The stellar popularity of online gambling and betting can be attributed to advancements in the field of digital marketing. Use of digital tools to promote gambling activities has created a stir across the global online gambling and betting market. Several regions across the world have gone into complete lockdown, giving an opportunity to online gambling platforms to leverage the digital space. Extensive promotion of online gambling activities has become a resilient trend in these times. Furthermore, the popularity of poker and rummy across the online space has also helped in driving demand within the global online gambling and betting market. There is high possibility of the inflow of fresh revenues into the global online gambling and betting market in the times to follow.
- In this review, a range of trends and opportunities pertaining to the growth of the global online gambling and betting market have been enunciated. The impact of the sports betting industry on the growth of the global market has been surreal. Several tournaments, counties, and leagues played across various regions have opened a playfield of opportunities for betters and speculators. These entities have utilised common sports events such as the English Premiere League, Indian Premiere League, and other similar leagues to execute bets. Therefore, the total volume of revenues within the global online gambling and betting market is set to rise.
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- Several online gambling platforms work under legal permissions from the state authorities. These authorities impose certain restrictions and regulations on the operation of these channels. Despite these regulations, the revenue index of the global online gambling and betting market has improved in recent times. It is important for market players to understand the inclinations and spending capacity of the end-users before pitching in for promotions. Growing digitalization shall act as a gamechanger for these vendors in the coming years.
Global Online Gambling and Betting Market – Snapshot
The presence of a stellar online gambling and betting industry that is immune to external disruptions has given a thrust to the market growth. A large population of people has become inclined towards earning money via online gambling channels. Gambling platforms have become immensely sophisticated in recent times, and this has instilled confidence amongst gamblers. Large entities have become more liberal to the idea of investing money across of online gambling channels. Online casinos have become an integral part of the betting landscape, and this is a key dynamic of market growth. It is legit to project that the global online gambling and betting market would tread along a lucrative trajectory in the years to follow.
The sports industry has embraced humongous commercialisation over the current decades. It is only a matter of time when sports betting becomes a mainstream business. Despite several restrictions on betting activities, sports betting has found a way to dodge the odds. The growing interest of the masses towards sports betting has given a thrust to market growth. Organization of mega-sports events such as the English Premier League and the Indian Premier League across the global has driven sales across the online gambling and betting market.
Online betting and gambling have generated much greater revenues as against casinos. The popularity of poker amongst youngsters has given a thrust to market growth. Online marketing has also helped betting platforms in reaching out to potential customers. Rummy is a widely played online game in the global gambling industry. Due to worldwide lockdowns, past few weeks have witnessed a spike in the number of players who are playing rummy and poker online.
Online Gambling & Betting Market – Snapshot
Global online gaming market represents one of the fastest growing segments of the gambling industry. Despite the regional and country wise restrictions, in 2018 the market already produced more than US$ 48.9 Bn in worldwide revenue and is projected to grow to over US$ 134.5 Bn by 2027. Relaxation of laws and regulation across the globe for online gambling is anticipated to drive the market. Further, advances in technology and increasing accessibility of the web internet gambling sites with multiple benefits and rewards is attracting among the users. However, Sports betting, casino, and poker is expected to remain competitive during the forecast period from 2019 to 2027.
The European Gambling & Betting Association has been banging the drum for standard technical requirements for online gambling operators in regulated EU markets. They are expected to continue their efforts in coming years. Moreover, live casino and table games are seeing huge rise in popularity in last few years. Suppliers have bolstered their platforms and studios with upgrades and new features.
In online gambling, companies provide different games, such as, casino, poker, sports betting, lottery, and other games to end-users through an Internet-based digital platform. This allows users to witness and engage in gambling and betting activities in real-time through their Internet-enabled electronic devices. Rise in penetration of Internet-based devices, trust on wagering through online mode of payment, and relaxation of laws have boosted the online gambling & betting market across the globe.
On the basis of device type, the global online & betting market is divided into mobile, desktop, and tablet. In terms of value, desktop was the largest segment of the online gambling & betting market in 2018. The mobile segment is anticipated to expand at a significant CAGR of around 16 % during the forecast period. Increase in internet users through smartphones is expected to be a key factor in online gambling & betting. Companies are working on to change their business models in order update their system with the demand and regulations.
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Some of the key players operating in the online gambling & betting market players profiled in the report include
- 888 Holdings plc.
- The Stars Group
- Paddy Power Betfair plc
- Fortuna Entertainment Group
- GVC Holdings Plc.
- Kindred Group.
The global online gambling & betting market is segmented on the basis of gaming type, device type, and region. As per gaming type, the online gambling & betting market is segregated into poker, casino, social gaming, lottery, bingo, sports betting, and fantasy sports. The sports betting segment is expected to expand at a considerable pace owing to the increase in number of sports following. Online casino and poker and lottery seems to be attractive owing to the increase in participation of consumers to earn rewards and offers. Rise in prevalence rate of online gambling is expected to boost social gaming, bingo, and fantasy sports over the next few years. The global online gambling & betting market by gaming type is expected to be dominant by sports betting during the forecast period.
Geographically, the global online gambling & betting market is segmented into five regions namely North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe was a leading the global market in 2018. However, Asia Pacific seem to be lucrative market for online gambling & betting industry. In addition, this has about 2/3rd of global population are inclining towards online gambling & betting with large portion of young population. Increase in number of participants in online gambling & betting site is expected to gain value in developing economies.