Global Online Gambling Set to Expand At a CAGR of 10.8% By 2024
The research group Transparency Market Research has just released a report detailing the size of the global online gambling market. According to TMR the global online gambling market is expected to expand at a CAGR of 10.8% from 2016 to 2024 and will reach $96.89 billion. The global online gambling and betting market is expected to reach $42.63 billion for 2016.
The overall global online gambling and betting market is primarily driven by mobile devices like smartphones and tablets. The report stated,” The expansive scope of consumer reach that these players can achieve through the use of smartphone apps alone is strong enough for them to consider creating standalone gambling and betting portals for mobile users. This allows the global online gambling and betting market to generate a staggering amount of income from users that like to play or bet using their smartphone on the go, rather than having to access websites on PCs or kiosks.”
Europe still has the largest share in the global online gambling market where there are a large number of online operators for gambling and betting. The UK in particular will continue to play a key role in the European market followed by Malta.
The Asia Pacific reason is expected to grow at a CAGR of 12.9% in revenue from 2016 to 2024 due to an increasing demand for online gambling and betting portals.
The rate of growth in the US is expected to be much smaller as strict online gambling restrictions continue to remain in place. The largest segment of the online gambling market is made up from the casino services who made up 26.4% of revenues in 2015.