More than 80 nations have legalized online gambling and Europe has the largest online gambling market in the world, and this is just going to increase as Netherlands adopts new online gambling regulations, the report said.
The report indicates that online gambling activities involve poker games, casinos (where traditional games are played like blackjack, roulette, etc), sports betting, bingo and lotteries. Sports betting’s and casinos make the largest amount of money.
Following are the highlights of the report:
The market was USD 44.16 billion in 2016 and is estimated to reach USD 81.71 billion by 2022, at a CAGR of 10.8%. The use of mobile devices for online gambling purposes is increasing. The market growth for this industry is very geography specific.
Geography Wise Growth
More than 80 nations have legalized online gambling and Europe has the largest online gambling market in the world, and this is just going to increase as Netherlands adopts new online gambling regulations. In Asia Pacific region, the online gambling sector has not grown much. In countries like Singapore, the government has made all sorts of gambling illegal.
In China and South Korea also gambling sites working illegally were arrested. While in the USA, three states already allow online gambling, and it is expected that more states are going to adopt similar regulations, allowing this market to grow in these regions, as the government want to benefit from the tax revenues. In Africa also similar to Asia there has been no plans for legalizing online gambling anytime soon.
Drivers and Constraints
Although the online gambling industry shows growing trends, land-based gambling still dwarfs the Internet activity, which can be a constraint for this industry in the long run. In specific regions there has been minimal growth of this industry due to strict government regulations, becoming a huge constraint for players in the market. Meanwhile, a major driver for this industry is the opening up of new markets in countries like USA and Europe where certain states are allowing legal online gambling. There is even a huge risk in entering these industries especially in countries where eGaming is illegal, jeopardizing the entry of new customers and the expansion of existing players.
Since the online gambling market allows players to use virtual money, it has reduced the burden and risk of carrying cash as in the case of real gambling activities. Users can play from the comfort of their own homes, taking more people to become part o the online gambling community, and increasing the sector's growth estimations for the future.