Online Casino Market
3/17/2022 admin
24, 2021 (GLOBE NEWSWIRE) - The 'Global Online Casino Market' report has been added to ResearchAndMarkets.com's offering. Increase in penetration of internet and rise in use of smart. Online Casino Market. Online Casino Market has more than 10 years of experience, hundreds of. Successful projects and a large-scale distribution network. Is considered one of the best iGaming software providers. Developing and expanding the boundaries of the gambling industry.
- Casino Marketing Strategies For Gaming
- Online Casino Market
- Online Casino Philippines
- Online Casino Market Share
- Online Casino Marketing
Region : Global Format: PDF Report ID: FBI104803
The global online gambling market size was USD 66.72 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with online gambling witnessing a positive demand shock across all regions amid the pandemic. Based on our analysis, the market will exhibit a significant growth of 11.2% in 2021. The market is projected to grow from USD 74.17 billion in 2021 to USD 158.20 billion in 2028 at a CAGR of 11.4% in the 2021-2028 period. The steady rise in CAGR is attributable to this market’s demand and growth returning to pre-pandemic levels once the pandemic is over.
The growing adoption of smartphones, advancements in internet technology, and increasing spending power of users, among others, are driving the demand for digital gambling. The key providers of these platforms are heavily investing in advanced technologies to enhance the customer experience, which will boost the interest of players. In the scope of the market report, the market estimation is executed on the basis of the revenue generated by gambling platforms from users.
COVID-19 Impact
Casino Marketing Strategies For Gaming
Restrictions of COVID-19 on Land-based Casinos to Boost Demand for Online Gambling
The outbreak of the coronavirus has created a vast set of restrictions on land-based gambling arenas. The restrictions on public transportation, tourism, and public gatherings, among others, have largely impacted the off-line gambling industry.
However, the COVID-19 pandemic has surged the demand for internet-based gambling across nations. The temporary closure of colleges and the increasing adoption of work from home policies are likely to drive the growth of the market. For instance, as per the report of AlphaBeta Australia, Australia witnessed a 67% increase in online betting in April 2020. Similarly, according to a report by Concordia University, Great Britain observed a 17.5% rise in internet-based gambling. Thus, the shutdown of non-essential services during the pandemic-induced lockdown boosted the adoption of mobile gambling among users. Thus, during the pandemic crisis, the market witnessed remarkable growth. Moreover, the market is expected to grow with a significant CAGR in the post-pandemic period.
LATEST TRENDS
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Integration of Artificial Intelligence in Gambling Platforms to Enrich User Experience
Virtual gambling companies are making huge investments in new technologies for enhancing user experience. Artificial intelligence (AI) plays a significant role in offering new features and functions in the mobile gambling industry. Application and website developers are adopting AI to provide a better customer experience. The integration of AI with these systems helps in analyzing the user's gaming interests and behavior. This helps in suggesting games in-line with the players’ interests and thus improving the customer experience.
Further, AI can support in tracking possible addiction problems and negative patterns through users’ behavior. Many developers are integrating AI to offer preventive measures in handling gambling addiction. For instance, a responsible gambling analytics platform providing company, BetBuddy Limited, applied artificial intelligence to track users’ digital footprint and detect problematic gamblers. The company offers personalized statements to players and the operator for reporting such behavior. Thus, the adoption of AI is likely to boost market growth rate.
DRIVING FACTORS
Ease of Online Payment to Drive Online Gambling Market Growth
The growing adoption of digital and mobile payments has made payment procedures easier for users and online players. Also, online payment facilities offer a secured and safe mode of transaction, which is boosting their adoption in the online gaming industry. Further, the simpler and convenient payment methods boost player participation in the gambling industry. The comfort of remote payments is creating vast opportunities for online gamblers to promote and drive cash flow in the business. For instance, companies such as Visa Inc. and MasterCard are offering secured debit and credit payment options for online casino accounts. Similarly, companies such as PayPal and Neteller are offering E-wallet services for online gambling. Moreover, Neteller also provides transactions in 26 currencies without applying transaction fees. Thus, the availability of secure digital payment platforms is expected to fuel the demand for virtual gambling.
