Online Gambling Market Increasing the Adoption of Smartphones

According to Precision Business Insights, the Online Gambling Market research report provides industry size and growth.

According to Precision Business Insights (PBI), the latest report online gambling market is expected to be valued at US$ 59.3 billion in 2022 and grow at a CAGR of 11.9% over the forecast period 2023-2029. due to increasing adoption of smartphones across the globe. According to American Gaming Association (AGA), around 2,800 sites are active online and offer games and activities such as poker, lottery, and bingo. Internet gambling is, generally a means of using the internet to place bets on casino games, sports games, etc. Bets are usually placed through credit card accounts and wins or losses are paid or collected accordingly. Online gambling, also known as Internet gambling and e-gambling, is a general term for gambling using the Internet.

Sports Betting Accounted for Higher Revenue Share in Global Online Gambling Market:
Based on game type, global online gambling market is segmented into sports betting, casino, lottery, bingo, others. Sports betting is accounted for higher revenue. Sports betting can easily be defined as one of the most widely-spread forms of gambling. In general terms, sports betting is placing a wager, commonly referred to as a bet, on the outcome of a particular sports event. Today, sports betting has achieved the status of a favorite pastime of millions of sports fans around the world. It generates mind-boggling revenues. With the advent of online bookmakers, it's easier than ever to place a bet on your favorite sport without having to leave your home

North America leads the Online Gambling Market:
Based on regional analysis, global online gambling market segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America global online gambling market contributed the largest share in 2021. Online gambling firms are expected to increase their sport betting offerings after sport betting was approved in the United States by the Supreme Court in 2018, which further encourages the expansion of the industry. The types of online gambling that are legal in the US include casino games, online poker, online lottery and online sports betting which boost the global market.

The global online gambling market is segmented based on:
1) By Game Type: Sports Betting, Casino, Lottery, Bingo, Others.
2) Device Type: Desktop, Mobile, Others.
3) By region: North America, Europe, Asia Pacific, Latin America, Middle East & Africa

The global online gambling market key players are 888 Holdings PLC, Betsson AB, Bet365 Group Ltd., Kindred Group PLC, GVC Holdings PLC, Paddy Power Betfair PLC, Ladbrokes Coral Group PLC, Sky Betting and Gaming, William Hill PLC, Borgata Hotel Casino & Spa, The Stars Group, Inc., and Caesars Entertainment Corporation.