A new report has revealed that the online gambling market is likely to be worth US$103 billion by 2025, Grand View Research said.
US.- The online gambling industry kept increasing its size on a worldwide level. A new report by Grand View Research has revealed that the online gambling industry is expected to reach US$102.9 billion by 2025, with a CAGR of 11.5% from 2019 to 2025.
The research company said that the market will gain traction over the six-year period. Grand View reported that an increase in betting popularity all over the world and the freemium model in online gambling are some of the potential opportunities that are likely to happen in the upcoming years.
The report establishes that mobile and online sports betting as well as an increase in advertising around the modality across the globe will boost the segment growth between 2019 and 2025.
“Increasing digitalisation coupled with secure digital payment options are also some factors contributing to the market growth. The market is further expected to gain momentum over the forecast period. This may be attributed to the rising use of digital currency and websites provided by companies for betting and gambling.”
Moreover, Europe will continue dominating the online gambling market in the six-year period, despite the United States exponentially increasing the offering in the last couple of years.
“Asia Pacific is anticipated to register the highest growth rate owing to the increased adoption of smartphones, a larger proportion of the younger population, and legalisation of online gambling in the region. The online gambling market size is largely influenced by the size of betting and pertinent outcome,” said Grand View Research.