The Online gambling and betting market involves various online gaming platforms and mobile apps that allow users to wager money or value in specific events, games or sports outcomes through the internet or mobile applications. These platforms provide convenience, anonymity and variety of options to bet or play games from anywhere and anytime. The global Online Gambling and Betting Market is estimated to be valued at US$ 70.96 Bn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing internet penetration and increasing adoption of smartphones around the world has propelled the Global online gambling and betting market size over the past few years. The number of internet users has increased substantially providing a strong platform for online betting & gambling websites and mobile applications. It is estimated that over 60% of online gambling now takes place through mobile phones rather than desktop computers. This growing trend of mobile gambling is expected to continue during the forecast period and attract more consumers to this digitalized form of betting and casino games. The flexibility, entertainment and potential winnings have made online gambling one of the fastest growing segments in the overall gambling industry.
SWOT Analysis
Strength: Online gambling and betting offers convenience and accessibility for users as transactions and entertainment can be done remotely through digital platforms. It allows operators to reach a large customer base globally.
Weakness: Dependence on technology and cybersecurity risks as all transactions are done online. Regulatory restrictions and bans in some regions impact market potential.
Opportunity: Growth of smartphones and internet penetration in developing markets expand the potential customer base. Launch of innovative products like esports and live betting attract younger customers.
Threats: Strict regulations around advertising and promotion in some regions. Growth of unregulated illegal betting rings impact revenues of legal operators.
Key Takeaways
The global online gambling and betting market is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising internet and smartphone adoption.
North America currently dominates the market attributed to established industries in the US and Canada along with favourable regulatory environment.
Key players operating in the online gambling and betting market are Pfizer Inc., Novartis AG, Bayer AG, Sanofi, F. Hoffmann-La Roche Ltd, Eli Lilly and Company, Merck KGaA, GSK plc., AbbVie Inc., Bristol-Myers Squibb Company, Regeneron Pharmaceuticals Inc., AstraZeneca, AbCellera Biologics Inc., Molecular Depot LLC, DAIICHI SANKYO COMPANY, LIMITED., Abbott, Biogen, Thermo Fisher Scientific, Inc., Cell Signaling Technology, Inc, Intas Pharmaceuticals Ltd., Avantor Inc., UCB S.A., Merus N.V., GENEXTGENOMICS.COM, Biogenuix.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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