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Grand View Research Inc. has reported that the size of the global online gambling market is expected to reach USD 102.97 billion by 2025, registering a CAGR of 11.5% from 2019 to 2025.
Increasing adoption of smartphones and easy access to casino gaming platforms are currently driving the market growth. Factors such as increasing internet penetration and availability of cost-effective mobile applications for betting are also expected to contribute to the market growth over the forecast period.
Electronic Gambling Devices are inexpensive to run and easily available. These devices have in-built software that mimics the experience of a local casino. Video Lottery Terminal uses advancing technology and can also be customised to electronic slot machines, spinning reel slot machines, video slot machines and electronic poker games.
Increasing digitalisation coupled with secure digital payment options are also some factors contributing to market growth. The market is further expected to gain momentum over the forecast period. This may be attributed to the rising use of digital currency and websites provided by companies for betting and gambling.
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Global Online Gambling Market to Reach 2.97 Billion by 2025
