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

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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 OpportunityRising 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 RevenuesPenetration 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 ProspectsA 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

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Gambling in the USA

High 5 Games Honored with Two Prestigious Awards at the EKG Slot Awards

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High 5 Games, a renowned leader in the casino gaming industry, is proud to announce the receipt of two highly respected awards at the EKG Slot Awards, presented by Eilers & Krejcik Gaming. The awards, “Top Sweepstakes Casino” for High 5 Casino and “Most Innovative Online Game” for Shadow of the Panther Infinity, spotlight High 5 Games’ commitment to excellence and innovation within the digital gaming sphere.

The “Top Sweepstakes Casino” award recognizes High 5 Casino’s exceptional performance and consumer engagement, particularly noting the platform’s expansive game library that exceeds over 1000 titles, cutting-edge technology, and dedication to responsible gaming.

The title of “Most Innovative Online Game” was captured by Shadow of the Panther Infinity, a game that has seamlessly transitioned from land-based popularity to online acclaim. This title features the innovative Racking Up Riches mechanic and the Infinity respins feature, bringing novel excitement to well-established game formats.

“Receiving ‘Top Sweepstakes Casino’ and ‘Most Innovative Online Game – Shadow of the Panther Infinity’ awards is a remarkable win for us. It is the recognition of our products and the impact they have on the industry. These awards inspire us to push the boundaries even further, innovating and elevating the online gaming experience for players around the world and contributing to the development of the iGaming sector as a whole,” said Tony Singer, CEO of High 5 Games.

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Compliance Updates

Asensi Technologies Appointed as Approved Agent by Kahnawake Gaming Commission

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Asensi Technologies, a leading provider of Technical Compliance and Certification Services for online Gaming and Gambling companies, proudly announces its appointment as an Approved Agent by the Kahnawake Gaming Commission. This partnership further solidifies Asensi Technologies’ commitment to ensuring regulatory compliance and integrity throughout the gaming industry.

With a track record dating back to 2017, Asensi Technologies has been at the forefront of providing Technical Compliance and Certification Services to gaming operators and suppliers alike. Accredited as a gaming laboratory in Spain since 2017 and most recently in Peru on February 13, 2024, Asensi Technologies has continually demonstrated its expertise in facilitating compliance with regulatory requirements.

The Kahnawake Gaming Commission’s decision to designate Asensi Technologies as an Approved Agent reflects the company’s commitment to upholding the highest standards of regulatory compliance and integrity. Asensi Technologies is poised to assist the Kahnawake Gaming Commission in fulfilling its regulatory objectives effectively and efficiently, ensuring the integrity of gaming operations at every level of the industry and supporting all stakeholders in meeting regulatory standards.

“We are honored to be appointed as an Approved Agent by the Kahnawake Gaming Commission,” said Aurora Merino Salas, CEO at Asensi Technologies. “This appointment further validates our dedication to providing comprehensive technical compliance and certification services and also underscores our steadfast commitment to promoting transparency and integrity throughout the gaming industry.”

Asensi Technologies remains fully committed to leveraging its expertise and experience to assist the Kahnawake Gaming Commission in achieving its regulatory objectives. The company’s comprehensive range of services aims to facilitate seamless compliance for gaming operators and suppliers, thereby enhancing trust and confidence in the gaming sector.

“We extend our gratitude to the Kahnawake Gaming Commission for trusting in our capabilities,” added Aurora Merino Salas. “At Asensi Technologies, we are committed to continuing our efforts to uphold the highest standards of regulatory compliance and integrity within the gaming industry. Without a dedicated, committed, and specialized team like that of Asensi Technologies, all these steps forward would be impossible.”

For more information about Asensi Technologies and its suite of Technical Compliance and Certification Services, please visit Asensi website.

 

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Latest News

KARA MATTHEW, BMM INNOVATION GROUP CHIEF OPERATIONS OFFICER, RECOGNIZED AMONG GLOBAL GAMING BUSINESS MAGAZINE’S “25 PEOPLE TO WATCH” IN GAMING

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Matthew’s Impressive Performance Earns Her a Coveted Place on Prestigious “25 People to Watch for 2024”; List.

BMM Innovation Group (“BIG” or the Company), a technology conglomerate providing world-class services and cutting-edge solutions to the global gaming industry, today announced that Kara Matthew, Chief Operations Officer, has been recognized by Global Gaming Business (GGB) Magazine as one of its “25 People to Watch for 2024” in the gaming industry.

GGB Magazine’s 25 People to Watch acknowledges individuals who have demonstrated significant achievements in their gaming careers and are poised to make a substantial impact on the gaming landscape in 2024 and beyond.

Matthew said, “I am extremely humbled to be selected amongst 25 outstanding gaming industry leaders. This recognition further motivates me to continue pushing the boundaries, ensuring that BMM remains at the forefront of innovation. I’m excited about the journey ahead and the positive impact we can make in shaping the future of gaming.”

Martin Storm, Chairman and Chief Executive Officer of BIG, said, “We congratulate Kara on this unparalleled recognition. She has excelled in large-scale global management, process optimization, and technology advancement throughout her career. Her leadership has been instrumental in steering the BMM Innovation Group to new heights, and we are confident that her endeavors will continue to shape and elevate the future of the gaming industry.”

Matthew received a bachelorߣs degree in communications from the University of Washington, Seattle. She has over two decades of experience in the video gaming industry at Microsoft Xbox, and the casino gaming industry at International Game Technology (IGT), where she led global research and development and operational teams. More recently, she led delivery and operational teams at a global healthcare company, Change Healthcare, with hundreds of employees across the world, where she played a key role in the growth and ultimate IPO of the company.

 

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