The online gambling and betting market provides various online casino games as well as sports betting channels digitally through desktop and mobile platforms. Online gambling and betting platforms enable sports fans and casino game enthusiasts to place bets remotely on their favorite sports teams and games from the convenience of their homes. The global online gambling and betting market is estimated to be valued at US$ 70.96 billion in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity for remote access provides a key market opportunity for growth in the Global online gambling and betting market size. With people preferring the convenience of accessing casino games and sports betting channels digitally without having to visit physical locations, the remote access provided by online platforms is a major attraction. This allows customers to place bets on the go through their mobile devices or laptops/desktops anytime as per their convenience. The constant connectivity offered digitally helps drive engagement for both casual and regular gamers. As internet and smartphone penetration continues to rise globally, the online experience will enjoy increased preference over offline channels, thereby supporting markets growth over the forecast period.

Porter's Analysis

Threat of new entrants: The online gambling and betting market has moderate threat of new entrants due to high capital requirement and presence of established players. However, ease of entering the market online and potential for higher profits attracts new players.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and transparency in odds offered by different sites. They can easily switch between sites for better deals.

Bargaining power of suppliers: Suppliers of software/platform and other services have low bargaining power due to presence of many options.

Threat of new substitutes: Threat of new substitutes is low as online gambling requires specialized software/platforms and regulatory approvals.

Competitive rivalry: The online gambling market sees high competition due to many global and regional players offering similar services online.

SWOT Analysis

Strength: Large player base, wide options of games, easy access through mobile and online platforms are major strengths. Regulatory support is growing in many regions.
Weakness: Unregulated markets face legal risks. Maintaining security and preventing frauds is challenging. Addiction issues can impact growth negatively.
Opportunity: Growing internet and smartphone penetration worldwide offers an expanding customer base. Emerging markets like Asia Pacific provide major opportunities.
Threats: Strict regulations and bans in some regions pose threats. Competition is intensifying with new entrants.

Key Takeaways

The global online gambling and betting market is expected to witness high growth during the forecast period of 2023 to 2030. The market size is projected to reach US$ 70.96 Bn by 2024 registering a CAGR of 23%.

Regional analysis shows that Asia Pacific dominates currently with over 35% market share led by China, India and Japan. The region is expected to remain the fastest growing market attributed to rising internet adoption, young population and growing acceptance of online gambling activities. North America and Europe collectively hold about 50% share but Asia Pacific is likely to surpass North America by 2028.

Key players operating in the online gambling and betting market are Pfizer Inc., Novartis AG, Bayer AG, Sanofi, F. Hoffmann-La Roche Ltd, Eli Lilly and Company, Merck KGaA, GSK plc., AbbVie Inc., Bristol-Myers Squibb Company, Regeneron Pharmaceuticals Inc., AstraZeneca, AbCellera Biologics Inc., Molecular Depot LLC, DAIICHI SANKYO COMPANY, LIMITED., Abbott, Biogen, Thermo Fisher Scientific, Inc., Cell Signaling Technology, Inc, Intas Pharmaceuticals Ltd., Avantor Inc., UCB S.A., Merus N.V., GENEXTGENOMICS.COM, Biogenuix.

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