The value of bets placed via mobile phones will reach $16bn globally by 2011, according to the latest market analysis.
Juniper Research said that the news brings hope to the industry, which has suffered after the online gambling restrictions introduced in the US last year.
"The tightening of the legal barriers to online and mobile gambling in the US in 2006 have had an impact throughout the industry, stifling the growth of the young and fragile mobile channel," said report author Bruce Gibson.
"A number of the leisure brands that we saw beginning to focus on the mobile channel early in 2006 have changed their priorities in the light of industry developments in the second half of the year."
The gross value of bets placed across the global market for all forms of mobile gambling, from casinos, lotteries and sports betting, will grow from $1.35bn in 2006 to $16.6bn by 2011. Sports betting and lotteries will be the largest sectors.
Europe is currently the largest mobile gambling market in the world, with an estimated $665m in bets placed in 2006. The UK is considered to be one of the most fertile environments in the world for online and mobile gambling.
However, the Asia Pacific market is expected to show the fastest growth through to 2011, rapidly overtaking Europe. The Asian market is forecast to grow from $647m in 2006 to over $6.7bn by 2011.
"There is a lot of emphasis in developing core business in potentially lucrative Asian markets. However we are still convinced that mobile's time will come," said Gibson.
"The case for gambling using mobile data services remains compelling and the Asian market will be in the forefront."
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