The size of the global gambling market will increase more than USD 380 billion between 2017-2022, accelerating at a CAGR of 8% during the forecast period. This growth in market size will be attributed to the growing adoption of e-sports betting and online gambling platforms. Additionally, the relaxation of mobile gambling regulations and gradual legalization of online gambling is providing opportunities to market players to participate in gambling, creating a huge boost for the gambling market.
Sports betting is extremely popular among the young population and the gambling population in countries where gambling is partially legalized. The base of betting is steadily moving from land-based betting to online sports betting, as it offers variety in games and various incentives other than the prize money. This has increased the popularity of online betting among the younger audience, consequently driving the gambling market growth.
The global online gambling market is expected to exceed USD 60 billion by 2020 and will grow more than USD 35 billion between 2017-2022. The introduction of bitcoin gambling is a major trend currently impacting the online gambling market. With the growing popularity of bitcoins, numerous market participants are adopting gambling with the use of bitcoins as a currency due to the advantages offered by cryptocurrency compared to normal currency. Cryptocurrency can be used for cross-border transactions and fees involved with normal currency is typically higher than cryptocurrency. Vendors like Bitcasino.io, Slots.lv, Ignition, and Bovada offer bitcoin gambling.
The growing number of online female gamblers, changing consumer gambling habits, and increasing penetration of credit and debit cards are some of the major emerging trends gaining traction in the market. Female gamblers accounted for 40% in the US and 49% in the UK in 2015 which prompted several online casinos to enter the market with women as the intended target audience. For example, Cameo Casino was the first online casino launched for women in 2015 with the slogan "made by women, for women. This casino has since closed, however, the market has matured and is likely to make a positive impact within the online gambling market during the forecast period.
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Within our gambling industry research, we provide deep insights into the gambling market landscape, its segments, and their market share. Our research experts segment this market by gambling types and platforms. By type, the lottery segment currently accounts for the majority of the gambling market.
In 2017, the lottery segment accounted for 39% of the global gambling market share. The rising promotion of lottery through social media and other online channels is a primary factor currently driving the market's growth. Between 2017-2022, the global lottery market size will increase USD 173.5 billion, accelerating at a CAGR of 10%.
The increasing popularity of e-sports is taking the sports betting market to new heights. Between 2017-2022, the size of the global sports betting market will increase nearly USD 125 billion. In April 2017, Alisports, the sports arm of Alibaba, announced a partnership with the Olympic Council of Asia (OCA) and E-Sports will officially become an official medal sport at the 2022 Asian Games in China. The global esports market generated approximately USD 600 million in 2017 but will grow more than USD 1.1 billion between 2017-2022.
Our gambling market segmentation research offerings include:
We at Technavio, with our comprehensive understanding of the gambling market, have been monitoring the latest industry trends and developments to create an in-depth portfolio of reports for the gambling industry. These reports help our clients identify opportunities within the market and develop effective strategies to optimize their market positions. Our gambling market reports offer the following insights: