The growing popularity of gambling around the world is the main driver of the global online gambling market. According to the American Gaming Association (AGA), as of 2018, there are about 2,800 gambling sites on the Internet.
The global online gambling market size is expected to reach $65,316 billion in 2020 and grow at a CAGR of 10.11% over the forecast period to reach a total market size of $128,154 billion by 2027.
The rapid spread of internet connection in various regions and countries, as well as the widespread use of smartphones, has facilitated access to various online gambling platforms. Thanks to companies offering free models, the number of people involved in various types of online gambling has increased by a significant percentage.
The growth in cost-effective mobile applications that allow users to play various online gambling games on their smartphones is also driving the growth of the global online gambling market. In addition, the popularity of sports betting, as well as online advertising of other gambling games, further attracts people to try online gambling, which also positively affects the growth of the market. Online gambling service providers are attracting more and more players by signing contracts with individual customers and players.
There are various regulatory frameworks in the online gambling industry, mainly related to the size of the market, the number of participants, and the level of illegal gambling. Tax rates, Internet penetration, and other regulatory requirements vary widely by region. The UK is by far the largest regulated online gambling market for many online operators. Other large regulated markets include Sweden, Spain, Italy and Australia.
Many countries have banned the online gambling industry, which is holding back the growth of the global online gambling market. Countries that have banned online gambling include Singapore, the United Arab Emirates (UAE), North Korea, India and Qatar. Even in countries where online gambling is allowed, regulation is limited and strict, further undermining the growth of this popular online gambling market.
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