June 14, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Online Gambling Market.
It was estimated prior to this unanticipated outbreak that the Online Gambling Market is expected to grow from USD 55.8 billion in 2020 to USD 106.2 billion by 2026 at a CAGR of over 11.3% during the forecast period.
Online gambling, also referred to online betting or internet gambling consists of a wide range of online games. It refers to any kind of gambling conducted on the internet. The players can participate in bets related to live sports or other related events to win prizes or money. It includes virtual poker, sports betting, and casinos. Online betting platforms, mobile applications, and websites are gaining popularity across the globe.
The growing use of mobile phones and high internet penetration among individuals for playing online games from public places and homes, which is one of the key drivers.
- Some factors such as legalization and cultural approval, easy access to online gambling, celebrity endorsements, and corporate censorships also propel market growth.
- The rising availability of cost-effective mobile applications around the world is likely to offer lucrative opportunities to the market players.
- However, signal manipulation through fake apps and app-based hacking are some of the restraining factors affecting the industry expansion.
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Based on type, the global online gambling market has been categorized into sports betting, casinos, poker, bingo, others. Among these, the sports segment witnessed the largest market share in 2020 owing to rising use of digital platforms among consumers. Further, growing purchasing power in Asia Pacific further led to increasing spending capacity in online betting in sports, resulting in segment growth.
By region, the Europe market held the highest market share in 2020 and is estimated to register a robust CAGR during the review period. This is majorly attributed to the legalization of gambling in various countries such as Germany, Spain, Germany, Malta, and Italy. Favourable factors such as increasing popularity of online casinos, availability of high-speed internet, and rising use of smart phones further boosts the regional growth. Also, the Gambling Act 2005 imposed up by the U.K. Gambling Commission (UKGC) has allowed the companies to advertise their gambling sites, which is also accelerating the growth of the market in Europe.
Key players operating in the global Online Gambling market are-
- William Hill PLC (UK),
- Bet365 Group Ltd. (UK),
- Paddy Power Betfair PLC (Ireland),
- Betsson AB (Sweden),
- Ladbrokes Coral Group PLC (UK),
- The Stars Group Inc. (Canada),
- 888 Holdings PLC (UK),
- Sky Betting & Gaming (UK),
- Kindred Group PLC (Malta), and
- GVC Holdings PLC (UK).
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Online Gambling analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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