According to a new market research report published by Transparency Market Research titled “Online Gambling & Betting Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027,” the global online gambling & betting market is expected to reach a value of US$ 134.5 Bn by 2027, growing at a CAGR of 11.9% from 2019 to 2027. Europe held the leading share in the online gambling & betting market in 2018 and is expected to maintain its dominance over the forecast period.
The online gambling and betting market is expected to witness a rapid growth during the forecast period due to regulatory environment, which in turn is expected to propel the global market across the globe. Moreover, increase in prevalence rate of gambling, rise in disposable income of consumers, trust in the mode of online gambling and betting, growth in penetration rate of Internet, and adoption of Internet-based devices are major factors driving the online gambling & betting market.
Participation in online gambling & betting helps end-users to witness gambling and betting activities in real-time through their Internet-based devices. Online gambling and betting consists of gambling and betting games such as poker, casino, sports betting, and lottery which are played through digital platforms.
Relaxation of laws for online gambling & betting across the globe provides new opportunities for internet based gambling & betting operating players to generate revenue. Major online gambling & betting players are involved in the business of innovative game development along with online transaction services. Companies operating in the online gambling & betting market include 888 Holdings plc, The Stars Group, Paddy Power Betfair plc. Fortuna Entertainment Group, GVC Holdings Plc., and Kindred Group, as profiled in this report.
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With the adoption of mobile devices in online gambling, gamification is expected to play a crucial role in disrupting the market over the coming years. Today, operators are trying different ways to generate customer loyalty in the online gambling market. However, players are not able to find major differences between similar games, since all games are built on the same gaming models.
Gamification is expected to provide an advantage for operators by offering strategies such as real-time performance analytics, competition with player-friends, virtual rewards, and loyalty bonuses. This, in turn, is expected to generate brand loyalty in players and distinguish the operator’s games from those of its competitors. Furthermore, it is expected to drive innovation among operators in order to create new forms of gambling games in the coming years.
The global gambling revenue is expected to grow at a healthy rate owing to high disposable incomes, favorable regulation, and tax rebates in respective regions. The end-users comprising the age group from 35 to 55 years having high disposable incomes and a passion for the adoption of the latest technological devices as part of leisure. Therefore, the end-user segment is more likely to adopt online gambling technologies in the coming years.
Generations Y and Z, consisting of the age group between the years of 15 to 25, are more inclined to use mobile devices and may find online gambling a part of leisure in the coming years. Thus, combining the inputs from both age groups, the online gambling and betting market is expected to register positive growth over the forecast period.
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In terms of geography, Europe accounted for the highest share in 2018. Asia Pacific is expected to grow at a higher pace in coming years. Key factors attributing to the Asia Pacific market growth are relaxation of laws, growth in participation of wagers through Internet, and availability of foreign gambling & betting sites with attractive offers. In addition, increase in penetration of Internet-based devices and trust in using online gambling & betting sites are stimulating the market.
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