Online Gambling Market worth over $160bn by 2026
Published Date: August 25, 2020 Authors: Preeti Wadhwani, Saloni Gankar
Online Gambling Market size is set to surpass USD 160 billion by 2026, according to a new research report by Global Market Insights, Inc.
The convenience of using cashless payment mode during sports betting, online casinos, and online poker will proliferate the online gambling market expansion. With the increased popularity of contactless payments among consumers, online gambling businesses are focusing on providing a wide range of payment options to its users. For instance, TradaCasino, an online gambling platform which accepts an array of flexible banking solutions including cards, bitcoin, digital wallets, vouchers, and online-banking processors. These payments enable easy, fast, and secure transactions to gamblers.
Industry players are implementing advanced technology to improve customer interaction
The online gambling market demand can be attributed to advancements in digital marketing tools and techniques. Major market players are utilizing digital tools to promote gambling activities across the globe. Companies are integrating AI chatbox to automate customer communication and marketing processes, helping in improving engagement, connect with more customers, and degree of personalization. It provides detailed and relevant information on clients, helping market players to improve products or services. The technology also aids in maintaining the user base, leading to the market growth and boost in customer loyalty.
The acceptance of cryptocurrency transaction in online gambling platform to propel the market revenue
The online casino market will showcase growth of over 15% through 2026 due to the incorporation of cryptocurrency on several platforms. Countries with strict gambling regulations including Japan and Taiwan are witnessing a rapid growth of online casino sites that accept cryptocurrencies as a mode of payment. For instance, online casino sites in Taiwan accept Bitcoin and allow players to peruse & play gaming. Bitcoin transactions enable players to perform all forms of gambling in an online casino with increased security and anonymity.
Browse key industry insights spread across 250 pages with 246 market data tables and 24 figures & charts from the report, “Online Gambling Market Size By Type (Betting [Boxing & UFC, eSports, Football, Formula1, Horse Racing, Tennis], Casino [Baccarat, Blackjack, Roulette, Slots], Poker, Lottery, Bingo), By Device Type (Desktop, Mobile), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Large screen size and better performance will impel desktop adoption in the online gambling market
Get more details on this report - Request Free Sample PDF
The desktop segment dominated a market revenue share of around 55% in 2019. The large screen size of desktops compared to mobile devices enable gamblers to easily navigate from one page to another and evaluate the types of wagers available to make precise decisions. The fast & secure internet connectivity along with better compatibility with majority of sportsbooks compared to mobile versions is encouraging users to use laptops or home PCs. Several online gambling games need to be downloaded or run on Java so that they may consistently work on a phone or tablet. In addition, performance parameters, such as storage capacity, picture quality, and sound volume, that can be easily adjusted on desktops provide an improved gaming experience.
Availability of several mobile casino apps is contributing to the popularity of online gambling in Europe
Favorable legalization and growing popularity of online gambling in countries including Malta, the UK, Germany, Spain, France, and Italy are driving the Europe online gambling market size expansion. Online casino games are a highly popular form of online gambling in the UK. According to the UK Gambling Commission (UKGC), online casinos accounted for 69.3% of the total Gross Gambling Yield (GGY) between October 2018 and September 2019. The growth can be attributed to an increasing number of mobile casino apps offering different casino games, bonuses, and real-time game selection.
key players are introducing innovative technologies on their online gambling websites and apps to remain competitive in the market
Some of the prominent companies operating in the online gambling market include Ladbrokes Coral Group PLC, Kindred Group PLC, The Stars Group, Inc., Sky Betting and Gaming, William Hill PLC, Betsson AB, Paddy Power Betfair PLC, Caesars Entertainment Corporation, Bet365 Group Ltd., Borgata Hotel Casino & Spa, 888 Holdings PLC, and GVC Holdings PLC.
Industry players are focusing on product development to increase their market share and improve profit margin. For instance, in June 2019, the Gaming Innovation Group, Inc. (GiG), a cloud-based online gaming software developer based in Malta, launched an advanced and innovative sportsbook for its in-house brand, Guts. The new sportsbook provides new & existing users with improved UI/UX experience, fast navigation, and a mobile-focused platform.