According to a new report by Technavio, the global gambling market is set to grow by USD 262.1 billion between 2024 and 2028, at a compound annual growth rate (CAGR) of approximately 6.78%.  The growth is primarily fuelled by a surge in e-sports betting and the adoption of cryptocurrencies like Bitcoin for transactions. 

Key players in the industry include names such as Bet365, Caesars Entertainment, and Flutter Entertainment. The market is currently fragmented, with significant contributions from various regions, especially the Asia-Pacific (APAC), which accounts for 38% of the market share. 

Key Challenges 

Challenges such as security concerns and a lack of transparency in online gambling platforms present hurdles for growth. 

Many sites struggle with adequate protection against cyberattacks, which can put user data at risk. These issues still persist specifically in the domain of online gambling and online payments, with some online platforms lacking the robust measures to ensure safe transactions and fair play that exist in land-based casinos. 

Despite the challenges, technological advancements like artificial intelligence, machine learning, and virtual reality are poised to transform the gambling landscape, offering more personalised and immersive experiences for users.  

Some of the key insights from the report point to the use of AI and increased internet access across the globe. Bitcoin has emerged as a significant player in the gambling market. Its decentralised nature allows for anonymous, quick transactions that cater to a wide range of online gambling activities. 

The report found that there was a rise in mobile gambling, thanks to more users accessing betting platforms through smartphones. Companies are also innovating with various payment options and Freemium models to attract customers. 

Thailand, Significant Contributor to the Regional Market  

The major markets include the US, China, Germany, Canada, and the UK, with the Asia-Pacific region expected to contribute 38% to the market. Thailand could become one of the market leaders should its government legalise gambling. The country is trying to balance their strict laws on gambling with generating desperately needed revenue for the Thai economy.