Pune, February 4, 2021 (GLOBE NEWSWIRE) – Overview of the online gambling market
2020 was a landmark year for online gambling, largely due to the legalization of online gambling and gambling in the US. Election initiatives in the US presidential election from November 2020 added new states to the growing list of US states where online casino betting is legalized, allowing the online gambling market to generate significant revenue. The newly elected government signaled support for opening up the online gambling industry and reducing federal restrictions.
Further legal breakthroughs, expected in 2021, would become a huge driving force in the online gambling industry. Players like Bragg Gaming Group, MGM Resorts International, Wynn Resorts, Flutter Entertainment, and Caesars Entertainment are seeing new opportunities to enhance their online presence in key gaming markets in Europe, North America and APAC, which could have a big impact in 2021 and beyond .
It also means that online gambling markets would gain significant traction around the world. According to Market Research Future (MRFR) The size of the global online gambling market is expected to grow by 13.2% CAGR over the forecast period (2019-2025). The market was valued at $ 117.99 billion in 2018. In addition, advances in connectivity and other related technologies are expected to fuel the size of the global online gambling market.
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The COVID-19 outbreak has had a positive impact on the already booming online gambling market, increasing public interest in online gaming by almost 52%. The pandemic and subsequent global lockdowns allowed people with more free time to engage in play and leisure activities.
In addition, secure distancing mandates increase the acceptance of online gambling and allow access to all games, slot machines and sports betting from home. With the increasing use of various cloud gaming services, the market share of online gambling has increased steadily in recent months.
In addition, the service providers see increasing investment in promoting R&D activities so that slot developers and online casino websites can take advantage of the online gambling market and make fun gambling programs and games from side project to next global sensation.
Covid-19 Impact Analysis for the Online Gambling Industry:
The rapid developments in internet technologies and mobile apps are expected to increase the size of the online gambling market and see a significant increase in the revenue and time users spend on such gambling activities. Online poker and casinos are some of the most popular games in the entire online gambling market. Thanks to the improved internet connection, players on online gambling platforms can play with any player at the same time.
Online gambling platforms offer several advantages over traditional gambling, such as: B. Multi-language and multi-currency support depending on the player’s location. Also, the online gambling platforms use real money and do not have to exchange chips for money, the key feature that is not available in traditional casino games. These are some of the factors that are greatly fueling the growth of the online gambling market.
On the other hand, regulatory norms such as the Information Technology Act in India, which contains certain provisions banning foreign websites in the country, are limiting the growth of the online gambling market. In some countries the Governments have relied on bans on gambling on certain overseas betting websites, which can challenge the growth of the online gambling market.
The online gambling market is divided into game type, device type, end user and regions. The game type segment is divided into betting, casino, poker, lottery, online bingo, and others. The device type segment is divided into desktop and mobile. The end user segment is divided into gambling enthusiasts, social exuberant, and gimmicks.
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According to regions, the market is divided into America (USA, Canada, Mexico, rest of North America) and South America, Europe (Great Britain, Germany, France, Italy and rest of Europe) and the Asia-Pacific region (USA). China, Japan, India, South Korea and the rest of APAC) and the rest of the world.
Europe is expected to dominate the global online gambling market. The presence of a large number of online gaming service providers offering secured gaming platforms such as Kindred Group PLC, Bet365 and 888 Holdings is driving the growth of the market in the region.
In addition, the increased demand for online gaming services and the improved internet connection with high reliability in this region are promoting the market growth. In addition, advanced technology and favorable government rules and regulations in various countries are influencing the region’s online gambling market share.
North America is expected to occupy the second position in the global online gambling market. The market surge is expected to be driven by the increasing number of gamblers, and the gaming platforms in the region are contributing to the regional market growth. Current regulatory reforms in the US are expected to provide tremendous opportunities for new and established companies across the US gaming industry to get online and serve a broader customer market.
The Asia Pacific region is expected to develop into a profitable online gambling market worldwide. The increasing focus on improving internet connectivity and high investment in R&D are the main factors that should influence the market growth in the region. In addition, technical know-how and the spread of smartphones are promoting the growth of the market. Online gambling platforms in emerging markets such as India and China are likely to increase the region’s market share over the evaluation period.
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The online gambling market is expected to see significant product launches and implementations of various strategic approaches such as expansion, collaboration, mergers and acquisitions, and product launches. Older players in the industry are investing strategically in research and development activities and promoting their expansion plans.
For example, FOX Bet recently launched its sports betting and online gambling products in Michigan together with Pokerstars and Stars Casino on January 29, 2021 after a major sports betting app was approved in the state in January 2021.
In another instance, an online gaming company – Golden Nugget Online Gaming (GNOG) announced the launch of services in New Jersey in December 2020 and is facing further expansion with significant investments.
Important players in the online gambling market are:
- The Stars Group (Canada)
- International Game Technology PLC (USA)
- Betsson AB (Sweden)
- Net Entertainment (Sweden)
- Kindred Group Plc (Malta)
- Paddy Power Betfair PLC (Ireland)
- Ladbrokes Betting & Gaming Ltd. (Great Britain)
- 888 Holdings PLC (UK)
- Bet-at-home.com (UK)
- Betfair Group plc. (UNITED KINGDOM)
- Bwin. Party Digital Entertainment (Austria)
- William Hill Plc (UK)
- bet365 (UK)
- Scientific Games (USA)
- VGC Holdings PLC (Isle of Man)
- Betway (Europe)
- Spin Inc. (USA)
- Royal Panda (Europe)
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