Online Gambling Market to Exceed $125 Billion By 2027
A report suggests that the market is expected to gain traction in the coming years
Most would agree that it would be a safe bet to say that casinos have been losing money due to the global pandemic… Don't take that bet! Actually, the spread of COVID19 has accelerated the demand for online gambling. Moreover, increasing digitalization coupled with secure digital payment options are also some factors contributing to online gambling market growth. The market is further expected to gain momentum over the forecast period attributed to the rising use of digital currency and websites provided by companies for betting and gambling. Earlier this year, Grand View Research reported that in 2019 the global online gambling market size was valued at USD 53.7 billion and that they expected to grow at a compound annual growth rate (CAGR) of 11.5% from 2020 to 2027. Later they projected the revenues in 2027 to reach $127.3 billion by 2027.
The report said that the market is expected to gain traction over the forecast period. Growing popularity of betting across the globe and freemium model in online gambling are among the potential opportunities likely to unfold in the next few years. Active companies in the markets this week include DraftKings Inc. (NASDAQ: DKNG), Playgon Games Inc. (OTCQB: PLGNF) (TSX-V: DEAL), Scientific Games Corporation (NASDAQ: SGMS), Landcadia Holdings II, Inc. (NASDAQ: LCA), Penn National Gaming, Inc. (NASDAQ: PENN).
Grand View continued: "Increasing adoption of smartphones and easy access to casino gaming platforms are currently driving the market. Factors such as increasing internet penetration and availability of cost-effective mobile applications for betting are also expected to contribute to market growth over the forecast period… The high internet penetration and increasing use of mobile phones among individuals for playing online games from their homes and public places are driving the market. In addition, factors such as easy access to online gambling, legalization and cultural approval, corporate sponsorships, and celebrity endorsements are also contributing to market growth. The growing availability of cost-effective mobile applications across the globe is further expected to fuel market growth."
