At 7.91% CAGR, Online Gambling Market Size Worth $77.42 Billion By 2026 says Brandessence Market Research

Increasing Adoption of Smartphones and Easier Access to Casino Gaming Platforms areSome of the Major Factors Driving the Market Growth. Top Companies Who are working on Online Gambling Market: Betsson AB, 888 Holdings PLC, The Stars Group Inc., The Kindered Group, GVC Holdings, William Hill PLC, Bet365, LeoVegas AB, Flutter Entertainment PLC, Cherry Spelglädje AB

Pune, India , Dec. 29, 2020 (GLOBE NEWSWIRE) -- The global demand for online gambling market in terms of revenue was worth of USD 45837.26 million in 2019 and is expected to reach USD 77420.56 million in 2026, growing at a CAGR of 7.91% from 2019 to 2026. The online gambling market is expected to grow at significant growth rate due to number of driving factors.

The study provides a crucial view of online gambling market by segmenting the market based on type, end-user, and region. Based upon type, online gambling market is segmented into live casino, slots, bingo, and others. Based upon end-user, online gambling market is segmented intomobile, desktop and others.  The regions covered in global online gambling market are North America, Europe, Asia-Pacific, and Rest of the World. On the basis of country level, global online gambling market is sub divided into U.S., Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Brazil, Mexico, GCC, Africa and etc.

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Increasing adoption of smartphones, surge in internet penetration and availability of cost-effective mobile applications for betting are some key impacting factors contributing to online gambling market growth within the forecast period. According to Internet Innovation Alliance report, In 2016, a total of 1.5 billion smartphones were sold worldwide and it is estimated that the U.S. will have a 72.7 percent smartphone penetration rate by 2021. According to the American Gaming Association (AGA), approximately 2,800 sites are active online and offer activities with bingo, poker, and lottery in 2018. Moreover, easy availability of electronic gambling devices (EGDs), technological advancements and presence of leading gaming providers will provide significant openings in the global online gambling market during the forecast period. For instance; a Video Lottery Terminal (VLT) uses advancing technology and can also be customized to electronic slot machines, video slot machines, spinning reel slot machines and electronic poker games.

Recently, the ongoing COVID19 has also augmented the demand for online gambling globally. Moreover, increasing digitalization coupled with secure digital payment options and rising research and development in technology by organizations around the world are also supplementing the market growth. For example; Gaming Innovation Group Inc. is an iGaming company based in Saint Julian's, Malta, Europe. It offers cloud-based product and platform services and performance marketing to its B2B partners. In June 2020, Gaming Innovation Group announced partnership with GS Technologies Limited for the provision of GiG’s platform and front-end development to a new casino brand with its license from the Maltese Gaming Authority.

North America and Europe are expected to capture the major share of this market owing to increasing disposable income of consumers, rise in smartphone users, rising R&D collaboration in technology, new product launching, increasing digitalization coupled with secure digital payment options in North America is driving the demand for online gambling market in forecast period. According to Internet Innovation Alliance report, in 2017, the numbers of smartphone users were estimated to reach 224.3 million in the United States and the number of smartphone users in the U.S. is estimated to reach over 270 million in 2022. Also, the new law allows for online casinos, online poker, sports betting, and more. Currently, New Jersey is the largest market for regulated online gambling in the United States. In New Jersey, number of sports books and online sports betting apps live are available for online gambling. For example; in 2019, GiG launched the Hard Rock Omni channel sports offline and online solutions in New Jersey. Asia Pacific is growing at more rapid pace in the global online gambling market due to the increased adoption of smartphones and larger proportion of younger population in this region.

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Mobile technology has spread rapidly around the globe. Currently, it is estimated that more than 5 billion people have mobile devices, and over half of these connections are smartphones. But the growth in mobile technology to date has not been equal, either across nations or within them. People in advanced economies are more likely to have smartphones in particular and are more likely to use the internet and social media than people in emerging economies. Casino games are also available on online casinos. Casino games can also be played outside casinos for entertainment purposes like in parties or in school competitions, some on machines that simulate gambling. Casinos may also offer other types of gaming such as; hosting poker games or tournaments, where players compete against each other.

According to the Ericsson Mobility Report, global mobile subscription penetration reached 104% in Q4 2018. In 2022, the number of mobile broadband subscriptions is expected to reach 8 billion. Of course, there are some inactive subscriptions and some users own multiple devices, but still, the number is mind-boggling. Additionally, according to a report by World Casino Directory; interactive poker remained mostly flat with a slight drop from 2,688.1m to 2,679.3m and bingo rose slightly, as it has since 2003 with a 15-year increase of more than thirteen-fold from $148m to $1.96b. In the interactive sphere, once again Japan is in the top three of thirty charted countries with roughly the same revenues as China is posting at just under 10% of global GGR each. The United Kingdom which signifies 16.7% of legal global revenues at $8.06b, the top 3 command a cumulative total of 36.3% of global interactive gambling by player location

Online gambling includes casinos, virtual poker, and sports betting. This online gambling is the staking/betting of something of value that is generally money on the outcome of a game using the internet and it is gaining popularity among the population with the advent of high-speed internet. The usage of mobile devices to participate in all types of gambling activities is increasing. The online gaming business is progressively moving into markets around the world and it is changing the model of the gambling industry as many consumers turn to the Internet to bet on gamble on slots, sports or play cards.Online gambling has been growing in the past two decades owing to the rise of the Internet and various technological advancements and the internet is home to thousands of casinos with millions of players.Growth of mobile gambling, availability of high-speed internet services, rising ownership of gadgets such as laptops, mobile &tablets, growing number of online women gamblers, industry consolidation & alternative option to cash and legalization and cultural approval of online betting in various developed countries are the key factors for driving the global online gambling market growth.

Major Trends of online gambling market are as follows:

Telegram Casino: Online gambling becomes more accessible thanks to apps like Viber, WhatsApp, Facebook, Telegram and similar options. All these apps are easy to use even with a weak internet connection. Most of the customers prefer Telegram due to progressive features. The provider has released a bot for accessing casinos. Telegram operates as intermediary and transfers signals from the user to the site. Telegram is popular for different features including player anonymity, broad availability, no advertising needed, safe communication and similar. This Telegram casino is able to mimic the model of desktop and mobile online casinos that would make gaming on the platform super secure and convenient. The person over the age of 18 who has a registered Telegram account can access games on the Telegram casinos platform. This innovative move combines the better of two online worlds such as messaging and gaming.

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Virtual and Augmented Reality Casinos: A Virtual reality is nothing but a computer-generated 3D simulation of an environment in which user can interact within a realistic way and this VR completely changes the player’s usual online casino experience. There are many casinos that have been utilizing this new technology for years and some casinos provide an authentic gaming experience where players can explore the virtual casino and enjoy playing the latest VR-adapted slot games or any other game. For instance; virtual reality poker is also gaining more popularity and a few online casinos already offer such games on their websites. Augmented reality combines the real world and computer-generated virtual overlays and it give users a virtual view of the world. This AR uses the existing environment and overlays new images on top of it. This technology is behind one of the most popular mobile games such as Pokémon Go which is set to make the online casino experience even better and will soon be an available feature in many casinos. This AR makes live gaming even more thrilling and appealing by allowing players to enjoy games in a completely different way and meet other players in a virtual environment.

Blockchain technology: Casino operators include blockchain solutions in casino games which attract additional users and this technology allows smooth and quick transactions. Also with this technology customers can take advantage of complete anonymity as users’ information is not transferred to banks and other intermediaries. Blockchain technology has been used in the payment processes of many online casinos.

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