Dublin, April 22, 2020 (GLOBE NEWSWIRE) -- The 'Online Gambling Market Size, Share & Trends Analysis Report by Type (Sports Betting, Casinos, Poker, Bingo), by Device (Desktop, Mobile), by Region (North America, Europe, APAC, Latin America, MEA), and Segment Forecasts, 2020 - 2027' report has been added to ResearchAndMarkets.com's offering.
The global online gambling market size is expected to reach USD 127.3 billion by 2027, registering a CAGR of 11.5% from 2020 to 2027. The market is expected to gain traction over the forecast period. The growing popularity of betting across the globe and freemium model in online gambling are among the potential opportunities likely to unfold in the next few years.
Increasing adoption of smartphones and easy access to casino gaming platforms is currently driving the market. Factors such as increasing internet penetration and the availability of cost-effective mobile applications for betting are also expected to contribute to market growth over the forecast period. According to the American Gaming Association (AGA), as of 2018, approximately 2,800 sites are active online and offer activities including bingo, poker, and lottery.
Electronic Gambling Devices (EGDs) are inexpensive to run and easily available. These devices have an in-built software that mimics the experience of a local casino. For instance, a Video Lottery Terminal (VLT) uses advancing technology and can also be customized to electronic slot machines, spinning reel slot machines, video slot machines, and electronic poker games.
The spread of COVID19 has accelerated the demand for online gambling. Moreover, increasing digitalization coupled with secure digital payment options are also some factors contributing to online gambling market growth. The market is further expected to gain momentum over the forecast period attributed to the rising use of digital currency and websites provided by companies for betting and gambling.
Further key findings from the report suggest:
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- The global online gambling market size was valued at USD 53.7 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 11.5% from 2020 to 2027. The high internet penetration and increasing use of mobile phones among individuals for playing online games from their homes and public places are driving the market.
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- Ease of sports betting using a computer or smartphone coupled with the proliferation of sports betting ads across the globe is expected to propel segment growth over the forecast period
- Online gambling service providers/operators are allowed to enter into agreements with individual players or customers to provide betting services for real money, in turn attracting more gamers
- A large number of customers are using desktops for betting as downloading and installing casino software proves to be easier on desktops. This, in turn, is expected to propel the growth of the desktop segment
- Online agencies, networks and exchanges, and third-party ad servers are used for advertising gambling websites of various companies
- Europe is expected to continue its dominance over the forecast period. In the U.K., online gambling is legalized owing to safe practices and stringent regulations laid down by the government
- Asia Pacific is anticipated to register the highest growth rate owing to the increased adoption of smartphones, a larger proportion of younger population, and legalization of online gambling in the region. The market size is largely influenced by the size of betting and pertinent outcome
- Key companies in the online gambling market include William Hill PLC and Paddy Power Betfair PLC.
