BROOKLYN, NY, USA, May 3, 2024 /EINPresswire.com/ — IMARC Group, a leading market research company, has recently released a report titled “China Online Gambling Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the China online gambling market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the China Online Gambling Market?
The China online gambling market size reached US$ 9.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 15.7 Billion by 2028, exhibiting a growth rate (CAGR) of 7.3% during 2023-2028.
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China Online Gambling Market Trends and Drivers:
Strict government regulations and the overall prohibition of gambling activities under the law of China, except state-run lotteries, are the factors responsible for the growth of the China online gambling market. Additionally, despite these restrictions, there is a burgeoning underground market driven by the increasing internet penetration and the availability of mobile devices across the country, which is fueling the market. Besides this, the desire for gambling among citizens persists, and many circumvent regulations by accessing international online gambling platforms, which is further bolstering the market. Moreover, the allure of online gambling is further magnified by cultural factors, as gambling is deeply ingrained in certain social and festive traditions in China.
Emerging trends affecting the China online gambling market include the rising use of cryptocurrencies and blockchain technology, which provide users with anonymity and security for online transactions. These technologies make it difficult for authorities to track gambling activities, thereby facilitating access to online gambling platforms. In addition to this, there is growing interest in social gambling games, which are often disguised as innocuous social media games but involve real monetary exchanges and betting mechanics, which is acting as another growth-inducing factor. These games sometimes exist in legal gray areas, avoiding confrontation with the gambling laws of China. Furthermore, virtual private networks and other tools that obfuscate user location are also widely used to access gambling websites blocked in China, suggesting a persistent demand for such services despite legal barriers, which is expected to drive the China online gambling market over the forecasted period.
China Online Gambling Market Report Segmentation:
The report is organized into distinct sections as follows:
Breakup By Game Type:
Sports Betting:
Football
Horse Racing
E-Sports
Others
Casino:
Live Casino
Baccarat
Blackjack
Poker
Slots
Others
Others
Sports betting represented the largest segment due to the widespread popularity and engagement in sports events, which attract a large number of bets.
Breakup by Device:
Desktop
Mobile
Others
Desktops represented the largest segment because they offer a more stable and reliable internet connection and a user-friendly interface for online gambling.
Regional Insights:
North and Northeast
Northwest
East
South Central
Southwest
Region wise, the market is divided into North and Northeast, Northwest, East, South Central, and Southwest.
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Other Key Points Covered in the Report:
COVID-19 Impact
Porters Five Forces Analysis
Value Chain Analysis
Strategic Recommendations
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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