The new report released by Reportbuyer -Gambling Market: Global Outlook and Forecast 2018-2023- states that the global gambling market is expected to reach revenues of over US$525 billion by 2023, growing at a CAGR of approximately 4% during 2017-2023.
The increasing per capita income, high adoption, growing interest, and rising number of dual-income households will augment the transformation of the global market. The demand for online games and increasing penetration of mobile applications across the US, the UK, Italy, and China & SAR region will help attract new players in this market over the next few years.
The global gambling market is driven by increasing penetration of online gaming and betting across the North American and European region. The increase in per capita income, high adoption, growing interest, and growth of dual-income households are some of the factors augmenting the growth of the global market.
The exponential popularity and rising number of live casinos will help in the development of the global gambling market during the forecast period. The increase in eSport competitions in the form of video gaming or pro-gaming or professional video gaming is driving the growth of the global gambling market. The online gambling industry has utilized the opportunity to use digital currency and gambling on blockchain-based platforms to ensure that a higher number of consumers use these modes of payment in the global market. The increasing number of bitcoin and cryptocurrency transactions will augment the development of the global gambling market.
The land-based segment occupied the largest market share in 2017, growing at a CAGR of over 3% during the forecast period. Mass-market gaming is allowing the operators to gain more profitability and stability, where the customers pay for the money-spinning non-gaming items and help increase the operators’ profitability. The growing popularity of online gambling activities in the Asia Pacific (APAC) and European region will augment the development of this segment in the global market.
The global gambling market by geography is divided into Asia Pacific, Europe, North America, Latin America, and MEA. APAC dominated the majority of the market share in 2017, growing at a CAGR of around 3% during the forecast period. China & SAR, South Korea, and Japan are the largest revenues generators in the APAC region. The rise in per capita disposable income, increase in ownership of smartphones, and exponential proliferation of mobile gambling applications are some of the factors contributing to the growth of the Latin American region in the market. Argentina occupied the largest gambling market size in Latin America in 2017.
The global gambling market is highly concentrated with the presence of several regional and international players. The increasing focus on continuous innovations and upgrades to support digital platforms and sustain the intense competition in the global market. Various companies are expanding their businesses to developing countries such as India and China to tap potential opportunities in the market. The major vendors in the global market are Bet365, Galaxy Entertainment Group, Las Vegas Sands Corporation, MGM Resorts International, The Star Group, Paddy Power Betfair and William Hill.
Source: GMB