RESTRAINING FACTORS
Rising Adverse Impacts on Mental Health and Bans on Online Gambling May Impede Market Growth
The growing adoption of internet-based gambling amongst users is creating adverse effects on mental health. The increasing addiction towards the easily available internet-based gambling platforms challenges the user to maintain mental balance. Owing to this addiction, the number of suicide cases has been increasing year-on-year. On observing the growing cases of increasing betting debts in 2020, the Tamil Nadu State Government banned gambling websites. The other addictive gambling effects are pathological gambling, also known as compulsive gambling. The long-term effects of this kind of gambling might trigger chronic stress and hypertension issues.
Also, various countries have imposed a ban on gambling sites owing to the increased risk of problematic gambling behavior. Countries such as Russia, the UAE, Qatar, and Poland have imposed bans on gambling. For instance, the Telecommunications Regulatory Authority of UAE controls internet content and activity, thus preventing access to online casinos. Further, some countries such as India, Singapore, Japan, and more are likely to impose bans on the gambling industry. All these factors are likely to hamper market expansion.
SEGMENTATION
By Type Analysis
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Increasing Demand for Online Gaming to Drive Sports Betting Segment Growth
Based on type, the market is segmented into sports betting, casinos, poker, lottery, bingo, and others (skill gaming, etc.).
The sports betting segment is expected to dominate the market during the forecast period. The growing demand for online gaming and betting practices are likely to drive the demand for sports betting. Further, growing sponsorships in online sports betting are also expected to fuel this segment.
The casinos segment is anticipated to showcase rapid growth during the forecast period owing to the multi-layer taxation environment in the casino business. In addition, the increasing fashion for remote gambling is expected to drive online betting demand.
The demand for online lottery and its distribution is gaining traction. The growing per capita income, technological adoption, and interest in draw-based games are expected to drive this segment.
Similarly, bingo is likely to show a steady CAGR owing to the increasing development of bingo sites. The growing interest of young adults in poker is likely to boost internet-based gambling practices.
By Devices Analysis
Rapid Adoption of Smartphones to Fuel Demand for Mobile Gambling
Based on devices, the market is categorized into desktop, mobile, and others (tablet, iPad, etc.).
The mobile gambling segment is expected to grow rapidly owing to the increasing adoption of smartphones. The youngsters are the driving force behind the surging demand for mobile-based sports betting. As per the Deloitte report on Betting and Gambling, one-third of betting and gaming users adopt smartphones for online gambling. Further, the growing cost-effectiveness of mobile applications is likely to expand mobile consumers in the market.
The desktop segment is likely to be the leading segment during the forecast period as it offers higher graphic design, clear image quality, and more storage space, among others, which offers a better customer experience. These are the major factors contributing to the segment growth, which in turn, will help the market grow.
REGIONAL INSIGHTS
Europe Online Gambling Market Size, 2020 (USD Billion)
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By region, the market has been analyzed across five major regions, namely, North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Europe is expected to dominate the global online gambling market share during the forecast period. The presence of key players in the region is likely to drive the market’s growth over the forecast period. Moreover, the rich sports history of Europe and the widespread presence of sports-obsessed fans in the region are together propelling market growth. Various European sports enthusiasts are highly investing in sponsoring online sports betting. For instance, in October 2020, William Hill Plc. and Caesars Entertainment, Inc. together signed a National Football League (NFL) team sponsorship to maintain a relationship with the customers.
North America ranks second in the market in terms of revenue share. Increasing digitalization, coupled with secure mobile solutions, is likely to drive demand in the region. In the US, three states, namely, Nevada, Pennsylvania, and New Jersey, have gambling regulations, which are driving sportsbook and betting apps demand.
In terms of market growth, South America is expected to rise significantly during the forecast period. Countries such as Colombia and Argentina are focusing on regulating the gambling industry, which is driving investments in online gambling. Colombia has been an early adopter of internet-based gambling regulations and is expected to dominate the regional market share.
