Market Overview
In terms of value, Online Gambling & Betting market is anticipated to reach 206,261.3 US$ Mn by 2033 from 75,875.4 US$ Mn in 2022, registering the growth rate at 11.8 % during the forecast period. Surging internet penetration and availability of cost-effective mobile applications for betting are some of the factors bolstering the growth of the market over the forecast period.

The development of smartphone technology has transformed the lives of people in several ways. Gambling is a one specific area where it has had a significant impact, as smart phones provide easy access to numerous online games and gambling, people are transitioning from real to virtual gambling in large numbers which in turn is propelling the growth of global online gambling and betting market during the forecast period. Furthermore, advancements in the online space are congruent with the evolution of internet casinos, where gamers are leveraging technology to create quality gambling experiences. Additionally, gamers can access these services virtually through their preferred betting sites and indulge in their favorite gambling activities.

Many people prefer using smartphones for gaming and gambling because it is a faster and simpler way of enjoying the favorite activity. The apps can place bets online from anywhere and anytime. Most apps allow the convenience of in-play or in-game betting, which makes gambling even more exciting for enthusiasts. Sports betting apps provide gamers 24/7 access to a number of games. Just reliable and fast internet connection is needed for a seamless betting experience. Smartphones enable users to access any betting platform regardless of the time zone they are in which triggers the market growth over the forecast period.

Key Companies

• GVC Holdings PLC.
• GSN games
• Amaya Inc. (Flutter Entertainment plc )
• Playtech PLC.
• Fortuna Entertainment Group
• 888 Holdings PLC.
• Playtika Holding Corp.
• Betclic Group
• Scientific Games Corporation
• MGM Resorts International
• Kindred Group plc
• IGT
• Aristocrat Leisure
• William Hill PLC
• Zynga
• Bet365 Group Ltd
• Betsson AB
• LeoVegas AB
• SAZKA a.s
• Tabcorp
• Others

By Type
Poker
Casino
Social Gaming
Lottery
Bingo
Sports Betting
Others

By Application
Desktop
Mobile
Tab

By Region
North America
• U.S.
• Canada
• Mexico
Europe
• Germany
• U.K.
• France
• Italy
• Russia
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• Rest of Asia pacific
South America
• Brazil
• Argentina
• Colombia
• Rest of South America
Middle East & Africa
• UAE
• KSA
• South Africa
• Turkey
• Rest Of MEA

Impact of COVID
The declaration of coronavirus as a global pandemic has dealt a blow to overall gambling and betting industry as various land-based gambling venues such as casinos, bingo halls, horseracing tracks, bars and clubs with electronic gambling machines (EGMs), lottery retailers, betting shops and poker rooms were forced to close, in particular during the lockdown in 2020.
The decision to self-isolate has shown to be effective in slowing the spread of the virus, giving optimism that humanity will be able to overcome this global calamity. Recovery of losses made by business owners and important players, on the other hand, may prove more difficult than anticipated. Lockdowns were enacted in cities, provinces, and countries.
The COVID-19 pandemic positively impacted the online gambling and betting market, as consumers turned more toward the online platform to bridge their financial, social, and psychological crisis during lockdowns.
Furthermore, over the last few months, the online gaming and betting landscape has also expanded and changed. Many operators have expanded their business lines, games, and betting options in order to cater to a wider range of players. For instance, according to research conducted by the Lund University, Sweden, found that due to restrictions in sports events due to lockdowns, consumers have surged their interest in online gambling platforms. In addition, several operators turned digital in response to the closure of many gambling establishments. Many players increased their online gambling services, and bingo providers transferred their operations online, resulting in a positive market impact.
Furthermore, according to the report of AlphaBeta Australia, Australia witnessed a 67% increase in online betting in April 2020. Similarly, according to a report by Concordia University, Great Britain observed a 17.5% rise in internet-based gambling.
Therefore, the shutdown of non-essential services during the pandemic-induced lockdown boosted the adoption of mobile gambling among users. Thus, during the pandemic crisis, the market observed remarkable growth rate. Moreover, the market is anticipated to grow with a significant CAGR in the post-pandemic period.

Type Insights
In terms of type, the sports betting segment accounts for a notable share of the market. The sports betting segment accounted for 38.2% share of the market in 2021 and reach a value of 84,647.8 Mn by 2031. The growth is primarily attributed due to increasing global popularity of sports betting. The sports betting is predominantly applied in the sports category, such as cricket, football, horse racing, and others. Furthermore, online sports betting companies are sponsoring different teams as a part of their marketing innovatives and strategic expansions. In addition, over the years, the legalization of internet sports betting apps has generated momentum to revenue growth in the market. To tap into these revenue streams companies are focusing on developing legal sports betting apps, thereby advancing the prospects of the online sports betting.
The poker segment is expected to grow at a higher CAGR of 14.4% over the forecast period owing to the increasing trend of online card games. The ease with which online poker has grown in popularity is due to the fact that many sites accept deposits by online wallets, credit cards, and virtual currencies such as Bitcoin. The segment is expected to grow due to the large number of gaming options available to players.

Application Insights
In terms of Application, the desktop/laptop segment accounted for 49.5% share of the market in 2021 and expected to reach a value of 73,338.7 Mn by 2031. Desktop/laptop have a larger screen than mobile phones or other devices, allowing gamblers to see more intricate features of the game and enjoy the graphics. Moreover, performance parameters including sound volume, storage capacity, and picture quality can be adjusted very efficiently in order to improve the gaming experience, which are anticipated to positively contribute to desktop segment growth.
The mobile segment is anticipated to grow at a higher CAGR of 15.1% during the forecast period due to enhancement in gaming graphics and technological innovations in mobiles has increased access to online gambling. Additionally, the easy availability of smartphones with advanced features such as improved graphics and high storage capacity at affordable prices is also anticipated to contribute to the market growth. Numerous benefits such as loyal points, availability of deposit options, and services to players with other players located across the world are also projected to trigger segment growth over the forecast period.

Regional Insights
In terms of region, Europe accounted for 53.5% share of the market in 2021 and expected to reach a value of 1,12,207.6 Mn by 2031. The legalization of gambling in various European nations, including Italy, Malta, Spain, and Germany, is largely responsible for the increase. Furthermore, factors such as the increasing popularity of online casinos, the availability of high-speed internet, and the expanding number of smartphone users are driving regional market expansion. For example, the UK Gambling Commission (UKGC) has allowed companies to promote gambling sites under the Gambling Act 2005, which is likely to have a positive impact on the European market.
North America is anticipated to grow at a higher CAGR of 13.7% during the forecast period. Football, horse racing, and tennis have done well for the significance of online gambling due to the growing prominence of e-sports. The penetration in the United States and Canada has been fueled by the rise of sports leagues and the incorporation of local sportsbooks. The growing presence of legal sports gambling, in particular, has aided government in exploring potential in the form of tax income and job opportunities, which will promote market growth in North America throughout the projection period.

Competitive Analysis
Some of the major companies operating within the market are GVC Holdings PLC. , GSN games , Amaya Inc. (Flutter Entertainment plc) , Playtech PLC. , Fortuna Entertainment Group , 888 Holdings PLC. , Playtika Holding Corp. , Betclic Group , Scientific Games Corporation , MGM Resorts International , Kindred Group plc , IGT , Aristocrat Leisure, William Hill PLC, Zynga, Bet365 Group Ltd, Betsson AB, LeoVegas AB, SAZKA a.s, Tabcorp, Others,

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