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Rise In Smartphone Adoption Fuels Global Growth Of Online Gaming Market: Powering Innovation and Expansion in the Online Gam*bling Market by 2025
Online Gambling
What Is the Expected CAGR for the Online Market Through 2025?
In recent years, the industry has seen accelerated expansion. The market size, which stood at $118.35 billion in 2024, is forecasted to leap to $130.2 billion in 2025, with a compound annual growth rate (CAGR) of 10.0%. This significant expansion during the historic period can be attributed to robust economic upturn in developing markets, the rising consumption of smartphones coupled with enhanced internet access, the growing popularity of digital transaction methods, and an increase in disposable income.
What's the Projected Size of the Global Online Market by 2029?
The size of the online market is anticipated to experience substantial growth in the coming years, expected to expand to $191.81 billion in 2029 with a compound annual growth rate (CAGR) of 10.2%. Factors contributing to this projected growth during the forecast period include an increase in gamer participation amidst the COVID-19 pandemic, the growing acceptance of fintech amongst consumers, technologically sophisticated platforms, the legalization of and changes in consumer behaviour. Key trends during the forecast period comprise of investments in AI technology to enhance the user experience, the incorporation of cryptocurrency as a method of payment, the creation of mobile apps, investment in AR and VR technology, sponsorships of major sports events with high viewership, partnerships with celebrities and influencers, providing free access to games with certain key features, and supporting cross-platform availability for games.
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Top Growth Drivers in the Online Industry: What's Accelerating the Market?
The surge in smartphone usage coupled with enhanced internet connectivity is propelling the growth of the online sector. Worldwide, mobile devices' usage evidently surpasses that of desktop computers or laptops. In the majority of nations, approximately 80% of all online gamblers are mobile users. For example, DemandSage, a US data reporting and analytics firm, reported in July 2023 that 86% of people worldwide possess a smartphone. As of 2023, the global count of smartphone users stands at 6.8 billion. Among millennials in the U.S, 94.4% are smartphone owners. About half of the U.S. population spends 5 to 6 hours daily on their smartphones. This trend is anticipated to fuel the expansion of the online market.
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What Are the Key Trends Driving Online Market Growth?
Leading firms in the online market are striving to offer innovative solutions like online s to improve user engagement, attract new patrons, and retain a competitive advantage. An online is a digital venue where individuals can engage in various games such as and slots via the internet. For example, in May 2024, MyPrize, an American company that develops an online crypto gaming platform, debuted an advanced online with integrated live streaming and multiplayer features. This allows users to interact with their friends and streamers in real-time through their unique Bet Together technology. This platform hosts a range of well-liked games, enables users to interact with streamers while jointly participating in betting, thereby leading to a shared gaming experience. Furthermore, MyPrize accommodates cryptocurrency transactions, serving as a portal to the Web3 ecosystem.
What Are the Main Segments in the Online Market?
The online market covered in this report is segmented -
1) By Game Type: Betting, , Lottery, , Bingo, Others
2) By Device: Desktop, Mobile, Other Devices
3) By Component: Software, Services
Subsegments:
1) By Betting: Sports Betting, E-Sports Betting, In-Play Betting
2) By : Slot Games, Table Games (, Roulette), Live Dealer Games
3) By Lottery: Online Lottery Tickets, Instant Win Games, Scratch Cards
4) By : Texas Hold'em, Omaha, Tournament
5) By Bingo: 75-Ball Bingo, 90-Ball Bingo, Specialty Bingo Games
6) By Others: Virtual Sports, Fantasy Sports, Social Games
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Which Top Companies are Driving Growth in the Online Market?
Major companies operating in the online market include Flutter Entertainment plc, bet365 Group Ltd., Entain plc, Kindred Group plc, William Hill PLC, 888 Holdings PLC, International Game Technology PLC, Betsson Ab, DraftKings Inc., Betfred, QQ Lottery, Las Atlantis, Sports Toto Malaysia, Ruby Fortune, Jackpot City, SPIN , 32Red, Royal Vegas, Europa , Mobile Premier League, 1xBet, Evolution Gaming, Netent, Microgaming and Play 'n' Go, Bodog88, 188bet.g, Ladbrokes Coral, Sky Betting & Gaming, Super slots, Pari Mutuel Urbain, CODERE, SuperWins, Bede Gaming, Betfair, Buzz Bingo, Superbet, GVC Holdings PLC22BET, Betway, Scientific Games, Buffalo Partners, LeoVagas.com, 22BetCherry AB, .Com, Slots Million, Camelot UK Lotteries Ltd., BetKing, Betcoza, MelBet
Which Regions Will Dominate the Online Market Through 2029?
Asia-Pacific was the largest region in the online market in 2024. Eastern Europe is expected to be the fastest-growing region in the global online market report forecast period. The regions covered in the online market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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