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The Business Research Company’s global market report has been updated with the latest market size information for 2023 and forecasts to 2032.
London, January 11, 2023 /PRNewswire/ — The continued rise in smartphone usage and the availability of the internet are driving mobile gambling, with smartphone companies allowing gambling applications in their app stores. Rising smartphone penetration, increased sportsbook brand awareness, increased mobile data availability, and convenient trading capabilities from smartphones are benefiting the market and driving exponential growth. for example, September 2022FanDuel Group, an innovative US-based sports technology and entertainment company, and Boyd Gaming, a US-based gaming and hospitality company, have launched mobile sports betting. Kansas Announcing the opening of the FanDuel Sportsbook at the Kansas Star Casino. FanDuel Sportsbook offers safe and secure banking, fast payments and 24/7 customer service.
The global gambling market $702.45 billion Gambling market expected to grow from 2023 $702.45 billion in 2023 $765.89 billion at a CAGR of 11.3% in 2027. the gambling market $765.89 billion in 2027 $847.54 billion At a CAGR of 2.0% in 2032.
Gambling Market Report Details
Rise of Legalization of Gambling Activities Drives Gambling Market
The gambling market forecast shows that the gambling market will be driven by the legalization of gambling activities. Increasing legalization of gambling is expected to increase the size of the gambling population and support the growth of the market. for example, May 2022governor Janet Mills LD 585 signed into law to legalize sports betting Maine, USAThis law was part of a larger package of tribal rights within the state. The law gives sports betting exclusively to the state’s Native American tribes and gives state regulators broad powers to determine what happens to sports betting within the state.
Asia-Pacific to Hold Largest Gambling Market Share in 2022
Asia Pacific It was the largest region in the gambling market and worth it $146 billion Gambling market in 2022 Asia Pacific Fueled by increasing initiatives and growing gambling markets in the following regions: macau (the only place Chinese citizens can legally gamble at casinos), Philippines, Malaysia When Korea. for example, January 2021Sands China Ltd., macauMajor developers, owners and operators of resorts and casinos have completed gaming workshops for their staff on responsible gambling behaviour, macau Government Responsible Gambling Promotion 2020.
China’s welfare lottery was the biggest competitor in the gambling market
According to gambling market research, China Welfare Lottery will be the biggest competitor in the gambling market in 2021, with a 12.58% share of the market. China Welfare Lottery is a domestic legal lottery issuing and selling organization. China Welfare Lottery’s growth strategy aims to generate welfare funds through the introduction of new lottery products. for example, February 2019the organization introduced a new video ticket game for earning points and awarding gifts to participants based on points.
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Fantasy Sports Global Market Report 2022 – By Sport Type (Football, Baseball, Basketball, Hockey, Cricket), By Platform (Websites, Mobile Applications), By Usage Type (Free, Paid, Hybrid), By Application (Individual Sports, Team Competition) – Market Size, Trends and Global Forecast 2022-2026
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