As per the analysis by Market Research Future Reports (MRFR), Online Gambling Market Size will reach 50.85 billion values Expected to Reach CAGR 13.8% During Forecast Period 2020-2027. The market research report focuses on online gambling market size, share, SWOT analysis, competition level, key pricing structure, and major key developments in the market.
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.
Online casinos and poker are some of the most popular games in the online gambling market. With the rapid advancement in mobile apps and the Internet of Things (IoT), the online gambling market has shown a significant expansion concerning the number of users. Because of seamless internet connectivity, online gambling platforms have started functioning efficiently. This factor has assisted in augmenting the expansion of the market. Online gambling companies are spending enormously to innovate the platform.
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The forefront players of the global online gambling market are The Stars Group (Canada), International Game Technology PLC (US), Betsson AB (Sweden), Net Entertainment (Sweden), Kindred Group Plc (Malta), Paddy Power Betfair PLC (Ireland), Ladbrokes Betting & Gaming Ltd.(UK), 888 Holdings PLC (UK), Bet-at-home.com (UK), Betfair Group plc. (UK), Bwin. Party Digital Entertainment (Austria), William Hill Plc (UK), bet365 (UK), Scientific Games (US), VGC Holdings PLC (Isle of Man), Betway (Europe), Spin Inc. (US), and Royal Panda (Europe).
Drivers and Restraints
With rapid advances in Internet technology and smartphone applications, there has been a substantial increase in the online gaming industry in terms of its number of users and the amount of time such users spend on these games. Online casinos and poker are among the largely played games in the online gambling market as a whole. Online gambling platforms have enabled gamblers to play with anybody at a time, due to the fast Internet connectivity. This factor has substantially helped to boost market growth. The mobile gambling industry is set to expand at a fast pace in the coming years. Online gamblers actually only play against their partners in the virtual gambling market. Through the evolution of technology, however, online gamblers should be able to communicate through their gaming buddies and have a stronger game visualisation. Online gaming firms also make major investments to innovate in this field and to incorporate interactive socializing in order to draw new clients.
As the coronavirus spread throughout the globe, many countries responded by going into lockdowns. The lockdown in most cases began with the closure of non-essential sectors, such as public entertainment venues including cinemas and sports stadiums. These venues (including casinos) as each country is loosening its coronavirus measures will almost certainly be among the last to be accessible to the public. In addition, all the major sports competitions scheduled for this year are frozen, including the IPL, the Olympics, and the Football League, which, in turn, has forced an increasing number of people to explore the world of online gambling.
Some have turned to online gambling for entertainment during the quarantine days and some to support themselves and their families financially (unconscious of the disadvantages), while professional gamblers have switched to riskier forms of gambling like online casinos or slots. Digital sports have become increasingly common in the sports betting industry , leading to the halt on several championships. Therefore online gaming has also been a major source of revenue generation for the governments.
However, there was a gradual decline in April as online gambling rules were implemented tougher. Overall , due to the pandemic, the online gambling market and the mobile gambling market in particular are expected to have very small impact.
The global online gambling market can be segregated on the basis of device type, end-user, game type, and regions.
On the basis of device type, the global online gambling market can be classified into mobile and desktop.
On the basis of end-users, the global online gambling market can be classified into social exuberant, gambling enthusiasts, and dabbles.
On the basis of game type, the global online gambling market can be classified into the casino, betting, poker, online bingo, lottery, and others.
On the basis of region, the global online gambling market can be classified into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
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.
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Table Of Contents
1. EXECUTIVE SUMMARY
1.1. Market Attractiveness Analysis
1.1.1. Global Online Gambling Market, By Game Type
1.1.2. Global Online Gambling Market, By Device Type
1.1.3. Global Online Gambling Market, By End User
1.1.4. Global Online Gambling Market, By Region
2. MARKET INTRODUCTION
2.2. Scope Of The Study
2.3. Market Structure
3. RESEARCH METHODOLOGY
4. MARKET DYNAMICS
5. MARKET FACTOR ANALYSIS
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