The global gambling market is expected to grow significantly in the next few years, according to a recent report by Technavio. The report estimates that the market will grow at a compound annual growth rate of 7.1% between 2022 and 2027, with the market size expected to increase by USD 260.44 billion.
This growth is attributed to several factors, including the increasing popularity of online gambling, the rise of crypto casinos, and the legalization of gambling in more countries. The report also notes that the COVID-19 pandemic has accelerated the shift towards online gambling, as people were forced to stay at home and look for new forms of entertainment.
The historic market size of the gambling industry, valued at USD 530.40 billion between 2017 and 2021, further indicates the potential for significant growth in the years to come.
Some of the major players in the industry include 888 Holdings plc, Bet365 Group Ltd., Betsson AB, Caesars Entertainment Inc., and Crown Resorts Ltd., among others. These companies offer a range of gambling products, from online casinos and sports betting to lottery games and bingo.
888 Holdings plc, for example, offers a variety of gambling games such as the XL retro series, Triple thread, and multiple modes of gaming with friends. Bet365 Group Ltd. provides its customers with popular games like roulette, baccarat, blackjack and spin a win, while Betsson AB offers a range of options, including casino, poker, bingo and scratch cards.
As the industry continues to grow, there will likely be increased scrutiny from regulators and lawmakers. In many countries, gambling is still a heavily regulated industry, with strict rules governing everything from advertising to the use of algorithms in online casinos.
Overall, the gambling industry is poised for significant growth in the coming years, driven by technological advancements and changing consumer behavior. As more people turn to online gambling and mobile gaming, the market is expected to continue to expand, creating new opportunities for businesses and investors alike.