Key Topics Covered:
1. Methodology and Scope
2. Executive Summary
2.1 Online Gambling Market - Industry Snapshot & Key Buying Criteria, 2016 - 2027
2.2 Global Online Gambling Market, 2016 - 2027
2.2.1 Global online gambling market, by region, 2016 - 2027
2.2.2 Global online gambling market, by type, 2016 - 2027
2.2.3 Global online gambling market, by device, 2016 - 2027
3. Online Gambling Industry Outlook
3.1 Market Segmentation & Scope
3.2 Market Size and Growth Prospects
3.3 Online Gambling - Value Chain Analysis
3.3.1 Vendor landscape
3.4 Online Gambling Market Dynamics
3.4.1 Market driver analysis
3.4.1.1 Increasing investment in online gambling
3.4.1.2 Growing number of live casinos across the globe
3.4.2 Market restraint analysis
3.4.2.1 Increasing rate of cybercrimes
3.5 Penetration and Growth Prospect Mapping
3.6 Online Gambling Market - Porter's Five Forces Analysis
3.7 Online Gambling Market - Key Company Market Share Analysis, 2019
3.8 Online Gambling Market - PESTEL Analysis
3.9 Impact of COVID 19 on the Online Gambling Market
4. Online Gambling Type Outlook
4.1 Online Gambling Market Share By Type, 2019
4.2 Sports Betting
4.2.1 Sports betting online gambling market, 2016 - 2027
4.3 Casinos
4.3.1 Casinos online gambling market, 2016 - 2027
4.4 Poker
4.4.1 Poker online gambling market, 2016 - 2027
4.5 Bingo
4.5.1 Bingo online gambling market, 2016 - 2027
4.6 Others
4.6.1 Other online gambling market, 2016 - 2027
5. Online Gambling Device Outlook
5.1 Online Gambling Market Share By Device, 2019
5.2 Desktop
5.2.1 Desktop online gambling market, 2016 - 2027
5.3 Mobile
5.3.1 Online mobile gambling market, 2016 - 2027
5.4 Others
5.4.1 Other device for online gambling market, 2016 - 2027
6. Online Gambling Regional Outlook
6.1 Online Gambling Market Share by Region, 2019
6.2 North America
6.2.1 North America online gambling market, 2016 - 2027
6.2.2 North America online gambling market, by type, 2016 - 2027
6.2.3 North America online gambling market, by device, 2016 - 2027
6.2.4 U.S.
6.2.4.1 U.S. online gambling market, 2016 - 2027
6.2.4.2 U.S. online gambling market, by type, 2016 - 2027
6.2.4.3 U.S. online gambling market, by device, 2016 - 2027
6.2.5 Canada
6.2.5.1 Canada online gambling market, 2016 - 2027
6.2.5.2 Canada online gambling market, by type, 2016 - 2027
6.2.5.3 Canada online gambling market, by device, 2016 - 2027
6.3 Europe
6.3.1 Europe online gambling market, 2016 - 2027
6.3.2 Europe online gambling market, by type, 2016 - 2027
6.3.3 Europe online gambling market, by device, 2016 - 2027
6.3.4 U.K.
6.3.4.1 U.K. online gambling market, 2016 - 2027
6.3.4.2 U.K. online gambling market, by type, 2016 - 2027
6.3.4.3 U.K. online gambling market, by device, 2016 - 2027
6.3.5 Germany
6.3.5.1 Germany online gambling market, 2016 - 2027
6.3.5.2 Germany online gambling market, by type, 2016 - 2027
6.3.5.3 Germany online gambling market, by device, 2016 - 2027
6.4 Asia Pacific
6.4.1 Asia Pacific online gambling market, 2016 - 2027
6.4.2 Asia Pacific online gambling market, by type, 2016 - 2027
6.4.3 Asia Pacific online gambling market, by device, 2016 - 2027
6.4.4 China
6.4.4.1 China online gambling market, 2016 - 2027
6.4.4.2 China online gambling market, by type, 2016 - 2027
6.4.4.3 China online gambling market, by device, 2016 - 2027
6.4.5 India
6.4.5.1 India online gambling market, 2016 - 2027
6.4.5.2 India online gambling market, by type, 2016 - 2027
6.4.5.3 India online gambling market, by device, 2016 - 2027
6.4.6 Japan
6.4.6.1 Japan online gambling market, 2016 - 2027
6.4.6.2 Japan online gambling market, by type, 2016 - 2027
6.4.6.3 Japan online gambling market, by device, 2016 - 2027
6.5 Latin America
6.5.1 Latin America online gambling market, 2016 - 2027
6.5.2 Latin America online gambling market, by type, 2016 - 2027
6.5.3 Latin America online gambling market, by device, 2016 - 2027
6.5.4 Brazil
6.5.4.1 Brazil online gambling market, 2016 - 2027
6.5.4.2 Brazil online gambling market, by type, 2016 - 2027
6.5.4.3 Brazil online gambling market, by device, 2016 - 2027
6.6 MEA
6.6.1 MEA online gambling market, 2016 - 2027
6.6.2 MEA online gambling market, by type, 2016 - 2027
6.6.3 MEA online gambling market, by device, 2016 - 2027
7. Competitive Landscape
7.1 William Hill PLC
7.1.1 Company overview
7.1.2 Financial performance
7.1.3 Product benchmarking
7.1.4 Strategic initiatives
7.2 Bet365 Group Ltd.
7.3 Paddy Power Betfair PLC
7.4 Betsson AB
7.5 Ladbrokes Coral Group PLC
7.6 The Stars Group Inc.
7.7 888 Holdings PLC
7.8 Sky Betting & Gaming
7.9 Kindred Group PLC
7.10 GVC Holdings PLC
