The online gambling industry is on a trajectory of rapid expansion, with HraiGamble Group forecasting a substantial growth of 10.7% by 2030.
This projection is based on key survey data that provides insights into the driving forces behind this growth.
The Catalysts for Market Growth
Sergey Desyatnik, CEO of HraiGamble Group, identifies the legalization of online gambling in various countries as the primary catalyst for market growth. This regulatory shift has led to the emergence of numerous start-ups and global players, who have expanded their reach, employed celebrity endorsements, and secured corporate sponsorships.
The proliferation of technology, including AI, has also significantly contributed to the growth of online gambling. Technological advancements have made online gambling easily accessible using mobile devices, with approximately 80% of industry users accessing gambling services via their smartphones.
The COVID-19 pandemic and subsequent government-imposed quarantine restrictions have also had a significant impact on the online gambling industry. As people turned to online platforms for entertainment during lockdowns, the demand for gambling sites and online casinos skyrocketed.
The Future of Online Gambling
According to the “Online Gambling Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028” report by IMARC Group, the market size of global online gambling reached $79.8 billion in 2022. IMARC Group further predicts that the market value will reach $133.9 billion by 2028, with an average annual growth rate of 8.5% in 2023-2028.
Research and Markets estimates the global online gambling market size to be $72.33 billion in 2022, projected to reach $79.99 billion in 2023. The market is expected to continue its growth trajectory and will reach $162.69 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 10.66%.
The European Online Gambling Market
The European Gaming & Betting Association report “European Online Gambling – Key Figures 2022” reveals a steady growth in online gambling revenues, with €38.2 billion GGR in 2022, representing an 8% increase as compared with the pandemic-impacted year of 2021.
Casino games emerged as the most popular online gambling product in Europe, contributing €14.9 billion in gross gaming revenue (GGR) and accounting for 39% of the region’s online gambling revenue in 2022.
Sports betting and other types of betting such as live casinos followed, generating €13.6 billion in GGR and accounting for 35% of the total online gambling revenue in Europe.