The online gambling industry is made up of Casinos, Sports betting, Poker, and Bingo. Sports betting is the market leader and contributes 45% of the market size.
The global market size of the online gambling industry reached a value of $75 billion in 2021. Sports betting is valued at $34 billion which is predicting sports results and making a bet on the outcome. The frequency of sports wagering varies by culture, with most wagers being put on amateur and professional levels of association football, American football, basketball, baseball, hockey, track cycling, car racing, mixed martial arts, and boxing.
Casinos are the second biggest sector with a contribution of 30% to the online gambling market size. Casinos reached a value of $23 billion in 2021. The casino segment covers all gambling activities within casino establishments, such as card games, roulette, and slot machines located in casinos; tips and admission fees are included, but additional revenues such as food, drink, and accommodation sales are excluded.
Poker comes third with a contribution of 19%, accounting for $14.2 billion and Bingo is valued at $4.4 billion with a share of 6%.
Earlier in the year 2020, globally, when the COVID-19 outbreak impacted the offline sector greatly, online gambling had no effect with the population shifting towards online mode as the whole world was at a standstill with multiple lockdowns and government restrictions for the better part of the year. As a result, a growth of 12% was seen in online gambling, accounting for an increase in market size of $7.7 billion, with a huge contribution of $5.8 billion from Casinos.
After the restrictions were eased, the industry witnessed even more growth, as the demand for online gambling increased resulting in a 9% rise in 2021 which accounts for growth in market size of $6 billion.
The global online gambling market grew at a CAGR of 12% during the period 2017-2021 as the world recovered from the pandemic and people, in general, became spendthrift and willing to spend on betting as they were forced to sit out of sporting events for the better part of a year. Also, the sector was witnessing good growth before the pandemic hit which further helped the market to bounce back as soon as restrictions were eased.
The major companies that have a strong presence in the online casino market include 888Sport, Caesars Sportsbook, Kindred, Ignition, and Bet365 among others.
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