Market Research Future (MRFR), in its research report, emphasizes that the global online gambling market 2020 is slated to grow exponentially over the review period, ensuring substantial market valuation and a healthy CAGR over the review period.
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 Size has been analyzed based on game Type, Device Type, End Users, and Regions.
Based on the game type, the online gambling market has been segmented into online bingo, casino, betting, poker, lottery, and others.
Based on the device type, the online gambling market has been bifurcated as desktop and mobile.
Based on the the end-user, the online gambling market has been segmented into social exuberant, gambling enthusiasts, and dabbles.
The global business regional analysis was conducted in four major regions including Asia Pacific, North America, Europe and the rest of the world.
Europe has the largest market share, as the companies in this region lead in advanced technology; moreover, the region also has favorable government rules and regulations across different countries.
Due to the increase in foreign investments and the increasing popularity of mobile gambling across this region, the Asia-Pacific market is expected to register the highest CAGR during the forecast period.
The major market players operating in the global market as identified by MRFR are The Stars Group (Canada), International Game Technology PLC (US), Betsson AB (Sweden), Net Entertainment (Sweden), Paddy Power Betfair PLC (Ireland), Kindred Group Plc (Malta), 888 Holdings PLC (UK), Bet-at-home.com (UK), Ladbrokes Betting & Gaming Ltd.(UK), Bwin. Party Digital Entertainment (Austria), William Hill Plc (UK), Scientific Games (US), Betfair Group plc. (UK), bet365 (UK), VGC Holdings PLC (Isle of Man), Betway (Europe), Spin Inc. (US), and Royal Panda (Europe).
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