As per the analysis by Market Research Future Reports (MRFR), the global online gambling market is estimated to value USD 50.85 billion, with a CAGR of 13.2 % during the review period. However, there has been a change in the global online gambling market 2020 due to the outbreak of COVID-19. We will provide COVID-19 impact analysis with report. As per the analysis, the traffic of gambling resources has elevated by 10 to 15%. The online gambling market increased significantly in March 2020. Online gambling has resulted in being a substantial revenue-generating resource for governments. Some of the countries have decided to take advantage of the booming popularity of online gambling platforms. For example, Belarus officially announced to make online gambling legal. However, the market experienced a downfall in April due to the implementation of strict online gambling rules.
Market Strengths and Key Barriers
Constant surge in internet penetration coupled with the rising use of mobile phones to play online games at homes and public places is boosting the market demand for online gambling. Other equally important growth-inducing factors include easy access to online gambling, corporate sponsorships, celebrity endorsements, and legalization & cultural approval. Additionally, surging availability of cost-effective mobile applications all over the world can also induce market growth to a great extent.
The internet, since its inception, has become a nationwide sensation and acts as a sturdy platform for communication and also helps merchants offer a variety of services within the digital market space. Few trends suggest that the consumption of the service in the worldwide virtual market has surged by 28 percent every year in the past decade. With the rising use of the internet, the popularity of online casinos has multiplied massively. Mounting awareness about latest technologies combined with the rising disposable income of individuals across regions has also stimulated the market growth in recent years.
Countries around the world have legalized online gambling as it facilitates employment and induces revenue generation. For instance, India has made online gambling legal in Goa and Sikkim. Moreover, online gambling helps players experience gambling activities with the use of internet services in real-time. Increasing number of sports followers all over the world has triggered the demand for sports betting. Bets are mostly placed on baseball, boxing, hockey and football, which works in favor of the online gambling market.
Emergence of Blockchain Technology
Emergence of next-gen technologies like blockchain and virtual reality has turned out to be a welcome trend in the online gambling market. The trend is picking up speed in the market, given that many companies are now making extensive use of the blockchain technology along with their online gambling business. This leads to high transparency in gambling activities and also provides a better user experience. Besides, blockchain-based gambling platforms are in high demand as they are entirely decentralized and are devoid of any third-party influence.
The global online betting market has been segmented with regard to game type, device type, and end users.
Depending on the game type, the online gambling market has been considered for casino, betting, lottery, poker, online bingo, and others.
The device types mentioned in the report are desktop and mobile.
Given the end-user segment, the online gambling market caters to social exuberant, dabbles and gambling enthusiasts.
The geographical analysis of Asia-Pacific, North America, Europe, the Middle East & Africa, and South America has been conducted. As per the analysis by the MRFR, Europe dominates the global market in terms of market share since the companies established in the region are technically advanced. Besides that, governments of the region have implemented supportive rules and regulations, which further propels the market. Additionally, the largest global online gambling companies are situated in the European region. On the other hand, the APAC region is estimated to record the highest CAGR during the forecast period. There has been sudden popularity of mobile gambling and an increase in foreign investment, which further propels the APAC market.
However, there has been a change in market dynamics due to the outbreak of COVID-19. The countries which have benefitted during the pandemic are Spain, Italy, the Philippines, the US, India, and Georgia.
Top players in the worldwide market for online gambling are Ladbrokes Betting & Gaming Ltd.(UK), Betsson AB (Sweden), 888 Holdings PLC (UK), Net Entertainment (Sweden), International Game Technology PLC (US), Bet-at-home.com (UK), Bwin, Paddy Power Betfair PLC (Ireland), Kindred Group Plc (Malta), The Stars Group (Canada), and others.
Other players identified in the report are Royal Panda (Europe), William Hill Plc (UK), Scientific Games (US), bet365 (UK), Spin Inc. (US), Betway (Europe), Party Digital Entertainment (Austria), VGC Holdings PLC (Isle of Man), Betfair Group plc. (UK), to mention a few.
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