Global Gambling Market Report 2022: Market to Reach $876 Billion by 2026
Dublin, Sept. 28, 2022 (GLOBE NEWSWIRE) -- The "Gambling - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Gambling Market to Reach $876 Billion by 2026
The global market for Gambling estimated at US$747.9 Billion in year 2022, is projected to reach a revised size of US$876 Billion by 2026, growing at a CAGR of 3.6% over the analysis period.
The popularity of gambling in the country can be put into perspective by the fact that over 80% of American adults gamble at least once in their lifetime. As a large number of people spending more time on mobile devices, remote gambling developers and platforms are using the option to expand their customer base. Smart devices available on the market allow users to access comprehensive spectrum of mobile gambling games on the go. Lottery, one of the segments analyzed in the report, is projected to record a 2.8% CAGR and reach US$372.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Betting segment is readjusted to a revised 4.4% CAGR for the next 7-year period. The U.S. Market is Estimated at $267.5 Billion in 2022, While Asia-Pacific is Forecast to Reach $322.4 Billion by 2026
Given that tourists and locals are key revenue contributors for brick and mortar casinos, revenues plummeted significantly. Unemployment and reduced consumer discretionary income also remain key challenges to a speedy recovery. Also, since a significant amount of money spent on gambling is attributed to slot machines at locations such as hotels and airports, the closures of airports and hotels is affecting revenue generation from these areas.
Lockdowns have resulted significant revenues losses compared to the previous year. For instance, in New Orleans the gambling market has already witnessed more than 60% decline in revenues during the pandemic when compared to the previous years, due to the closures. The casino industry is also impacted by the fact that tourism and leisure sectors along with air travel, which are vital for the industry growth, have been hit hard by the pandemic. Gambling market in the U.S. is estimated at US$267.5 Billion in the year 2022. Asia-Pacific (including China) is forecast to reach a projected market size of US$322.4 Billion by the year 2026 trailing a CAGR of 4.4% over the analysis period. Among the other noteworthy geographic markets are Canada and Europe, each forecast to grow at 3.1% and 3.5% respectively over the analysis period.
The post COVID-19 period will offer exciting opportunities for mobile gambling. As mobile devices support advances features and are easy to operate, mobile gambling is an enticing option for gamers. With majority of casino game providers offering plethora of options, it is easier for players to enjoy these platforms anytime, anywhere without waiting to access their personal computers.
Advances in the field of mobile technology coupled with better accessibility and connectivity have enabled a large number of players to participate in remote gambling. With rapid transition from console toward mobile, mobile gambling is poised to emerge a rapid growing platform. Casino Segment to Reach $153.1 Billion by 2026
In the global Casino Segment, USA, Canada, Europe and Asia-Pacific will drive the 3.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$116.3 Billion will reach a projected size of US$149.9 Billion by the close of the analysis period.
Asia-Pacific (including China) will remain among the fastest growing in this cluster of regional markets and is forecast to reach US$34.5 Billion by the year 2026. What`s New for 2022?
Global competitiveness and key competitor percentage market shares
Market presence across multiple geographies - Strong/Active/Niche/Trivial
Online interactive peer-to-peer collaborative bespoke updates
Access to the digital archives
Complimentary updates for one year
Source: Extract from finance.yahoo.com