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Asia Pacific is likely to gain significant traction during the forecast period owing to the availability of internet infrastructure and the increasing adoption of smartphones. Japan and ASEAN countries are expected to lead the market during the forecast period. According to SBC Summit Barcelona Digital, the demand for Bitcoin in gambling is gaining traction in Japan.
Similarly, the Middle East & Africa is expected to show steady growth during the forecast period. The growing demand for online gaming and smartphones is expected to boost online betting in the region.
KEY INDUSTRY PLAYERS
Partnerships and Collaborations are the Main Strategies Adopted by Key Players to Expand Businesses
The key players in the market are Kindred Group Plc., William Hill Plc., StarsGroup.com, Flutter Entertainment Plc., Betsson AB, Buffalo Partners, GVC Holdings Plc., and DraftKings Inc., among others. These players are singularly focusing on entering into strategic partnerships with local brands to expand their business presence across the globe. These players are aiming to gain expertise and understand customer requirements through partnerships and collaborations. Further, prominent gambling companies are also investing in providing new platforms and content to enhance the customer experience in this market.
July 2020 – Kindred Group Plc. announced its expansion in Indiana after successfully launching its sports betting brand, Unibet. The company is aiming at expanding its presence across the US and globally by merging with local experts.
November 2019 – William Hill Plc. announced the launch of its online casino app and sportsbook in Michigan in partnership with Grand Traverse Band of Ottawa and Chippewa Indians. The platform offers sports bettors a new experience using a deep and exhaustive array of bets.
LIST OF KEY COMPANIES PROFILED:
- Entain plc (GVC Holdings Plc.) (Douglas, Isle of Man)
- Kindred Group Plc. (Valletta, Malta)
- William Hill Plc. (London, United Kingdom)
- StarsGroup.com (Ontario, Canada)
- Flutter Entertainment Plc. (Dublin, Ireland)
- Betsson AB (Stockholm, Sweden)
- Bet365 (Stoke-on-Trent, United Kingdom)
- LeoVegas AB (Stockholm, Sweden)
- 888 Holdings PLC (Gibraltar)
- BetAmerica (California, United States)
- bet-at-home.com AG (Germany)
- Betfred (Warrington, United Kingdom)
- Buffalo Partners (New York, United States)
- DraftKings Inc. (Massachusetts, United States)
- Scientific Games Corporation (Nevada, United States)
- SPIN Casino (Canada)
- Evolution Gaming AB (British Columbia, Canada)
- Sky Betting & Gaming (Leeds, United Kingdom)
- Mansion Casino (Gibraltar)
- Slots Heaven Casino (Slots Heaven Casino)
KEY INDUSTRY DEVELOPMENTS:
- December 2020 – GVC Holdings Plc., in partnership with MGM Resorts International, announced the launch of an online BetMGM Casino in Pennsylvania. The company is offering 140 types of online games available on android and iOS.
- September 2020– William Hill Plc., in partnership with CBS Sports, announced the launch of a wide range of digital content and tools for sports bettors and fans. It will offer free-to-play games, video programming, and editorial content of William Hill across the CBS Sports Digital landscape.
REPORT COVERAGE
An Infographic Representation of Online Gambling Market
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The market research report highlights leading regions across the world to offer a better understanding to the user. Furthermore, the report provides insights into the latest industry growth trends and analyzes technologies that are being deployed at a rapid pace at the global level. It further offers some of the drivers and restraints helping the reader to gain in-depth knowledge about the market.
REPORT SCOPE & SEGMENTATION
ATTRIBUTE | DETAILS |
Study Period | 2017-2028 |
Base Year | 2020 |
Forecast Period | 2021-2028 |
Historical Period | 2017-2019 |
Unit | Value (USD billion) |
Segmentation | Type; Devices; and Region |
By Type |
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By Devices |
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By Region |
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Frequently Asked Questions
According to Fortune Business Insights, the global market size is expected to reach USD 158.20 billion by 2028.
In 2020, the market value stood at USD 66.72 billion.
The market is projected to grow at a CAGR of 11.4% during the forecast period.
Online Casino Market
The sports betting segment is expected to be the leading segment in the market.
