Global Gambling Sector Worth $565bn By 2022
The worldwide gambling industry is bigger than big and according to a recent report that was issued following a market survey; it’s expected to burst from its seams by 2022. The “Gambling: Global Market Opportunities & Strategies to 2022” estimates that in roughly three years’ time, the global gambling sector will be worth a staggering $565 billion.
The report was compiled by gathering information categorised by country and regional data, market segments as well as the competitive forces within those markets, forecasts based on historical and present market behaviour and also the ratios of the markets when compared to GDP proportions. The regions studied and included in the overall conclusions are Western and Eastern Europe, Asia Pacific, the Middle East, Africa, North America, and South America.
Compiled by The Business Research Company, it’s particularly interesting to note that the report takes into specific account the Japanese market, and projections estimated for the next 5 years. Japan had only recently legalised gambling and the country’s Integrated Resorts (IR) bill was signed into force in March of this year. The focus in Japan will be on amusement and entertainment running in conjunction with a land-based casino at each of the three yet-to-be-named locations. Japan’s IR market is expected to a large extent merge with the global adult amusements market.
There’s No Stopping Sports Bets
Another giant-sized market influence; past, present and forward facing; is the sports betting market now that the US has legalised the sector. Sports betting appears to be the one sector that will grow the most and the fastest over the course of the next couple of years.
The report divides the global gambling market into 4 sectors. They are Lotteries, sports betting, casinos, and others. The Lottery sector has been identified as the biggest sector of all, making up 46.1% of the industry as a whole. The report estimates that despite the booming popularity of online gambling, land-based or offline gambling is still the largest contributor in terms of revenue to the global casino industry.
As for the sports betting sector, offline sports betting constitutes for about 65.7% of total sports betting revenue.
When looking at the specific regions involved in the survey, Asia Pacific is deemed to make up the biggest portion of the gambling market, at a 32.7% share of the total global market. The regions expected to grow the fastest in terms of local gambling and betting markets are the Asia Pacific and Africa.