Selbyville, Delaware, Aug. 26, 2020 (GLOBE NEWSWIRE) --
According to latest report “Online Gambling Market by Type (Betting [Boxing & UFC, eSports, Football, Formula1, Horse Racing, Tennis], Casino [Baccarat, Blackjack, Roulette, Slots], Poker, Lottery, Bingo), Device Type (Desktop, Mobile), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of online gambling will cross $160 billion by 2026. A rise in the adoption of smartphones, improvement in internet infrastructure, and easy accessibility to casino gaming platforms will drive the market demand.
The rapid development of internet infrastructure and mobile applications is influencing the online gambling market revenue. Fast internet connectivity has enabled gamblers to play uninterruptedly with multiple users on online gambling platforms. This factor has resulted for a significant growth in the number of users and the amount of time they spend on such games. According to the Annenberg Public Policy Center (APPC), 20% of college students play online poker at least once a month.
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Online poker has gained considerable popularity amongst youngsters. Poker has witnessed increased acceptance in the U.S., the UK, China, and other European nations, and is projected to gain immense traction in India over the coming years. Rummy is a widely played card game in the global gambling industry. The popularity of the game has led to the creation of large number of online platforms, allowing players from across the globe to compete. Another factor contributing to online poker’s popularity includes several sites accepting deposits from online wallets, credit cards, and virtual currencies.
Increasing internet users on smartphones are transforming the online gambling market. According to Web ARChive (WARC), around two billion users accessed the internet via their smartphone as of January 2019. These users use smartphones to play betting games and earn real money. Online gambling service providers in the market are focusing on incorporating social media platforms, such as Instagram, YouTube, and Facebook, to attract new customers.
The COVID-19 pandemic plays a major role in the adoption of online gambling in Asia Pacific. The ongoing crisis has propelled the usage of betting among consumers due to stringent lockdown imposed by the governments. A joint study conducted by AlphaBeta Australia and illion Australia Pty Ltd., an Australian credit bureau, has revealed a 67% increase in online gambling in April 2020, following the shutdown of all non-essential services in Australia. Moreover, shut down of land-based casinos has resulted in a hike in the number of players on online casinos in India.
Some of the prominent players operating in the online gambling market are The Stars Group, 888 Holdings PLC., Fortuna Entertainment Group, Paddy Power Betfair PLC, GVC Holdings PLC, and Kindred Group. Key companies are expanding across the globe to increase their market share. For instance, in March 2019, Bet365 signed a long-term office lease agreement for a 19,000 square feet office space in Marlton, New Jersey. With this move, the company aims to strengthen its footprint in the U.S. market.
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Some major findings of the online gambling market report are:
- The proliferation of advanced technologies, such as Blockchain, IoT, and VR, is fueling the market size expansion. VR casinos are gaining high popularity among gamblers as they offer a more immersive and realistic experience compared to standard online casinos.
- A rise in internet penetration and increased usage of mobile betting platforms, such as FOX Bet Sportsbook, DraftKings Sportsbook, and BetRivers Sportsbook, are expected to contribute to market growth.
- The online gambling market is highly competitive owing to the presence of various industry participants who are actively competing on various factors including innovative product offerings, enhanced user experience, personalized payoffs, brand equity, and accessibility to various platforms.
Table of Contents (ToC) of the report:
Chapter 3. Online Gambling Market Insights
3.1. Industry segmentation
3.2. Impact of coronavirus (COVID–19) pandemic
3.2.1. Global outlook
3.2.2. Regional outlook
3.2.2.1. North America
3.2.2.2. Europe
3.2.2.3. Asia Pacific
3.2.2.4. Latin America
3.2.2.5. MEA
3.2.3. Industry value chain
3.2.3.1. Cloud service providers
3.2.3.2. Application providers
3.2.3.3. Marketing & distribution channel
3.2.4. Competitive landscape
3.2.4.1. Strategy
3.2.4.2. Business growth
3.3. Industry ecosystem analysis
3.3.1. Software developers
3.3.2. Technology providers
3.3.3. Cloud service providers
3.3.4. Liscence providers
3.3.5. Third party payment issuers/providers
3.3.6. Advertising & marketing
3.3.7. Vendor matrix
3.4. Technological & innovation landscape
3.4.1. Biometric
3.4.2. Augmented Reality (AR) & Virtual Reality (VR)
3.4.3. Blockchain
3.4.4. AI & machine learning
3.5. Regulatory landscape
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.2. Industry pitfalls & challenges
3.7. Growth potential analysis
3.8. Porter’s analysis
3.9. PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.