The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Jan. 11, 2023 /PRNewswire/ -- The continuous rise in the use of smartphones and the availability of the internet is driving mobile gambling, with smartphone companies allowing gambling applications in their app stores. Increased smartphone penetration, improved awareness of sportsbook brands, increased mobile data availability and the ability to conveniently transact from a smartphone is benefitting the market and helping it to grow exponentially. For example, in September 2022, FanDuel Group, a US-based innovative sports-tech entertainment company, and Boyd Gaming, a US-based gaming and hospitality company, launched mobile sports betting in Kansas and announced the opening of FanDuel Sportsbook at Kansas Star Casino. FanDuel Sportsbook provides safe and secure banking, faster payouts and 24/7 customer service.
The global gambling market is expected to reach a value of $702.45 billion in 2023. The gambling market is expected to grow from $702.45 billion in 2023 to $765.89 billion in 2027 at a CAGR of 11.3%. The gambling market is expected to grow from $765.89 billion in 2027 to $847.54 billion in 2032 at a CAGR of 2.0%.
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The Rise In Legalization Of Gambling Activities Will Drive The Gambling Market
The gambling market forecast identifies the gambling market to be driven by the legalization of gambling activities. The increase in legalization of gambling is expected to increase the size of the gambling population, supporting the growth of the market. For instance, in May 2022, Governor Janet Mills signed LD 585 into law, legalizing sports betting in Maine, USA. The law was part of a larger package on tribal rights in the state. The law gives sports betting exclusively to the state's Native American tribes and grants broad power to the state regulator to decide what sports betting will look like in the state.
The Asia-Pacific Region Held The Largest Gambling Market Share In 2022
Asia Pacific was the largest region in the gambling market and was worth $146.0 billion in 2022. The gambling market in Asia Pacific is supported by increasing initiatives and a growing gambling market in geographies such as Macau (the only place where Chinese citizens can casino gamble legally), the Philippines, Malaysia and South Korea. For instance, in January 2021, Sands China Ltd, a Macau-based leading developer, owner and operator of resorts and casinos, completed gaming workshops for its staff regarding responsible gambling behavior to support the Macau government's Responsible Gambling Promotions 2020.
China Welfare Lottery Was The Largest Competitor In The Gambling Market
As per the gambling market research, China Welfare Lottery was the largest competitor in the gambling market in 2021, with a 12.58% share of the market. China Welfare Lottery is a national legal lottery issuance and sales organization. China Welfare Lottery's growth strategy aims at generating welfare funds through introducing new lottery products. For example, in February 2019, the organization introduced a new video ticket game for winning points and awarding gifts to the participants based on their points.
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