Publication date: 09 Mar 2021
In 2019, the global online gambling market amounted to $ 4.583 trillion dollars. In 2026, this figure will reach $7.742 trillion dollars. Thus, according to a report by Brandessence Market Research and Consulting, the average annual growth rate is 7.91%.
- Read also a study by Fortune Business Insights and New York University: Gambling sector is expected to grow year by year after the quarantine.
The sport betting is projected to dominate in a standard online gambling segment. The sport betting share reached 54.23% of the total market volume in 2019. Some international gambling and sports betting brands have been recognized as the key players over the past five years, for instance Betsson AB, 888 Holdings PLC, The Stars Group Inc., The Kindred Group, GVC Holdings, William Hill PLC, Bet365, LeoVegas AB, Flutter Entertainment PLC, Cherry Spelgl?dje AB. According to experts’ forecasts, the online casino market will grow at a significant pace facilitated by several factors such as the following.
Factors which determine the online gambling development:
- The popularity of smartphones, first hand. According to the Internet Innovation Alliance report, 1.5 billion smartphones were sold worldwide in 2016. The smartphone penetration rate in the United States by the end of 2021 might hit 72.7%. At the same time, the desktop computer segment two years ago, in 2019, occupied 45.76% of the market.
- The second important factor was the expansion of the Internet and the availability of cost-effective betting mobile apps. According to the American Gaming Association (AGA), in 2019, there were only 2.8 thousand active sites for bingo, poker and lotteries. The easier access of electronic gaming devices (EGD), technological gains and the presence of leading gaming providers will trigger significant openings in the global online gambling market in the period up to 2026.
- The situation with the COVID-19 pandemic has also contributed to an increase in demand for online gambling worldwide. The growth of digitalization, combined with the availability of secure digital payment options, increased research by various organizations, and technology developments around the world are also contributing to the growth of the market.
Government regulation and related restrictions are also an important factor. Currently, in a number of European countries, the establishment of the regulated gambling market is in its initial stage. In Russia, the present situation is outstanding. At the end of 2020, many foundations responsible for payment services began to receive orders from the Central Bank to ban cross-border payments. In particular, such large services as QIWI and Yumopeu (former “Yandex.Money”). This situation had a negative impact on the gambling market. However, in March 2021, Yumopeu restored cooperation with 45 international non-resident companies, including such game services as Steam, Epic Games, and Wargaming. Individuals and companies can once and again benefit from the service and pay for their purchases and services. Perhaps, in the near future, cooperation between gambling and betting platforms will resume. We will monitor the situation and keep you informed!
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