of low-cost smartphones is expected to drive the market.

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Advancements in the digital space are concurrent with the annual expansion of online casinos, and these improvements are intended to obtain the desired trust in the online gambling sector. For instance, virtual reality (VR) in gambling creates the simulation of surroundings; users can interact with them realistically with specific hardware. VR lets gamblers interact with other gamblers and dealers and offers a more realistic gambling experience, better sound quality, and a realistic game design. For instance, SLTM Ltd.'s SlotsMillion online casino offers a virtual reality mode.

Online casino developers focus on solutions that support and assist gamblers, ensure the authenticity of gambling activities, and prevent fraudulent activities. Various online gambling sites offer a free-play version of their games, which attracts new users. In-app or website advertisements are used to generate revenue in the free-to-play versions. For example, gambling websites and applications sell advertisement slots on their website and in-app. The growth and demand of the online gambling industry are significant, as users worldwide can play at any time at their convenience.

The adoption of blockchain technology has also impacted market growth significantly. In addition to regular payment modes, gambling applications, and websites have begun accepting payments via the blockchain. For instance, BitStarz is a bitcoin-based gambling platform with approximately 4 million regular players. The blockchain can ensure secure payments with transparency in gambling activity through blockchain ledgers. Gambling through cryptocurrency offers vast opportunities as they are fast and safe transactions. With fewer regulations and restrictions for cryptocurrency transactions, they are now widely used by users in online gambling.

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Key Companies profiled:

• 888 Holdings Plc.

• Bally’s Corporation

• Bet 365 Group Ltd.

• Betsson AB

• Entain Plc.

• FireKeepers

• Flutter Entertainment Plc.

• Churchill Downs Inc.

• Kindred Group

• Ladbrokes Coral Group Plc.

• Sky Betting and Gambling

• Sportech Plc.

• The Star Group Inc.

• William Hills Limited