As the popularity of gambling keeps increasing around the world, so does its market value. In 2020, the Global Gambling Market was worth $465.76 billion and went up to $510.03 billion in 2021. This was compound annual growth rate (CAGR) of 10.8% due to companies rearranging themselves to recover from COVID-19. However, while the growth will slow down, analysts still expect the Global Gambling Market to Reach $876 Billion by 2026.
Before we start, it is important to note that the gambling industry is a broad and complex market. This is because it is made up of various components from online to in-person gambling to different types of gambling. Therefore, this information in this gambling report includes sports betting, casino games, lottery and anything that relates to gaming.
The Global Gambling Market to Reach $876 Billion by 2026 – Growth Details
This gambling market consists of sales of gambling services and goods from operators and providers. Furthermore, the data was taken from various industry leaders from sportsbook pay per head providers, and online casino platform companies.
At the moment, if the conditions remain the same the Global Gambling market will reach $747.9 billion this year. The market will see its growth slow to 3.6% CAGR which is good as the global economy is slowing down.
In the Asia-Pacific sector, the forecast is that it will reach $322.4 billion by 2026. This includes a high growth forecast in the South Korea for online slot machines and sports wagering.
As to the U.S. Market, the current estimate is at $267.5 billion for 2022 and show a large growth spurt. This is because of the increase in legal gambling as more states legalize online sports wagering and online casinos.
Furthermore, the Canadian and European market will grow at 3.1 and 3.5% respectively over that period of time. According to Gambling Industry News, the growth increase will be because of casino games providers offering more accessibility options.
Technological advances in the mobile industry along with better accessibility are enabling more players to participate in remote gambling. With rapid transition from console toward mobile, mobile gambling is emerging as a rapid growing platform.