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The global online gambling market size is projected to reach USD 158.20 billion by 2028, exhibiting a CAGR of 11.4% during the forecast period. Fortune Business Insights™ provides this information in its report, titled “Online Gambling Market, 2021-2028”. As per the report, the value of the global market was USD 66.72 billion in 2020.

COVID-19 Impact

With a large chunk of people worldwide confined to their homes amid the coronavirus-induced lockdowns, the demand for virtual gaming suddenly spiked in many countries, such as Canada and Australia. Registering a CAGR of 11.2% and attaining a value of USD 74.17 billion in 2021, the COVID-19 pandemic has benefited the online gambling market growth and the market is also anticipated to display phenomenal growth once the pandemic is over.

Growing Availability of Online Payment Systems to Boost the Market

The main concern among online gamers and gamblers is the ease of payment. However, in today’s digital age, several virtual payment mechanisms are available and online gambling platforms are actively incorporating them into their ecosystem to ensure maximum customer engagement. For example, EcoPayz, an e-wallet from PayPal, allows players to create an ecoAccount and enables them to conduct 

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