Global iGaming Expected to Nearly Triple in 10 Years
The studies are fairly common. Marketing research firms regularly publish studies that show the potential for gambling growth, specifically in the internet gaming space.
Sometimes, one catches the eye, one that is comprehensive and considerate of new developments and most market entities. The latest analysis from Custom Market Insights appears to do that in its new “Global Industry Overview, Statistical Data, Competitive Intelligence, Trends, Outlook, and Forecast 2022-2030” report.
The detailed report breaks down the market by region and devices, such as desktop and mobile. More importantly, it provides separate analyses for online poker, casino games, bingo, sports betting, and lottery games.
Big Numbers
The overall eye-catching number is the one that shows the global online gambling and betting market nearly tripling in size over the next decade.
-2021 value: $58.2B
-2030 expected value: $145.6B
-Compound annual growth rate: 12%
This is especially notable in that the global igaming market only grew from $52.8B in 2020 to $58.2B in 2021.
The market was in a unique position during the pandemic, however. Its growth was substantial in 2020, when land-based gambling and betting options remained mostly closed around the world. But as they reopened in 2021, people clamored to get back to live venues. Even so, igaming continued its overall growth, which will intensify in the coming years.
Europeans on Desktops
The overview of the Custom Marketing Insights report included several key points.
One of the most interesting is that the majority of igaming and sports betting business in 2021 came from desktop users. While mobile device gaming has increased exponentially in the past decade, its use for gaming is slowing somewhat. This is due to the use of desktops for more lottery and sports betting purposes. Online poker is also primarily a desktop game.
Another interesting point is the fastest-growing region of the world for internet gaming. Predictors often show Asia as being the biggest growth market, but this report shows that Europe was the leading part of the world with regard to revenue generation in 2021.
Finally, the unsurprising part of the igaming market growing the fastest is sports betting. It had the majority of the market share in 2021. This will likely continue to be the case as more markets are embracing sports betting, as well as alternative ways to wager on sports, such as the incorporation of mobile and other app gaming.
Further, more sports contribute to growing sports wagers. As betting becomes an option for sports like boxing, handball, and other games, more people are drawn to betting.
Custom Market Insights also showed that the most prominent players in the full market were The Stars Group (PokerStars), GVC (partypoker), Betsson, William Hill, Bet365, Paddy Power Betfair, Betsson, Ladbrokes Coral, 888 Holdings, and Kindred Group.
