Online Betting Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of the online betting market was valued at USD 155.3 billion in 2022, and a CAGR of 11.2% is expected during the forecast period. Online betting has become legal all around the world these days. Increasing popularity of sports all around the world is driving growth in the market significantly. The presence of various big key players like Dream 11, My 11 Circle, and others is driving growth in the market significantly. Wider access to the internet globally, including in emerging markets, expands the potential customer base.

Legalization and regulation in online betting are making the market more appealing and accessible. Attractive bonuses, free bets, and promotions draw new users significantly. Advanced data analytics allow for personalized betting experiences and targeted marketing. The escalation of cybersecurity threats is hampering market growth, though.

Growth Drivers

Increasing popularity of sports all over the world, especially soccer, cricket, baseball, and basketball, is driving significant growth in the market. Lucrative offers by betting companies on the first game for the users are promoting this market towards a magnificent success. The rise of eSports betting attracts younger demographics and expands market opportunities. Improved user interfaces and experience design make online betting more engaging and user-friendly. Advanced data analytics allow for personalized betting experiences and targeted marketing. Increasing popularity of league cricket and soccer leagues all over the world is driving the betting market significantly all over the world.

Indian Premier League, Big Bash League, CPL, PSL, and hundreds of leagues in cricket are significantly driving the growth in the market. Rising popularity of soccer is driving growth in the market. The English Premier League, La Liga, Bundesliga, and other football leagues are initiating significant growth in the market. Rise in eSports is another significant reason behind the significant growth in the market. Attractive bonuses and free bets are driving growth in the market significantly. Rise in smartphone adoption and increasing penetration of smartphones during the postcovid-19 era are driving the growth in the market. The increasing culture of mobile apps and mobile payments is driving the growth in the market.

Segmentation

Sports

·         Cricket

·         Soccer

·         Baseball

·         Basketball

·         Hockey

·         Tennis

By Devices

·         Desktop

·         Mobile

·         Other Devices

By Game Type

·         Betting

·         Poker

·         Casino

·         Bingo

·         Lottery

·         Other Game types

 Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

Online Betting Market by Game type Segmentation

On the basis of the game type, the online betting market is segmented into betting, poker, casino, bingo, lottery, and other game types. Betting is the largest segment in the online gambling market by game type, and casino is the fastest-growing segment in the market during the forecast period. Rising popularity of eSports is also a significant growth driver in the market. Lottery is another leading segment in the market. Betting on sports and other events is popular and has a long history, making it a natural fit for online platforms.

Online betting offers a convenient way for users to place a bet from anywhere, which has increased its appeal. Online betting platforms offer a wide range of sports and events to bet on, catering to diverse interests. The rise of live or in-play betting, where users place bets during the ongoing events. Online betting sites often offer attractive promotions and bonuses, which drive user engagement and attract new customers. Casino is the second leading segment in the market due to online casinos offering a diverse range of games, such as slots, table games, and live dealer games, appealing to a wide audience. Partnerships with various software providers lead to high-quality gaming experiences and constant innovation.

Regional Outlook

On the basis of the regions, the online betting market is segmented into 5 parts: Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. Asia Pacific is expected to grow during the forecast period due to the increasing popularity of cricket and soccer all over the world. Lucrative leagues in cricket and football, increasing use of smartphones, and increasing accessibility of 5G networks are driving growth in the market significantly.

The region has a vast population with a growing number of potential bettors. Rising internet access and smartphone usage facilities easy access to online betting platforms. Increasing disposable income in almost the entire region, including countries like China, India, South Korea, and Japan, is witnessing significant growth in the market. Some countries are modernizing their gambling regulations, allowing more legal and regulated online betting activities.

Betting and gambling are culturally integrated in several countries, integrating participation in the region. North America and Europe as well are witnessing significant growth due to increasing participation in various sports. U.S. and Canada have a large market and affluent populations, contributing to a high market potential. States like New Jersey and Pennsylvania have substantial growth in the market. High internet penetration and increasing use of smartphones in the region are witnessing growth in the market.

Europe has a diverse regulatory landscape. Countries like the UK, Malta, and Gibraltar are known for their well-regulated and mature online betting markets. The EU has also been pushing for greater harmonization of regulations, though each country maintains its own rules. Europe is one of the largest online betting markets globally, with significant revenue coming from sports betting, casinos, games, and poker. Increasing popularity of baseball and basketball, along with rugby, is the main reason behind significant growth in the market.

Rising disposable income in the region is the key driver behind the significant growth in the market. Increasing urbanization and increasing popularity of cricket and soccer in the region is also a significant factor behind the growth in the market. Western Europe is the largest online gambling market. Increasing penetration of smartphones and the internet is the key driver in the region.

Key Players

·         Dream 11

·         Royal Vegas

·         32Red

·         Europa Casino

·         ZEAL

·         GVC group

·         Bet Fair

·         Gameworld.ro

·         GG.Bet

·         iGaming

·         SkillOnNet

·         Gambling.com Group Ltd.

·         Royal Panda

·         Betway

·         Casino.com

·         Play Frank Casino

·         Cherry Casino

·         Redbet Cassino

·         Betcoza

·         Betking

·         BuyLottoOnline

·         Mahzooz

·         Emirates Draw

·         Neogames S.A.

·         Other Players