How and Why the Global Online Gaming Market Is Booming
The burgeoning global online gaming market was reportedly worth $86.6 billion in 2023. A recently published report says operators can expect significant growth in the coming years, and the figure is projected to reach $168.2 billion by 2032. A compound annual growth rate of? 7.65 percent is predicted.
Via mobile apps or desktop access, the global online gambling market is growing quickly. ?Getty
According to researchandmarkets.com, who compiled the report, the significant growth the online gambling market is experiencing is primarily driven by the increasing use of the internet and mobile devices. online gambling encompasses various sectors, including sports betting, casino games, and poker.
“The market is experiencing robust growth driven by technological advancements, regulatory changes, diverse game offerings, effective marketing strategies, and shifts in global economic and demographic trends, appealing to a wider, more diverse audience”, the report states.
Recognizing the Benefits of Gambling Growth
The gradual legalization and regulation of online gambling in various regions worldwide has fuelled the market’s growth. Governments are increasingly recognizing the potential economic benefits of a regulated online gambling industry, including job creation and tax revenues.
One of the latest territories to announce its plans to amend laws to allow legal gambling is the United Arab Emirates (UAE). In September 2023, the UAE government declared it would establish the General Commercial Gaming Regulatory Authority (GCGRA) to build and oversee the regulatory framework for national lottery and commercial gaming in the Emirates.
The introduction of clear legal frameworks in all states, territories, and countries provides a safe and fair environment for players and operators, attracting more people to the market. Regulatory changes are not only legitimizing the industry but also helping to curtail illegal gambling activities.
What Is Behind the Gambling Revolution?
The growing accessibility of cost-effective mobile betting apps, increased internet availability, and changing consumer gambling habits are catalysts in the sector’s impressive growth. Advancements in technology – such as AI, VR, and blockchain – are also revolutionizing the online gambling experience.
AI and machine learning are used to personalize gaming and enhance customer service. Blockchain technology ensures transparency and security of financial transactions. And the industry caters to a diverse audience, offering games that appeal to casual players and serious gamblers. It is continuously expanding its offerings to include new and innovative game types.
Researchandmarkets report has provided a detailed breakup and analysis of the current online gambling market based on game types. Surprisingly, sports betting outstrips many casino games. It represents the largest segment and a significant portion of the online gambling market.
Once again, regulatory changes in various countries have significantly contributed to the growing popularity of sports betting sites. The integration of live streaming and real-time data analytics has enhanced the betting experience, increasing its popularity with established gamblers.
Desktop Still Tops the Online Gambling Stakes
Despite the increasing use of mobile devices, the desktop segment of the online gambling market still has the most significant market share. “Desktop platforms offer the advantage of larger screens and more stable internet connections, providing an immersive experience, especially for complex games like poker and virtual casinos”, says Researchandmarkets.
“Companies in this segment focus on sophisticated graphics, robust software, and comprehensive game offerings to attract users. However, with the shift towards mobile usage, the desktop segment is evolving to remain competitive, often by offering seamless integration with mobile platforms.”
Researchandmarkets does state that “the mobile segment is rapidly growing and is projected to surpass the desktop use in the online gambling market.” Its report adds: “Mobile gambling apps and mobile-optimized websites offer the convenience of playing anytime and anywhere, appealing particularly to younger demographics and casual gamblers.”
