Market Summary
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.
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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.
Segmental Analysis
The
Global Online Gambling Market 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.
Regional
Review
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.
Competitive Analysis
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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Online Gambling Market Research Report:
Information by Technology (Hall Effect, Magneto Resistive, Variable
Reluctance), By Application (Automotive, Industrial, Aerospace & Defense,
Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle
East & Africa, and South America)—Forecast till 2030
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