For more information about this report visit https://www.researchandmarkets.com/r/gyj6l9
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LONDON--(BUSINESS WIRE)--Technavio analysts forecast the online gambling market in the US to grow at an impressive CAGR of more than 51% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the online gamblingmarket in the US for 2016-2020. To calculate the market size, the report considers the revenue generated from legal online casino, betting, and lottery segments in the country. The report also discusses the primary market growth drivers, challenges faced by vendors and the market as a whole, and provides an overview of the key trends emerging in the market.
Though the US is portrayed to be the hub for gambling world because of the presence of popular gambling hotspots such as Las Vegasand Atlantic City, the country follows some of the most stringent federal laws in the world. In 2015, the US was ranked 8th in the global online gambling market, positioning itself after China, the UK, Australia, France, Italy, Germany, and Spain.
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Technavio media and entertainment analysts highlight the following three factors that are contributing to the growth of the online gambling market in the US:
- Easing of government regulations
- Scope for increased contribution to national economy
- Wider reach of online gambling
Easing of government regulations
In 2006, the US Federal government passed the Unlawful Internet Gambling and Enforcement Act, which outlawed all forms of online gambling. However, in 2012, a new law was passed that allowed individual states to license online and mobile casinos and sportsbooks and poker sites within their borders. As of 2015, only three states in the country namely Delaware, Nevada, and New Jersey allow online gambling. However, with the Federal government easing laws, more than five states in the US are likely to legalize the online gambling by 2020.
Some of the benefits of legalizing online gambling are an increase in revenue in the form of tax. The government can impose a high tax on the online gambling vendors and use the revenue for the development of the country. The money can contribute towards societal welfare through NGOs, development of hospitals, and educational institutions. Moreover, legalizing of online gambling can create job opportunities for people. “Thus, the easing of regulations on gambling serves the wider interest of the government and may be an important trend followed by various other states therby driving the growth of the market during the forecast period,” says Ujjwal Doshi, a lead analyst at Technavio for media and entertainment services research.
Scope for increased contribution to national economy
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In 2015, the casino segment in the US generated half a million jobs and over USD 13 billion as tax revenue. Casinos pay 25% of their earnings as tax, while the winner pays 10% of the prize money to the government, thus generating a huge income for the country. If online gambling is legalized, the contribution to the national revenue will grow significantly and it will also generate a lot more jobs.
Casinos are one of the glamourous tourist destinations in the US. Since the end of Great Recession in 2010, the tourism industry in the country has grown consistently at a CAGR of 7.7%. In addition, the US is one of the very few countries, where advertising of casinos is legal, this provides immense opportunity for online casino vendors to promote their business and attract tourists.
Wider reach of online gambling
Online gambling extends the reach of the gambling games because it is web-based and does not require the physical presence of the players at the venue. The popularity of computing and mobile devices, especially among the younger generation, is the main reason for the extended reach of online gambling market in the US. Mobile ads are one of the strongest mediums of advertising, which reaches the untapped group of the population that refrain from going to a casino or a bar where betting is allowed, and influences them to try online gambling.
“In the US, the average age of an individual visiting a casino is 45 years, whereas the average age of an online gambler is 34 years. The increasing presence of younger population on the online gambling platforms will be one of the significant factors driving the growth of the market during the forecast period,” says Ujjwal.
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