The, Increased

The Business Research Company United Kingdom United States of America

11.01.2023 - 12:56:59

The Increased Use Of Mobile-Based Gambling Apps Will Propel The Gambling Market At An 11% CAGR - By The Business Research Company

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%.

Learn More On The Gambling Market Report

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.

Request A Free Sample Of The Gambling Market Report

View More Similar Market Reports:

Online Gambling Global Market Report 2023 – By Game Type (Betting, Casino, Lottery, Poker, Online Bingo, Others), By Device (Desktop, Mobile, Other Devices), By Component (Software, Services) – Market Size, Trends, And Global Forecast 2023-2032

E-Sports Global Market Report 2023 – By Game (Multiplayer Online Battle Arena (MOBA), Real Time Strategy, First Person Shooter, Fighting And Sports), By Platform (PC, Console, Mobile, Other Platforms), By Revenue Source (Sponsorship, Advertising, Merchandise & Tickets, Publisher Fees, Media Rights) – Market Size, Trends, And Market Forecast 2023-2032

Fantasy Sports Global Market Report 2022– By Sports Type (Football, Baseball, Basket Ball, Hockey, Cricket), By Platform (Website, Mobile Application), By Usage Type (Free, Paid, Hybrid), ) By Application (Individual Competition, Team Competition) – Market Size, Trends, And Global Forecast 2022-2026

Interested to know more about The Business Research Company?

The Business Research Company has published over 3000+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

The World's Most Comprehensive Database

The Global Market Model, The Business Research Company's flagship product, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets that help its users make better strategic decisions.

Contact Information

The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:

LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Logo: https://mma.prnewswire.com/media/1751581/tbrc_logo.jpg

Cision View original content:https://www.prnewswire.co.uk/news-releases/the-increased-use-of-mobile-based-gambling-apps-will-propel-the-gambling-market-at-an-11-cagr--by-the-business-research-company-301719006.html

@ prnewswire.co.uk