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Cryptocurrencies and blockchain technology are transforming the global online gambling market, offering faster, more secure, and more transparent payment processing solutions. – Actual Market Research
Mar, 31
2023

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Cryptocurrencies and blockchain technology are transforming the global online gambling market, offering faster, more secure, and more transparent payment processing solutions. – Actual Market Research

 

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Online gambling, also known as internet gambling, is a form of entertainment that has gained immense popularity in recent years. It involves wagering on various games of chance through a digital platform. The advent of the internet and the widespread availability of smartphones and other mobile devices have facilitated the growth of online gambling. In today's digital age, online gambling offers a convenient and accessible means of entertainment to millions of people worldwide. The world of online gambling is vast and diverse, encompassing a wide range of games and activities that cater to different tastes and preferences. From classic casino games such as blackjack, roulette, and poker to sports betting and virtual reality simulations, the online gambling industry has something for everyone. While the origins of gambling can be traced back to ancient times, the advent of online gambling has revolutionised the way people gamble, providing a convenient and accessible means of entertainment that can be enjoyed from the comfort of one's own home. Despite its popularity, online gambling remains a highly controversial topic. While some argue that it provides a harmless form of entertainment that can be enjoyed responsibly, others are concerned about the potential social and economic impacts of widespread gambling. At the same time, the online gambling industry has also brought significant benefits to society. It has created jobs, generated revenue for governments, and contributed to technological innovation. Moreover, it has provided a means of entertainment for millions of people who may not have access to traditional gambling establishments. As the online gambling industry continues to evolve, it is essential to strike a balance between promoting responsible gambling practises and fostering innovation and growth in this dynamic and rapidly expanding industry.

According to the research report, "Global Online Gambling Market Research Report, 2028," published by Actual Market Research, the market is expected to reach a size of over USD 179 billion, up from USD 94.17 billion in 2022. From 2023 to 2028, the market is expected to grow at an 11.64% CAGR. One of the primary drivers of growth is the widespread availability of the internet and mobile technology, which has made online gambling accessible to a larger audience. As more people gain access to high-speed internet and smartphones, the online gambling market is expected to continue expanding. Another factor contributing to the growth of the online gambling market is the increasing acceptance of gambling as a form of entertainment. As societal attitudes towards gambling have become more positive, more people are willing to try their luck online. Moreover, the online gambling industry has worked hard to promote responsible gambling practises and address concerns such as addiction and fraud, which has helped to build trust and confidence among players. The global online gambling market has been driven by regulatory changes in many jurisdictions. As governments around the world have legalised and regulated online gambling, it has become easier for operators to offer their services in a compliant and transparent manner. This has helped to attract new players and increase revenue for the industry. The growing adoption of digital and mobile payments has made payment procedures easier for users and online players. Also, online payment facilities offer a secure and safe mode of transaction, boosting their adoption in the online gaming industry. Further, the simpler and more convenient payment methods boost player participation in the gambling industry. The comfort of remote payments creates vast opportunities for online gamblers to promote and drive cash flow in the business. For instance, Visa Inc. and MasterCard are offering secured debit and credit payment options for online casino accounts.

The global online gambling market can be broadly divided into several regions, including North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. Europe is one of the largest and most mature online gambling markets in the world, with countries such as the UK, Malta, and Gibraltar serving as major hubs for online gambling operators. The European market is highly competitive, with a wide range of operators vying for market share. Furthermore, the Gambling Act of 2005, set by the UKGC (UK Gambling Commission), permits the companies to advertise their gambling sites, which, along with the rising popularity of online casinos, is highly contributing to the market growth in the region. The online gambling market in North America is growing with moderate growth compared to other regions, due in part to restrictive gambling laws in the US. The implementation of new laws for regulating and legalising virtual gambling allows online poker, sports betting, online casinos, and others. Nowadays, New Jersey is the largest market for regulated online gambling in the US. As there are various online sports betting apps and sportsbooks in the area. However, the market is expected to grow significantly in the coming years as more states legalise online gambling. In Canada, online gambling is legal and regulated, and the market is expected to continue growing. However, the Asia-Pacific region is home to some of the world’s largest and fastest-growing online gambling markets, including China, Japan, and South Korea. Online gambling is largely prohibited in China, but many Chinese players use offshore websites to gamble online. In Japan, online gambling is expected to become legal and regulated in the near future, creating new opportunities for operators.

On the other hand, the online gambling market in South America is still in its early stages, but it is expected to grow significantly in the coming years. Brazil, in particular, is seen as a major growth market for online gambling, with a large population and a growing middle class. Other countries in the region, such as Colombia and Argentina, have also legalized online gambling and are attracting new operators. These countries are focusing on regulating the gambling industry, which is driving investments in online gambling. Colombia has been an early adopter of internet-based gambling regulations. However, the online gambling market in the Middle East and Africa is expected to grow in the coming years as more countries legalise and regulate online gambling. South Africa is currently the largest online gambling market in the region, but other countries such as Nigeria and Kenya are also emerging as important markets. The global online gambling market is diverse and constantly evolving, with each region offering unique opportunities and challenges for operators.