Online Casino Philippines
The ease of online payments is the key factor driving market growth.
Kindred Group, William Hill, StarsGroup.com, Flutter Entertainment Plc., Betsson AB, Buffalo Partners, GVC Holdings Plc., and DraftKings Inc. are the top players in the market.
Europe is expected to hold the highest market share.
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Online Casino Market Share
Speak to an ExpertDublin, Aug. 24, 2021 (GLOBE NEWSWIRE) -- The 'Global Online Casino Market' report has been added to ResearchAndMarkets.com's offering.
Increase in penetration of internet and rise in use of smart phones among individuals for playing online games from homes and public places are key driving factors which are expected to boost the global online casino market growth. Furthermore, some other factors such as easy access to online gambling, cultural approval, legalization and celebrity endorsements will positively contribute the market growth.
Moreover, increase in availability of cost-effective mobile applications across the world will fuel the global online casino market growth. The internet has become a global platform for communication, by using this platform merchants offer their services in the digital market space. Rise in awareness of the latest technologies and disposable income of people will drive the market growth over the forcast period.
Market Restraints
However, stringent rules and regulations by government is the major challenging factor which expected to hamper the global online casino market growth. For instance, some policies or acts such as Interactive Gambling Act 2001, Online Casino Legislative 2012, Gambling Act of 2014, and Unlawful Internet Gambling Enforcement Act of 2006 will affect the market growth.
Market Key Players
Various key players are discussed in this report such as Ladbrokes, Bet-at-home.com, 888 Holdings, Betfair Online Casino, Draft Kings , MGM Resorts, Microgaming, Rank Group, and Camelot Group
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Global Online Casino Market Outlook
4.1 Overview
4.2 Market Dynamics
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Online Casino Market, By Type
5.1 Y-o-Y Growth Comparison, By Type
5.2 Global Online Casino Market Share Analysis, By Type
5.3 Global Online Casino Market Size and Forecast, By Type
5.3.1. Download Based Casinos
5.3.2. Live Dealer Casinos
5.3.3 Web Based Online Casinos
5.3.4 Virtual Casino Games
6 Global Online Casino Market, By Device
6.1 Y-o-Y Growth Comparison, By Device
6.2 Global Online Casino Market Share Analysis, By Device
6.3 Global Online Casino Market Size and Forecast, By Device
6.3.1 Tablet
6.3.2 Laptop
6.3.3. PC
6.3.4. Desktop
7 Global Online Casino Market, By End User
7.1 Y-o-Y Growth Comparison, By End User
7.2 Global Online Casino Market Share Analysis, By End User
7.3 Global Online Casino Market Size and Forecast, By End User
7.3.1 Gambling Enthusiasts
7.3.2. Social Exuberant
7.3.3. Dabblers
7.3.4. Lottery Loyalists
7.3.5. Unengaged Audience
8 Global Online Casino Market, By Region
8.1 Global Online Casino Market Share Analysis, By Region
8.2 Global Online Casino Market Share Analysis, By Region
8.3 Global Online Casino Market Size and Forecast, By Region
9 North America Online Casino Market Analysis and Forecast (2020-2027)
10 Europe Online Casino Market Analysis and Forecast (2020-2027)
11 Asia Pacific Online Casino Market Analysis and Forecast (2020-2027)
12 Latin America Online Casino Market Analysis and Forecast (2020-2027)
13 Middle East Online Casino Market Analysis and Forecast (2020-2027)
14 Competitive Analysis
14.1 Competition Dashboard
14.2 Market share Analysis of Top Vendors
14.3 Key Development Strategies
15 Company Profiles
15.1 Overview
15.2 Offerings
15.3 Key Financials
15.4 Business Segment & Geographic Overview
15.5 Key Market Developments
15.6 Key Strategies
- Ladbrokes
- Bet-at-home.com
- 888 Holdings
- Betfair Online Casino
- Draft Kings
- MGM Resorts
- Microgaming
- Rank Group
- Camelot Group
For more information about this report visit https://www.researchandmarkets.com/r/q7fd6g