A new report from Grand View Research predicts that the global online gaming market will reach US$127.3 billion by 2027. The report estimates a compound annual growth rate from 2020 to 2027 of 11.5 percent.
The research report cites increasing adoption of smartphones and easy access to casino gaming platforms as the drivers of the market over the next few years. Factors such as increasing internet penetration and availability of cost-effective mobile applications for betting are also expected to contribute to market growth over the forecast period.
The report said the market is expected to gain traction over the forecast period. Growing popularity of betting across the globe and the freemium model in online gambling are among the potential opportunities likely to unfold in the next few years, it said.
Other highlights of the report:
- “The ease of sports betting using a computer or smartphone coupled with the proliferation of sports betting ads across the globe is expected to propel segment growth over the forecast period,” the report said. “A large number of customers are using desktops for betting as downloading and installing casino software proves to be easier on desktops. This, in turn, is expected to propel the growth of the desktop segment…
- “Europe is expected to continue its dominance over the forecast period. In the U.K., online gambling is legalized owing to safe practices and stringent regulations laid down by the government.”
- Asia Pacific is anticipated to register the highest growth rate owing to the increased adoption of smartphones, larger proportion of younger population, and legalization of online gambling in the region. The market size is largely influenced by the size of betting and pertinent outcome.”
- Electronic gambling devices (EGDs) are inexpensive to run and easily available. These devices have an in-built software that mimics the experience of a local casino. For instance, a video lottery terminal (VLT) uses advancing technology and can also be customized to electronic slot machines, spinning reel slot machines, video slot machines, and electronic poker games.”
According to the American Gaming Association, as of 2018, approximately 2,800 sites are active online and offer activities including bingo, poker, and lottery.