Further, based on game type, a sport betting is one of the oldest and most popular forms of online gambling, and it continues to be a major source of revenue for operators. Sports betting allow players to wager on the outcome of sporting events such as football, basketball, and horse racing, among others. Moreover, the rise in popularity of sports betting on games such as rugby and soccer, coupled with high internet penetration, has advanced the market's growth. The partnerships between gambling software developers and private companies to produce user-friendly UI gaming solutions have expanded the market. For instance, in September 2022, Amazon.com, Inc. partnered with DraftKings, Inc. to make it the exclusive sports betting application for soccer broadcast on Prime Video. The casino's type segment is expected to grow at a significant CAGR over the forecast period from 2023 to 2030 due to the popularity of casino games such as blackjack, virtual slot machines, and more. The trend of quick casino games is a driving factor for this segment. For instance, the Lucky Block online casino website offers more than 100 live and interactive casino games. Additionally, the availability of customer support encourages users to play the games seamlessly.

Mobile gambling is expected to grow rapidly owing to the increasing adoption of smartphones. The youngsters are the driving force behind the surging demand for mobile-based sports betting. As per the Deloitte report on betting and gambling, one-third of betting and gaming users adopt smartphones for online gambling. Further, the growing cost-effectiveness of mobile applications is likely to expand the number of mobile consumers in the market. Software providers and operators emphasise delivering mobile-friendly interfaces and apps owing to the high adoption rate of mobile devices across the globe. Mobile devices offer a better experience at relatively lower costs. Marketing through mobile advertising is the most effective mode of communication, as it has higher market penetration. Online mobile gambling offers players the opportunity to play anytime and from anywhere. Additionally, rapid technological advancements in mobile devices are expected to offer improved gaming experiences to users. High penetration and adoption of internet devices and smartphones are driving the growth of the mobile device segment in the online gambling market. The desktop is likely to grow during the forecast period as it offers higher graphic design, clearer image quality, and more storage space, among others, which offer a better customer experience. These are the major factors contributing to the growth, which, in turn, will help the market grow. Many users prefer using desktop computers for betting, as installing and downloading casino software is simpler on desktops. This is anticipated to fuel the growth of the desktop segment. Furthermore, easy access, the device's user-friendly interface, and navigation between games encourage gamblers to choose a desktop. For instance, in April 2021, Kindred Group PLC launched a Watch & Bet live streaming player that would enable Unibet mobile customers to watch and bet on live sports in real time.

Government regulations play a crucial role in shaping the global online gambling market as they determine the legality, licencing requirements, and taxation of online gambling operations in different jurisdictions. The legality of online gambling varies widely across different countries and regions. In some countries, such as the UK, Malta, and Gibraltar, online gambling is legal and regulated, with operators required to obtain licences and comply with strict regulatory standards. In other countries, online gambling is illegal or largely unregulated, leading to a proliferation of unlicensed and potentially unsafe operators. In countries where online gambling is legal, operators are typically required to obtain licences from regulatory bodies and pay taxes on their revenues. The licencing requirements and tax rates vary widely across different jurisdictions, with some countries offering more favourable conditions to attract operators. Governments may regulate the advertising and promotion of online gambling to protect vulnerable individuals and ensure responsible gambling practises. Some countries prohibit the advertising of gambling altogether, while others impose strict restrictions on the content and placement of gambling advertisements. Governments may also regulate the consumer protection measures that online gambling operators must provide, such as responsible gambling tools, dispute resolution procedures, and customer support services. These measures are designed to ensure that customers are treated fairly and have access to support and assistance if needed.

There are various technological advancements that are driving innovation and growth in the global online gambling market, offering new opportunities for operators to enhance their services and attract and retain customers. For instance, virtual and augmented reality technologies are beginning to make their way into the online gambling industry, offering immersive and interactive gaming experiences. Virtual reality allows players to enter a virtual casino environment where they can interact with other players and dealers, while augmented reality enhances the player's experience by overlaying digital graphics onto the real world. Online gambling operators are increasingly using artificial intelligence and machine learning technologies to enhance their services and improve the player experience. These technologies can be used for a range of applications, including fraud detection, customer support, and personalised recommendations. In addition to that, crypto currencies, such as Bitcoin and Ethereum, are increasingly being used for online gambling transactions, offering faster and more secure payment processing. Blockchain technology, which underpins cryptocurrencies, is also being explored for its potential to enhance transparency and security in online gambling. Live dealer games, where players can interact with real dealers in real time, have become increasingly popular in recent years, providing a more immersive and authentic gaming experience. Online gambling operators are investing in high-quality streaming technology and sophisticated studio environments to provide an engaging and seamless live gaming experience.