The “Global Online Gambling Market – Forecasts from 2022 to 2027” report has been added to ResearchAndMarkets‘ offering.

The global online gambling market was valued at US$65.316 billion in 2020 and is expected to grow at a CAGR of 10.11% over the forecast period to reach a total market size of US$128.154 billion in 2027.

The growing popularity of betting across different regions around the globe is significantly driving the global online gambling market. According to the American Gaming Association (AGA), around 2,800 sites were active online and offered games and activities, such as poker, lottery, and bingo, as of 2018.

The growing adoption of smartphones, coupled with rapid penetration of better internet connectivity across various regions/countries, is supporting easy access to various online gambling platforms. With companies offering freemium models to their customers, the number of people engaged in various types of online gambling is rising at a considerable rate which, in turn, is boosting the growth of the global online gambling market.

An increasing number of cost-effective mobile applications to play different online gambling games on smartphones is also contributing to the market growth of online gambling worldwide. The ease of sports betting using a portable connected device such as a smartphone, laptop, and tablet has increased the number of players in the online gambling industry.

Moreover, the proliferation of sports betting along with other online gambling ads is further attracting people to try online gambling, thus positively impacting the market growth during the forecast period. Online agencies, third-party ad servers, and networks and exchanges are used for advertising gambling websites of various companies. Online gambling service providers enter into agreements with individual customers or players to offer betting services for real money, attracting more and more gamers.

The online gambling industry has a vast range of regulatory frameworks in place, which attributes mainly to the market size, the number of participants, and the level of illegal gambling. Legislation for online gambling ranges from licensed markets that are fully open to commercial operators to explicitly prohibited and banned. Tax rates, online penetration, and other regulatory requirements vary widely across geographic regions. As legislation continues to evolve, the regulated markets have a severe impact of increasing costs and barriers to entry which includes consumer protection initiatives and rising gambling taxes. By far, the United Kingdom is the largest regulated online gambling market for many online operators. Other sizeable regulated markets include Sweden, Spain, Italy, and Australia.

However, many countries prohibit the online gambling industry, which is hampering the growth of the global online gambling market. Countries, where online gambling is illegal, include Singapore, the United Arab Emirates (UAE), North Korea, India, and Qatar. In Russia, online gambling is completely banned except for interactive gambling, which includes simulators of slot machines, card games, and casino games. Moreover, countries, where online gambling is allowed have restricted and stringent regulations, which further erodes the growth of this overall online gambling market.

The International Esports Federation (IESF) has signed a Memorandum of Understanding (MOU) with Sidewalk Entertainment, an artificial intelligence (AI) tech company. IESF and Sidewalk will work together to promote a new variety of esports, which utilizes the physical movement of athletes.

Together, IESF and Sidewalk will use STEPIN, a random dance challenge service that uses real time motion-tracking AI technology created by Sidewalk. Using the platform, the two organizations will bring together esports and dancing by providing opportunities to learn, practice and battle. All users will have the opportunity to see the reply of their skeletal joints. IESF and Sidewalk will also collaborate on a special activity using STEPIN at the upcoming World Esports Championships Finals in Bali, Indonesia.

This partnership will help explore new developments in esports, combining dance and interactive social media experiences, as well as international STEPIN tournaments. It will also contribute to uniting the World Esports Family by connecting K-pop and esports fans worldwide.

IESF Secretary General Boban Totovski said: “IESF is thrilled to work together with Sidewalk Entertainment to bring something new to the esports ecosystem. We are pleased to be taking part in a new digital content culture of K-pop dance and working towards our mission of serving as an exchange platform and network for esports stakeholders and securing valuable partnerships within the World Esports Family.”

Sidewalk Entertainment Kibong Kook said “We are so glad to be in partnership with IESF and bring a new joy to K-pop and esports fans around the world. The K-pop industry and esports industry both are growing rapidly in the global market. We will link both industries with the AI technology of STEPIN to create a new chapter of esports industry.”

IESF recently held the World Esports Summit, which brought together over 200 stakeholders from the World Esports Family and the broader esports ecosystem to discuss key issues in esports and the future of responsible esports worldwide. IESF is constantly evolving to best serve its members and secure the future of responsible esports.

Quantum Gaming has entered a new partnership with Pragmatic Play, the leading multi-product provider to the iGaming industry.

With a diverse portfolio tailored and regulated for the mobile industry, Pragmatic Play is focused on delivering engaging, evocative gaming experiences for players in regulated markets all over the globe.

All of its games are designed for optimal player engagement on mobile and desktop, providing a broad choice of immersive products, headlined by multi-award-winning Gates of Olympus™ and Wolf Gold™.

Pragmatic Play’s reputation is founded on dependability, an established track record of reliability, agile delivery, and the flexibility to modify games to the specific needs of each operator. It regularly monitors and measures game performance in order to deliver the finest gaming experience to players worldwide.