DUBLIN--(BUSINESS WIRE)--The "Online Gambling Global Market Report 2021: COVID-19 Growth and Change to 2030" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global online gambling market.
The global online gambling market is expected to grow from $64.13 billion in 2020 to $72.02 billion in 2021 at a compound annual growth rate (CAGR) of 12.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $112.09 billion in 2025 at a CAGR of 12%.
Companies Mentioned
- 888 Holdings PLC
- Bet365 Group Ltd.
- Betsson AB
- William Hill PLC
- GVC Holdings PLC
- Kindred Group PLC
- Sky Betting & Gaming
- Stars Group Inc.
- Ladbrokes Coral Group PLC
- Paddy Power Betfair PLC
Reasons to Purchase
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The online gambling market comprises of revenue generated by remote gaming activities by means of the internet using desktop and mobile devices. The market includes gambling establishments developing online sports betting, casino, bingo, lotteries, and poker games, among others.
The online gambling laws vary wildly from one region to other. Most countries have their own local laws that deal with the relevant legal and regulatory issues. Countries such as the USA, have much more complex gambling regulatory process. Moreover, in countries like India, gambling is under strict control. With each individual country enacting different gambling laws, it's tough to be familiar with them all. Nevertheless, all gambling sites should be compliant with any laws that they are subject to, to ensure gambling sites are operated lawfully, ethically, and are safe. The established and reputable licensing authorities impose a strict code of conduct on the licensees, who have to adhere to the necessary regulations if they are to maintain their licenses. The strict and varying laws across the countries are likely to challenge the market growth.
Technologies such as Blockchain, IoT and VR are changing everything in every field including online gambling. Virtual Reality and VR Headsets have gained a lot of popularity in recent years and are revolutionary addition to the world of online gambling. With VR, one can actually enter into a virtual casino and play all the games without having to travel. However, fraud and cheating were majorly concerning the users in online gambling. A lot of online casinos and online gambling sites have been accused of not being transparent and hiding their internal workings and the methods for their dealings. These concerns can be addressed using blockchain technology. With blockchain technology, everyone will be able to see exactly what is going on behind the scenes. Games such as SlotsMillion, Casino VR Poker, and The Gear that are played through VR are engaging the customers and are shaping the online gambling industry.
Increasing adoption of smartphones with improved internet accessibility is driving the online gambling market. Globally, the average use of mobile devices compared to desktop computers or laptops is significantly greater. In most countries, the mobile users account for about 80% of all users in the online gambling industry. According to the study published on the Rub90 portal, the share of gamblers preferring smartphones to participate in gambling grew by 117% between 2012 and 2018. According to the report Gambling participation in 2019: behavior, awareness and attitudes, 18% of the respondents gambled online at least once while 21% of the respondents gambled in 2019. According to Cisco company annual report, globally, the total number of Internet users is projected to grow from 3.9 billion in 2018 to 5.3 billion by 2023 at a CAGR of 6 percent, and Smartphones will grow at a 7 percent CAGR. This in turn is expected to drive online gambling market.
For more information about this report visit https://www.researchandmarkets.com/r/dmhhxl
