DUBLIN--(BUSINESS WIRE)--The "Online Gambling Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The online gambling market is projected to record a CAGR of 11.49% during the forecast period (2022-2027).
Casinos worldwide are predicted to have huge success due to the multi-layer taxation environment in the business. The rising trend for remote gambling is boosting the growth of the online betting market.
The number of female consumers in casinos is also rising. The cashless mode of payment is more convenient for consumers, which is driving the online gambling market. Furthermore, various companies are concentrating on the advancement of innovative platforms to cater to several requirements and needs of the customers to achieve a competitive edge in the market.
Online gambling companies are significantly growing with their sports betting options, as it was legalized in the United States by the Supreme Court in 2018, which is boosting the market. For instance, in 2021, Entain PLC declared the launch of Gambling Responsibly America in the United States, a trustworthy gaming app. This app has a tool to assist and support consumers. It also has educational resources to help consumers if they face any gambling issues. In the Netherlands, the government proposed the latest regulation in July 2020, which modernizes the outdated gambling law that offers extra tax revenue and effective prevention against addiction and ensures only fair games, which are offered to around 2 million players among the Dutch public.
Key Market Trends
Various Sponsorships and Convenient Payment Options Driving the Market
The rising adoption of mobile and online payment gateways made payment options convenient for consumers and online players. Online payment provides a safe and secured mode of transaction, which is accepted by the online gaming industry. This factor is boosting the growth of the online gambling market. The online betting segment is predominantly rising with the online sports category, especially in football events, such as the FIFA World Cup and the European championships. Many online sports betting companies are sponsoring different teams as a part of their marketing initiatives by acquiring or merging with several companies for strategic expansions. In August 2021, DraftKings Inc. and Golden Nugget Online Gaming Inc. entered a definitive agreement for DraftKings and acquired Golden Nugget Online Gaming in an all-stock transaction. The acquisition enabled DraftKings to leverage Golden Nugget's well-known brand's (iGaming) product experience and the existing database of more than 5 million customers.
North America Remains the Fastest-growing Region
The current legislative framework for online betting in the United States allows only bookmakers licensed in Nevada, Pennsylvania, and New Jersey to operate legally, as these are the three states where online betting is regulated. Pennsylvania is the fourth and biggest state to legalize and regulate online gambling. There are various types of online casinos, sportsbooks, and online sports betting apps live in New Jersey. New Jersey's Division of Gaming Enforcement oversees and regulates New Jersey's online gaming sites. It handles licensing for the sites, tax revenue collection, and game testing and approval. New Jersey is currently the largest market for regulated online gambling in the United States. Canada is largely an unregulated country in terms of online gaming. At the same time, Mexico is reviewing its gambling laws intending to regulate the online gambling sector to align with the rest of the nation's gambling industry. Therefore, the increasing regularization of online gambling in the North American countries and their respective states is expected to drive the market further.
Competitive Landscape
The casino gambling market is highly fragmented and comprises regional and global players. Key players like Bet365, Entain PLC, The Flutter Entertainment PLC, and Kindred Group PLC dominate the market. Major players are focusing on mergers and acquisitions, partnerships, and product innovations to expand their presence in the market and enhance their brand portfolio to cater to consumer preferences. Merger and acquisition is the most preferred strategy in the online gambling market, followed by expansion. Key players compete on various factors, including offerings, quality of gambling content, user experience, brand equity, personalized payoffs, and access to various platforms. Advanced distribution network and manufacturing expertise give an upper edge to the manufacturers to expand their range of products worldwide.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
Companies Mentioned
- Betsson AB
- 888 Holdings PLC
- Sport Pesa
- Kindred Group PLC
- Entain PLC
- William Hill PLC
- Bet365
- LeoVegas AB
- Flutter Entertainment PLC
- 1X Corp. NV
For more information about this report visit https://www.researchandmarkets.com/r/82p310
