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Online Gambling & Betting Market Size worth $ 182.2 Billion by 2031 – TMR Study

Transparency Market Research Inc. – The study analysts observed the growing popularity of online betting games involving of offering real money through online casinos. Online gambling companies are reaping revenue streams from the growing market value of the online gambling & betting, which is forecast to reach US$ 182.2 Bn by 2031. The demand analysis of online gambling & betting market has underscored the growing trend of smartphone-based gaming globally and rapidly increasing adoption of mobile instant messaging.
Many companies engaged in online casinos are keenly looking to leverage recent innovations in gaming technologies in a bid to enchant gamers. Furthermore, most key players in online gambling & betting market are leaning on constantly building up their brand equity through promoting these technologies and various benefits they bring to gamers, such as access to real-time analytics.
Key Findings of Online Gambling & Betting Market Study
- Growing Popularity of Online Sports Betting Pivots Tremendous Growth Opportunity: Rising inclination toward online sports betting is expanding the canvas for generating revenues in online gambling & betting market. Growing awareness of the sites that allow online sports betting has catalyzed the expansion of market opportunities.
- Rising Adoption of Smartphone-Based Gaming Generating Sizable Revenues: Penetration of smartphones and low-cost internet services has enabled online gambling companies to expand their product portfolio notably in emerging economies of Asia Pacific. The popularity of fantasy sports and focus on expanding the reach for audience for football and cricket have led to several profitable avenues for players in the online gambling & betting market.
- Commercialization of VR-based Headsets and Immersive Technologies Fueling Market Prospects: A slew of products that help gamers to immerse themselves in the activities have been widely commercialized and adopted. Stridently, virtual reality (VR) technology-enabled headsets have gathered traction, thus fueling the prospects of online gambling & betting market. Of note, online poker tournaments are gathering steams, thus expanding profitable avenue.
Online Gambling & Betting Market: Key Drivers
- Relaxation of laws and regulations on online gambling & betting in several developing and developed nations is a key driver of the expansion of market prospects. Especially online casinos had struck a favorable chord with consumers during the COVID-19 pandemic lockdowns.
- Cost-effective access to high-speed internet is a key pivot for the online gambling & betting market growth. Rise in popularity of internet-based gambling is invigorating demand.
Online Gambling & Betting Market: Regional Growth Dynamics
- The TMR study found that Europe led the global market in 2021, as it accounted for a major share. North America has also been a lucrative region in online gambling & betting market. In this regard, growing adoption of immersive technologies for online gambling & betting is boosting the U.S. online gambling market size.
- Asia Pacific online gambling & betting market is projected to expand at a remarkable growth rate during the forecast period of 2022 – 2031. Favroable legal framework in several economies is a key underpinning for revenue growth in the regional market in recent years. Apart from this, penetration of low-cost internet services in the region has accelerated the prospects of sports betting and gambling for market players.
Online Gambling & Betting Market: Competition Landscape
Firms are increasingly geared toward strengthening their online sports betting platforms reinforced by sponsorship in popular sports, which boosted their online gambling & betting market shares. The competition landscape is now characterized by high consolidation owing to relatively few large players holding majority of the stakes.
Some of the key market players are William Hill plc, Mybet Holding, Betsson AB, Kindred Group, The Betway Group, Betfred Ltd., Bet365 Group Ltd, GVC Holdings Plc, Fortuna Entertainment Group, The Stars Group, and 888 Holdings plc.
Online Gambling & Betting Market Segmentation
- Gaming Type
- Poker
- Casino
- Social Gaming
- Lottery
- Bingo
- Fantasy Sports
- Sports Betting
- Football
- Rugby
- Basketball
- Hockey
- Cricket
- Others (Baseball, Cycling, etc.)
- Device Type
- Desktops & Laptops
- Mobiles & Tablets
- Gaming Source
- Foreign Gaming Sources
- Local Gaming Sources
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Consumer Goods Research Reports
Sports Betting Market – The global sports betting market is expected to reach US$ 653.5 Bn by the end of 2031, grow at a CAGR of 9.8% from 2022 to 2031
Internet Sports Betting Market – The Internet sports betting market is projected to expand at CAGR of 12.1% during the forecast period 2021–2031
Sports Betting Kiosk Market – The global sports betting kiosk market is expected to register a CAGR of 7% between 2019 and 2027
Virtual Reality in Gaming Market – The global virtual reality in gaming market is expected to reach US$ 86.22 Bn by the end of 2031, grow at a CAGR of 32.3% from 2022 to 2031
Smart Card Market- Smart Card Market is expected to reach US$ 33.5 Bn by the end of 2031
Commercial Drones Market- Commercial Drones Market is expected to cross the value of US$ 11.30 Bn by the end of 2031
Smart Toys Market- Smart Toys Market is expected to cross the value of US$ 54.1 Bn by the end of 2031
Adult Entertainment Market- Adult Entertainment Market to reach US$ 300 Bn by 2030
Latest News
IGT Wheel of Fortune Video Poker Makes Global Debut at Downtown Grand Hotel & Casino in Las Vegas

