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Multibillion-dollar online gambling market continues to expand, research finds

Publish Date: 08/04/2022
Fact checked by: Mike Goodpaster

The online gambling market is steadily rising to the top. According to Acumen Research & Consulting, the Global Online Gambling Market Size is expected to reach around USD 172 billion by 2030, growing at a CAGR of 11.6 percent over the forecast timeframe.

In the last 20 years, online gambling has become one of the world’s fastest-growing industries. Millions of people gamble on various platforms every day. As a result, the revenue generated by these websites is enormous, increasing the value of the global online gambling market.

Because of the growing popularity of mobile gambling applications, online gambling, also known as internet gambling or e-gambling, is in high demand.

Online gambling, also known as internet gambling or e-gambling, has grown in popularity as a result of the growing popularity of mobile gambling applications. Gambling convenience and corporate sponsorship are just a few of the factors that have begun to shift gamblers’ interest away from traditional gambling and toward online gambling. This factor is also expected to accelerate the global online gambling market.

The COVID-19 pandemic also had a positive impact on the market, as consumers used the online platform to overcome financial, psychological, and social crises during lockdowns. It was one of the industries that flourished during the COVID-19 pandemic due to the lockdown measures and work-from-home culture.

Moreover, lockdown and social distancing regulations imposed by various countries and governments have had an impact on land-based casino operations. As a result, regular traditional gamblers shifted their focus to online gambling, boosting market demand during the COVID-19 period once more.

Mobile gambling is becoming increasingly popular around the world. Although it is prohibited in some states, the mobile gambling market is expected to grow significantly over the next few years. According to gambling regulators, younger people who are more vulnerable to addiction frequently engage in mobile gambling. Despite its link to gambling-related harm, live-action betting is heavily promoted on mobile gambling apps in jurisdictions where gambling regulation is more permissive.

Apple Pay, Pay by Phone, and other payment methods have made a huge change. Their withdrawal and deposit times are noticeably quicker. Furthermore, various statistics show that mobile casinos grew in popularity during the lockdown. In some countries, the increase was nearly 100 percent.

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