Growing Online Gambling and Betting Market is Anticipated to Witness High Growth Owing to Increased Internet Penetration and Smartphone Usage
Online Gambling and Betting Market |
The online gambling and betting market comprises numerous sub-verticals including casino, poker, sports betting and lottery. The rising global interest in sports, rising penetration of internet and smartphone has significantly propelled the growth of this market. Some key advantages of online gambling and betting platforms include convenience of participating from anywhere, variety of games and sports to bet on, real-time betting options and lucrative promotions and offers for customers. With the growing acceptance of digital payments and blockchain technology, the online experience is expected to become more seamless, safe and personalized.
The Global
Online Gambling and Betting Market is estimated to be valued at US$ 81.75 Bn in
2024 and is expected to exhibit a CAGR of 23% over the forecast period 2024 to
2031.
Key Takeaways
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.
Some key opportunities in the Online
Gambling And Betting Market Growth include introduction of new sports
and games to bet on, expansion of betting options during live games and events,
regional expansion plans leveraging local partnerships and language support.
Global expansion is a key focus area as many developers are entering newer
markets adopting local payment options and languages to gain market share.
Major companies are also exploring opportunities through strategic mergers and
acquisitions.
Market Drivers and Restraints
One of the key drivers for the online gambling and betting market is the
increased internet and smartphone penetration globally. Availability of
high-speed internet and advancement in mobile technology has enabled seamless
experience across devices. Growing popularity of e-sports and emergence of
daily fantasy sports is also fueling the demand.
However, stringent regulations around gambling in many regions continue to be a
major challenge. Underage gambling is also an area of concern. Data privacy and
security remains top priority as any breach can undermine customer trust.
Dependence on third party technology providers also introduces supply chain
risks. Lack of standardization across regulatory landscape also acts as a
barrier for global expansion plans of online operators.
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