International Game Technology PLC announced that it recently introduced its much-anticipated Wheel of Fortune Video Poker game in the world’s most prolific video poker market: Las Vegas, Nev. Guests of Downtown Grand Hotel & Casino (Downtown Grand) in Downtown Las Vegas became the first players in the world to enjoy legendary IGT multi-hand video poker paired with the puzzle-solving, wheel-spinning fun of Wheel of Fortune via IGT’s Wheel of Fortune Video Poker game.
“Becoming the first casino in the world to offer IGT’s Wheel of Fortune Video Poker was an exciting moment for Downtown Grand and one that generated palpable buzz and significant play on our gaming floor. For decades, our players have enjoyed IGT video poker and Wheel of Fortune slots, so combining the DNA of those two products to create something new is an exciting proposition for our players,” said Rick Coltor, Slots Manager at the Downtown Grand Las Vegas.
“Launching IGT Wheel of Fortune Video Poker in Las Vegas, the world’s largest video poker market, marked another important milestone in the rollout of our expanded Wheel of Fortune games portfolio. Our Wheel of Fortune Video Poker game delivers an ideal blend of proven multi-hand poker, jackpot excitement and the signature elements of Wheel of Fortune games that have propelled the theme’s success for more than 25 years,” said Nick Khin, IGT President, Global Gaming.
IGT’s Wheel of Fortune Video Poker is currently available on the CrystalCurve cabinet. Wheel of Fortune Video Poker incorporates the franchise’s famous puzzle-solving features and the iconic “Wheel Bonus” that has had players chanting “WHEEL-OF-FORTUNE!” for decades. The multi-hand poker game is available in triple-play, five-play and ten-play configurations and can award players 30,000, 50,000 or 100,000 credits, respectively, for a dealt royal flush.
Latest News
MLB Players Sign Licensing Agreement with PENN Entertainment

MLB Players Inc., a commercial affiliate of the Major League Baseball Players Association, and OneTeam Partners announced they’ve reached a licensing agreement with PENN Entertainment.
The agreement designates PENN’s sports betting platforms – ESPN BET in the U.S. and theScore BET in Canada – as Officially Licensed Sportsbooks of MLBPI.
PENN now has the rights to use MLB player names, images and likenesses on its sports betting platforms, marketing assets and promotional campaigns.
The deal also includes PENN’s retail sportsbook operations (32 retail sportsbooks at its casino properties, including 19 under the ESPN BET brand).
Last fall, FanDuel and MLBPI reached a similar licensing agreement after the MLB players’ union sued FanDuel and Underdog Fantasy in New York Supreme Court, accusing them of using the names and likeness of ballplayers on their players without permission.
”As baseball season gets underway, we’re excited to offer fans an enhanced betting experience that includes player likenesses, expanded wagering options and a more dynamic product. Partnering with MLB Players Inc. strengthens our connection to the league and its star players and creates additional opportunities to engage fans throughout the season,” said Jason Birney, Vice President of Operations at PENN Interactive.
OneTeam Partners specializes in commercializing group licensing rights for professional athlates, and is a joint venture between the NFL Players Association, MLB Players Association, Women’s National Basketball Players Association, MLS Players Association, and U.S. Women’s National Team Players Association.
“By integrating MLB player rights into PENN Entertainment’s platforms, this partnership brings fans closer to the game while unlocking new business opportunities in sports betting. It highlights the growing influence of players in shaping premium, fan-focused betting experiences while enhancing player NIL rights and widening distribution,” said Frank Arthofer, President of OneTeam Partners.
Latest News
Caesars Entertainment Debuts its First Live Dealer Studio Inside One of its Caesars Rewards Destinations

Caesars Entertainment Inc. announced the launch of its first branded, live dealer studio inside one of its world-class destinations made possible through its partnership with Evolution. The debut of the space inside Tropicana Atlantic City in New Jersey marks the second custom studio made for Caesars live dealer offerings on its online casino platforms following the launch of its first such studio in Pennsylvania earlier this year.
Players 21 and older on Caesars’ online gaming platforms Caesars Palace Online Casino, Horseshoe Online Casino, and Caesars Sportsbook & Casino can now enjoy a live dealer experience on mobile that draws inspiration from table game play at the Las Vegas Strip’s most iconic casino, Caesars Palace.
“The opening of this branded studio at one of our Caesars Rewards destinations introduces the newest addition to our ever-expanding online gaming platforms. We’re always striving to marry the world-class experiences our players enjoy at our destinations with the online casino play they love,” said Matt Sunderland, Senior Vice President and Chief iGaming Officer at Caesars Digital.
The New Jersey studio features five blackjack tables, which includes a VIP-exclusive blackjack table, one baccarat table and one roulette table. The tables feature custom felts with imagery and branding from iconic Caesars destinations on the Las Vegas Strip including Caesars Palace & Horseshoe. The studio also caters to VIP players, much like Caesars Rewards destinations, with a VIP-exclusive blackjack table offering an authentic 1-to-1 live high-limit blackjack experience, that could previously only be found in a physical casino.
“Evolution is thrilled to open a second dedicated Caesars live dealer studio inside Tropicana Atlantic City. This studio was made possible through our close partnership with Caesars. Once fully operational, it will generate approximately two hundred job opportunities in Atlantic City. We’re very proud to see a concrete example of how iGaming helps to create jobs and develop the workforce in our local communities,” said Jacob Claesson, Chief Executive Officer of Evolution North America.
Caesars Palace Online Casino, Horseshoe Online Casino, and Caesars Sportsbook & Casino are available on iOS, Android, and desktop for those 21 and older in New Jersey, Pennsylvania, Michigan, Ontario, and West Virginia. Each platform offers a dynamic online casino experience with a range of unique Caesarsbranded games alongside hundreds of classic land-based casino favorites and core casino game mechanics, including high limit slots, private live dealer tables, linked progressive jackpots, variations of poker and roulette, and more.
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