Online Betting Could Be Worth 94.4 Billion within 5 YearsSeptember 22, 2019 John Isaac
According to an analysis and forecast by Zion Market Research, the projected value of the global online betting market is on track to reach $94.4 billion by 2024. In 2017, the estimated total value of the same market sat at $45.8 billion, meaning it stands to more than double by the mid-2020s. This projection is entirely separate from brick-and-mortar and call-in gambling, but does cover all forms of online betting, from sports to Slots to lottery, as well as mobile and desktop platforms. So it’s not the gambling industry at the hole, but rather digital betting outlets exclusively.
Growing at a 10.9 percent Compound Annual Growth Rate (CAGR)
Between 2018-2024, the gambling market is projected to have a CAGR of 10.9 percent. This exponential growth was determined by an analysis of the current gambling landscape, including regulatory restrictions, as well as the potential for development of new opportunities in the future. While the drivers of growth in the online gambling industry seem to change year to year (mobile gaming is scarcely more than a decade old, and cryptocurrencies are taking the market by storm), the relatively short window of five years will give even the staunchest of sceptics some pause.
The report, conducted by Zion Market Research, is one of the more extensive and well-backed projections currently available. However, like all market projections, this report is based only on existing data – meaning unexpected shifts in the online gambling industry can substantially affect the accuracy of the report.
The full report, presented as a PDF file, breaks down the projections by the types of games and the component of the industry. The breakdowns include insights on casino games, Poker rooms, sportsbooks, and so on. The components include hardware, software, and service providers. The full report is available for purchase, but the cost for an individual is $4,199, while corporations need to pay $7,199.
Online Gambling Projections Are Somewhat Varied.
A similar trend analysis by Hexa Research projects that the online gambling market will reach $73.45 billion by 2024 due to a 9.8 percent CAGR. At the same time, Coherent Market Insights projects a CAGR of 11.4 percent, putting the value of the online gambling industry at $123.5 billion by 2026.
That is to say, the projection by Zion largely falls in the middle of the many research firms that conducted near-identical studies. Still, the message is consistent: the online casino market is growing at a significant—and exponential—rate.
Due to the shockingly massive number of $90 billion+, scepticism over the validity of that amount of growth is understandable. However, when one considers how the laws in Asia are getting more relaxed and states across America are legalizing online casinos, a double-digit CAGR is nothing if not logical.
About Zion Market Research
As listed on their website, two of Zion’s key focuses include Market Sizing and Forecasts and Niche Market Trends. A “Global Industry Perspective, Comprehensive Analysis and Forecast” of the online gambling market fits well within both of those focuses. But at the time of writing this post, two of their most recent reports focused on the pediatric vaccine market and the nonstick cookware market. That is to say the report was not conducted by a research firm specifically focused on online gambling, but a general company that conducts market studies across an enormous variety of industries.