The global online gambling market was valued at USD 69.12 billion in 2023 and reached USD 76.79 billion in 2024. It is projected to reach USD 178.25 billion by 2032, growing at a compound annual growth rate (CAGR) of 11.1% during the forecast period (2024–2032). The rapid growth of internet connectivity and smartphone usage worldwide is a key driver of the online gambling market. As more people gain access to high-speed internet and smartphones, they can easily access online gambling platforms like HellSpin from anywhere.
The global availability of low-cost mobile applications for online gambling and betting is expected to fuel market growth during the forecast period. Increasing internet penetration is also likely to drive the use of online gambling platforms worldwide. This contributes to greater investment in online gambling platforms and an increase in the number of live casinos around the world. Additionally, the growing popularity of the freemium model is expected to further boost market growth during the forecast period.
Increased Investment in Online Gambling
The growing investments in the online gambling market are primarily driven by the rising demand for cost-effective payment mechanisms. Another crucial factor encouraging investment in online gambling is the adoption of virtual and augmented reality. The market presents enormous investment opportunities, prompting professional players to invest in sports betting and shares of some of the leading online gambling companies. Various new market entrants and investors are approaching key stakeholders in the online gambling market, including operators, suppliers, regulators, and legal/financial advisors specialized in the sector.
Continuous technological advancements are also significantly supporting market expansion. Notable developments include commercial models such as virtual currencies and social casinos, game formats, live sports betting, and mobile geolocation. Investments are being made in AI-based facial recognition software and cryptocurrencies. Additionally, the increasing preference of market participants for virtual reality (VR) to offer real-life experiences is expected to positively impact the market. For example, in 2021, the renowned sports betting and gaming entertainment company Entain launched the first VR-based multisport entertainment platform. This new offering was developed in collaboration with Verizon Media.
Growing Number of Live Casinos Worldwide
An increasing consumer preference for online live casinos over traditional land-based casinos in various countries where both offline and online gambling have been legalized is significantly boosting market growth. The shift of players from offline to online gambling has created lucrative growth prospects for online casino operators. Numerous professional players prefer live casinos because they help them track their moves. Additionally, they offer real-time games with live dealers, live chat functions, and games that can be played anytime and anywhere.
The emergence of live casinos based on advanced technologies is expected to drive market growth during the forecast period. In 2021, Evolution, as part of its business expansion strategy in response to the rapid growth of the U.S. iGaming industry, opened its third live casino studio in Michigan. According to the company, the live casino studio provides a state-of-the-art B2B live casino solution for multiple operators, aiming to offer online players enhanced live gaming experiences on smartphones, desktops, and tablets.
Live casinos are also becoming increasingly popular because playing does not require real money, allowing inexperienced players to participate without fear of financial loss. Due to these advantages, the number of live casinos is rapidly increasing, creating lucrative opportunities for the online gambling market over the forecast period.