Online Gambling and Betting on the Rise with Increasing Adoption of Internet-based Services and Devices
Published On : Nov 13, 2018 | Category : Consumer Goods & Services
The global online gambling and betting market is prognosticated to gather pace with increased adoption of internet-based services and devices. Rising penetration of the internet could be another impactful factor augmenting the growth of the global online gambling and betting market. Increasing trust in online gambling and betting is also expected to bode well for the global market. On the other hand, improving disposable income of consumers and increasing commonness of online gambling and betting could set the tone for significant growth of the global market.
Transparency Market Research (TMR) projects the global online gambling and betting market to register an 11.8% CAGR between 2018 and 2026. By the final forecast year, the global online gambling and betting market could be worth a US$128.2 bn.
Relaxation of Online Gambling and Betting Laws Triggers More Demand
Players operating in the global online gambling and betting market are envisaged to take advantage of relaxed regulations implemented by authorities. The relaxation of online gambling and betting regulations could create rewarding prospects for players in the near future. It has also encouraged players to make changes in the way they operate in the global online gambling and betting market. This is mainly done according to the new online gambling and betting regulations and demands of customers. Online transaction services and innovation in the development of new games could push the growth of the global online gambling and betting market.
There are various types of devices that people use for online gambling and betting, viz. tablet, desktop, and mobile. Owing to the continuous rise in the uptake of smartphones, the mobile market for online gambling and betting is foretold to become highly attractive in the coming years. It could also expand at an impressive CAGR during the aforementioned forecast period. However, desktop is forecast to attain a dominant share of the global online gambling and betting market by the end of 2026.
Europe and North America as Lucrative Markets for Online Gambling and Betting
People play different kinds of online gambling and betting games, which include fantasy sports, sports betting, bingo, lottery, social gaming, casino, and poker. Among these, poker, lottery, and online casino could become vastly popular in the coming years. Their high attractiveness could be attributed to the increased involvement of customers for the purpose of using offers and earning rewards. However, sports betting is anticipated to grow at a telling pace in the global online gambling and betting market. On the other hand, fantasy sports, bingo, and social gaming could bank on the increase in the participation of customers in online gambling.
From a geographical perspective, the online gambling and betting market is envisioned to witness the lead secured by Europe in terms of value. In 2017, the region took command of the online gambling and betting market by generating higher revenue. North America could also show great potential for growth in the online gambling and betting market. Prophesied to log a quicker CAGR, Asia Pacific could be another promising region for the online gambling and betting market.