Worldwide Online Gambling Market is Projected to Expand at a CAGR of 10.8%
The Worldwide Online Gambling and Betting Market is Projected to Expand at a CAGR of 10.8% by 2024; Betting Companies to Bet on Entry into Smartphone Apps.
William Hill PLC, Playtech PLC, and Paddy Power Betfair PLC were the dominant players in the global online gambling and betting market for 2016. The market had also seen the names Amaya, Inc., and Ladbrokes Coral Group PLC marked as highly promising players expected to generate larger shares for themselves over the coming years.
According to a research report released by Transparency Market Research, the overall competitive landscape in the global online gambling and betting market is expected to become consolidated after experiencing a growth in the number of mergers and acquisitions.
The nature of the market leaves very little scope for service differentiation which is currently restricting the entry for new players. Furthermore, the policies and regulations surrounding online gambling and betting are also highly stringent in several regions, leaving little scope of growth for new entrants. The global online gambling and betting market is expected to reach US$96.89 bn by 2024.
The market is projected to expand at a CAGR of 10.8% from 2016 to 2024, and is expected to reach US$42.63 bn by the end of 2016.
Online Gambling and Betting Companies Counting on Growing Scope of Smartphone Gaming:
There is a clear increase in the number of consumer electronics being used by the day in all countries and across all economic levels. The growing number of consumers using smartphones, tablets, and other portable electronic media and entertainment devices are currently a high priority demographic for the global online gambling and betting market. A TMR analyst states, “The expansive scope of consumer reach that these players can achieve through the use of smartphone apps alone is strong enough for them to consider creating standalone gambling and betting portals for mobile users.
This allows the global online gambling and betting market to generate a staggering amount of income from users that like to play or bet using their smartphone on the go, rather than having to access websites on PCs or kiosks.”
Other factors driving the global online gambling and betting market include the incorporation of VR devices into online gambling games as a means to attract greater consumers with higher disposable incomes, and the added marketing attempts to bring conventional gamblers towards the online portals.
Multiple Key Regions Still Not Relenting Regulatory Pressure on Legal Gambling:
One of the leading restraints acting on the global online gambling and betting market currently is the heavy regulatory pressure acting on the players based in the regions of North America, The Middle East, and Asia Pacific. The U.S. especially is a highly potent region for the global online gambling and betting market in terms of consumer pool, but is under extremely strict prohibitions and regulatory restrictions over the use and operation of online betting and gambling portals.
As for The Middle East and Asia, the Muslim-dominated nations severely frown down on gambling or betting of any kind. However, the regulatory pressure on online gambling is expected to ease up over the coming years in the U.S. as their numbers and demand grow and present better tax return options to the states.
“The immediate future of the global online gambling and betting market lies in the incorporation of online betting portals with live streaming of sports or games. This caters to a growing demand by users for a real-time sports streaming as well as betting choice. Another significant area of opportunities for the global online gambling and betting market lies in the inclusion of gamification strategies,” adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, “Online Gambling and Betting Market (Game Type – Poker, Casino, Social Gaming, Lottery, Bingo, Sports Betting and Fantasy Sports) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024.”
Key segments of the Global Online Gambling and Betting Market:
By Game Type – Poker – Casino -Social Gaming -Lottery -Bingo -Sports Betting -Fantasy Sports.