The report projects that one of the segments it analyses, lottery, will grow at a 2.8% CAGR and reach $372.6 billion by the conclusion of the analysis period. Following a detailed examination of the financial effects of the pandemic and the economic crisis it caused, the growth rate for the betting industry is readjusted to a revised 4.4% CAGR over the following seven years.
The global gambling industry, which is expected to be worth $747.9 billion in 2022, is predicted to increase to $876 billion by 2026, rising at a CAGR of 3.6% during the study period.
Over 80 percent of American people bet at least once in their lifetime, which puts the prevalence of gambling in the nation into context. As more individuals spend time on mobile phones, online gambling companies and programmers are taking advantage of the opportunity to increase their consumer base. Users can access various mobile forms of gambling on the move with the help of smart gadgets currently on the market.
The gambling market is anticipated to reach $267.5 billion in the United States in 2022. By 2026, Asia-Pacific (including China) is anticipated to have a market worth $322.4 billion, growing at a 4.4% CAGR over the study period. Europe and Canada are two more noteworthy geographic markets, with 3.5% and 3.1% growth rates expected for each throughout the study.
There will be great potential for mobile gambling after COVID-19. Mobile gaming appeals to players since the gadgets include cutting-edge features and are simple to use. Players may now more easily enjoy such sites whenever and wherever they want without waiting to use their computers because most casino game suppliers offer various possibilities.
The United States, Canada, Europe, and Asia-Pacific are expected to fuel the segment’s projected 3.7% CAGR. By the end of the analysis period, these regional economies, which currently have a collective market value of $116.3 billion, are expected to grow to $149.9 billion. By 2026, it is anticipated that the Region, including China, will have one of the quickest growth rates in this group of regional marketplaces and will total $34.5 billion.
Compared to gambling with any other fiat currency, bitcoin gambling is significantly simpler, quicker, and more profitable. A safe and secure live casino, sports betting options, quick and helpful customer service, a selection of games, and slots from top software providers are all features of cryptocurrency gambling sites.
Bitcoin payouts are instant, in contrast to bank transactions that demand the customer to produce identity and supporting paperwork. Given that locals and visitors are the main sources of income for land-based casinos, earnings drastically decreased. Other significant obstacles to a quick recovery still include unemployment and declining consumer spending power.