DUBLIN–(BUSINESS WIRE)–The “Online Gambling Market – Forecasts from 2020 to 2025” report has been added to ResearchAndMarkets.com’s offering.
Global online gambling market was valued at US$44.317 billion in 2019 and is expected to grow at a CAGR of 7.13% over the forecast period to reach a total market size of US$66.994 billion in 2025.
Growing popularity of betting across different regions around the globe is significantly driving the global online gambling market. According to the American Gaming Association (AGA), around 2,800 sites are active online and offer games and activities such as poker, lottery, and bingo, as of 2018.
Growing adoption of smartphones coupled with rapid penetration of better internet connectivity across various regions/countries is supporting the easy access to various online gambling platforms. With companies offering freemium model to their customers, the number of people engaged in various types of online gambling is rising at a considerable rate which, in turn, is boosting the growth of global online gambling market.
Increasing number of cost-effective mobile applications to play different online gambling games on smartphones is also contributing to the market growth of online gambling worldwide. Ease of sports betting using a portable connected device such as smartphone, laptop, and tablet has increased the number of players in the online gambling industry.
Moreover, proliferation of sports betting along with other online gambling ads is further attracting people to try online gambling, thus positively impacting the market growth during the forecast period. Online agencies, third-part ad servers, and networks and exchanges are used to advertise gambling websites of various companies. Online gambling service providers enter into agreements with individual customers or players to offer betting services for real money which is attracting more and more gamers allowed, have restricted and stringent regulations which further erodes the growth of this overall online gambling market.
Increasing number of partnerships
The online gambling industry is witnessing constant partnerships and collaborations among market players so as to expand their reach across the globe which will continue to bolster the growth of global online gambling market till the end of the forecast period. Recently in July 2020, Pariplay has partnered with Grand Casino Baden and entered Switzerland’s iGaming space. This partnership allows the company to expand its footprints to this newly regulated market, following recent moves in Romania and Portugal. Greentube, the NOVOMATIC Interactive division, has also recently signed a distribution deal with the leading operator in Spain- Casino Gran Madrid Online- in order to extend its footprint in the country.
Kambi Group plc has recently signed a multi-year agreement in August 2020 with BetAmerica, a subsidiary of Churchill Downs Incorporated (CDI), to become the sportsbook technology and service provider to the sports betting brand. BetAmerica sportsbooks are currently available in Indiana, Pennsylvania, New Jersey, and Mississippi. BonusFinder.com has been granted an affiliate license to operate in Tennessee after the sports betting law entered into force in this U.S. state in 2019, expanding further in the burgeoning U.S. online gambling market.
BonusFinder.com currently holds licences in six U.S. states including West Virginia, Pennsylvania, Indiana, and Colorado. Soft2Bet, the casino platform provider, has recently unveiled Irokobet which is an innovative casino and sportsbook brand. This product offers customers a unique selection of engaging casino games, live casino options, and a whole new experience for its players based in New Zealand and several African markets.
Playzido, a B2B gaming platform, signed a partnership agreement with DreamTech Gaming. This partnership incorporates the latter’s rapidly growing portfolio of high-performance casino games onto the Playzido platform. Online Casino and Sportsbook BetzestT has partnered with casino provider Fortune Factory StudiosT in order to increase its offering. This partnership includes the latter’s full collection of games including Aliyas Wishes, Romanov Riches, and Village People Macho Moves.
COVID-19 accelerated the growth of global online gambling market
The recent COVID-19 pandemic has led to a sudden rise in the revenues of online gambling service providers, thus positively impacting the overall market growth. According to Google Trends, gambling has moved online amid the closure of physical gambling venues coupled with cancellation of various sports events and tournaments. In Australia, the joint study by Australian Credit Bureau Illion and analytics firm AlphaBeta has reported a 67 per cent rise in online gambling during the first week of April alone, based on a sample of transactions made by 250,000 Australian consumers, following the recent shutdown of all non-essential services due to coronavirus.
The figures show that the online gambling has emerged as one of the biggest winners during the shutdown alongside services such as online retail, food delivery, and subscription services. Similarly, the US-facing online social poker room Global Poker revealed a 43 increase in the use of online poker sites in America since the nationwide lockdown and social distancing measures took effect. In conjunction to this, a 255 per cent increase in first-time poker players was witnessed, enjoying poker either live, online, or with friends, on a regular basis.
In the United Kingdom as well, search interest in online casinos has also hit an all-time high since the beginning of lockdown. However, this increase in revenue is subject to the legalization of certain online gambling services across various countries. For example, although sports betting and wagering is permitted in Australia, online casino gaming and poker are strictly prohibited under the Interactive Gambling Act.
Prominent key market players in the global online gambling market include WHG (International) Ltd, Flutter Entertainment plc, BETSSON AB (publ), GVC Holdings PLC, Greentube Internet Entertainment Solutions GmbH, BetAmerica, Soft2Bet, the 888 Group, Playzido Ltd., IGT, Scientific Games, bet365, Playtech, Kindred Group plc, and Betway Limited.
Key Topics Covered:
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Market Attractiveness
5. Global Online Gambling Market Analysis, By Game Type
5.2. Sports Betting
6. Global Online Gambling Market Analysis, By Platform
7. Global Online Gambling Market Analysis, By Geography
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. WHG (International) Ltd
9.2. Flutter Entertainment plc
9.3. BETSSON AB (publ)
9.4. GVC Holdings PLC
9.5. Greentube Internet Entertainment Solutions GmbH
9.8. the 888 Group
9.9. Playzido Ltd.
9.11. Scientific Games
9.14. Kindred Group plc
9.15. Betway Limited
For more information about this report visit https://www.researchandmarkets.com/r/xr2gag