Global iGaming market is expected to grow to USD 114.4 billion by 2028

The online betting market was worth around USD 61.5 billion in 2021 and will reach up to USD 114.4 billion by 2028, according to a relevant report from company Zion Market Research, a consultancy that elaborates deep business intelligence materials. The full name of this investigation, with complete data and stats, is Online Gambling & Betting Market by Game Form, Device, Components and Region. A Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022-2028.

The market demand for digital gambling is being driven by the increasing adoption of smartphones, developments in Internet technology, and increased spending power of individuals, among other factors. In addition, players’ curiosity will be piqued as online gambling software vendors dedicate resources to invest on new technologies that will help improve the user experience. During the forecast period, the online gambling sector is predicted to profit from a rise in female casino patronage, as well as the convenience of using a cashless method of payment for gambling. Besides this, the industry’s advance is being propelled by the enhancement and popularization of new technologies, such as VR and blockchain. Moreover, operators are generating a number of exciting tournaments and promotions that may be of interest to newcomers, and bonus programs and betting options are rising every day. The market will continue to expand as a result of this.

SOME INDUSTRY DYNAMICS

Online gambling software market growth will be fuelled by the more frequent use of online payments globally. These methods have become easier for online gamers, as digital and mobile payments are more widely accepted. Furthermore, online payment services provide a secure and safe way of transaction, which has boosted their implementation in this business.

The convenience of remote payments opens up a world of possibilities for online gamblers to promote and drive cash flow. E-wallet services for online gaming are also available from firms like Pay4Fun, PayPal and Neteller, offering transactions in different currencies with no fees. As a result, the availability of safe digital payment methods is projected to increase virtual gaming demand.

SEGMENTATION

In this document, the online gambling industry is segmented based on Game Form, Device, and Component (software and services). By Game Form, the market is classified into Poker, Casino, Sports Betting, Bingo, Lottery, and Others. During the projected period, sports betting (including live-action betting and fixed-odds betting) are expected to dominate the sector. Sponsorships in online sports betting will also expand.

By Device, the market is classified into Desktop, Mobile, and Others. Desktop and mobile will have similar use from players. While PCs have superior graphic design, clear image quality, and more storage capacity, among other things, which improves the customer experience, mobiles permit betting at any time and place.

REGIONAL DOMINANCE

While Europe dominated the market up to 2015, since then, the approval of iGaming regulation in some states of the US (from 2018) and in different countries of Latin America has changed usual landscape. In parallel, Asia-Pacific was also growing in that sense. For the forecast period, the market in Asia-Pacific will develop due to the increasing use of Internet services and the loosening of rules governing online betting and gambling. Furthermore, the rising popularity of Bitcoins has led to an increase in the use of digital currency for betting in that region. In conclusion, the Asia-Pacific region’s high economic growth, combined with increased expenditure on leisure activities, is likely to drive market expansion.