Global Online Gambling and Betting Market Projected to Exceed $94.4 Billion by 2024

New research is projecting that the global online gambling market will grow by a CAGR of approximately 10.9% between the years 2018 and 2024, surpassing $94.4 billion by the year 2024.

The research was conducted by Zion Market Research and their findings were published in the report "Online Gambling & Betting Market by Game Form (Poker, Casino, Sports Betting, Bingo, Lottery, Horse Racing Betting, and Others) and by Component (Hardware, Software, and Service): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024."

What Industries Were Studied?

The report surveyed and analyzed the online gambling and sports betting markets based on present and future trends, and covered all kinds of game forms, including poker, casino, sports betting, bingo, lottery, horse racing betting, and others.

Components of the Global Online Gambling and Betting Market

The global market is divided into 3 components: Hardware, software, and service; the projected industry growth predicts that the software component will dominate the online gambling and betting markets between 2018-2024. The markets are also divided on the basis of games - poker, casino, sports betting, bingo, lottery - and the poker segment is anticipated to grow significantly during the 6-year period.

What Will Drive Industry Growth?

There are 4 factors that are expected to drive online gambling industry growth:

• Technological advancements: Virtual reality (VR) headsets will become more popular in online gambling over the next 6 years, offering a more stimulating experience and driving industry growth. 
• New regulations and countries allowing online gambling: Europe is anticipated to see notable growth due to the legalization of online gambling in countries that had banned it beforehand (like Germany, the Netherlands). Similarly, more and more states in North America are also interested in legalizing online gambling and sports betting.
• Growing prevalence of smartphones and tablets: Even though it seems as if everyone has a smartphone these days, the numbers of those in use are predicted to rise over the next 6 years. Smartphones make online gambling and betting more accessible and drive industry growth. 
• Rise of cryptocurrencies: The increasing popularity of cryptocurrencies is projected to fuel the online gambling and betting industry, since using non-traditional funds makes online gambling more convenient and secure.

Conclusion

Global online gambling and betting will witness significant growth between 2018 and 2024, and all sectors (hardware, software services) and games (poker, casino, sports betting, bingo, lottery) are expected to benefit. While there are various factors that are predicted to drive growth, there is only one trajectory for the international online gambling industry: Upward.