Online Gambling Market Growth & Trends
The global online gambling market size is expected to reach USD 127.3 billion by 2027, registering a CAGR of 11.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. The market is expected to gain traction over the forecast period. Growing popularity of betting across the globe and freemium model in online gambling are among the potential opportunities likely to unfold in the next few years.
Increasing adoption of smartphones and easy access to casino gaming platforms are currently driving the market. Factors such as increasing internet penetration and availability of cost-effective mobile applications for betting are also expected to contribute to market growth over the forecast period. According to the American Gaming Association (AGA), as of 2018, approximately 2,800 sites are active online and offer activities including bingo, poker, and lottery.
Electronic Gambling Devices (EGDs) are inexpensive to run and easily available. These devices have an in-built software that mimics the experience of a local casino. For instance, a Video Lottery Terminal (VLT) uses advancing technology and can also be customized to electronic slot machines, spinning reel slot machines, video slot machines, and electronic poker games.
The spread of COVID19 has accelerated the demand for online gambling. Moreover, increasing digitalization coupled with secure digital payment options are also some factors contributing to online gambling market growth. The market is further expected to gain momentum over the forecast period attributed to the rising use of digital currency and websites provided by companies for betting and gambling.