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Online Gambling Market: Legalizing Betting Will Support in Realizing the Full Potential of Online Gambling - ReAnIn Analysis
According to a report published by ReAnIn, the global online gambling market was valued at USD 67.5 billion in the year 2021 and is projected to reach USD 146.4 billion by the year 2028, registering a CAGR of 11.7% during the forecast period. The rising popularity of sports betting particularly among young adults, the growing adoption of mobile payments and online payments, and the increasing use of smartphones are some of the leading drivers for the global online gambling market. COVID-induced lockdown further fueled the growth of the market as physical casinos or attendance in live sporting events were restricted. The lack of a legal framework for online gambling in various countries is the major obstacle to the growth of this market.
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In May 2018 , the US Supreme Court ruled that each state could decide whether to allow legal sports gambling and since then about 30 states have legalized sports betting including 18 that allow online sports gambling. 16 states have either crossed US$ 1 billion in sports betting or are about to reach there. This rush toward sports betting has surprised almost everyone and has paved the way for online sports gambling in the country. New York collected US$ 1.6 billion in sports betting in less than a month after launching online sports betting in January.
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ReAnIn has segmented the global online gambling market by:
The global online gambling market is highly fragmented and there is fierce competition among leading global players and regional/local players. Key players operating in the global online gambling market are Bet365 Group Ltd, 888 Holdings PLC, Betsson AB, Kindred Group, Entain PLC, William Hill Limited, LeoVegas AB, Flutter Entertainment PLC, Paddy Power Betfair PLC, Ladbrokes Coral PLC, Sky Betting & Gaming, and Betfred. Leading companies in the market are focused on launching innovative products/solutions to gain market share. For instance, in September 2021 , LeoVegas Group launched AI-powered messaging to strengthen its safer gambling offering. Moreover, the exponential growth of online gambling has attracted the attention of investors across the globe. According to an estimate, online gambling has received more than US$ 130 million in funding in 2020.
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