According to a new market research report by Transparency Market Research entitled "Online Gambling and Betting Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019-2027" The global online gambling and betting market is expected to reach a value of $ 134.5 billion by 2027, Growth at a CAGR of 11.9% of 2019 to 2027. Europe held the leading share of the online gambling and betting market in 2018 and is expected to maintain its dominance over the forecast period.
The online gambling and betting market is expected to grow rapidly over the forecast period due to the regulatory environment that will in turn drive the global market worldwide. In addition, the increase in the prevalence rate of gambling, the increasing disposable income of consumers, confidence in the nature of online gambling and betting, the increase in the rate of penetration of the internet and the advent of internet-based devices are important factors in online gambling – and betting market.
The relaxation of the laws governing online gambling and wagering around the world is opening up new opportunities for internet-based gamblers who gamble and wager to generate income. In addition to online transaction services, major online gaming and betting providers are also involved in the development of innovative games. Among the companies operating in the online gambling and betting market are 888 Holdings plc, The Stars Group, Paddy Power Betfair plc. Fortuna Entertainment Group, GVC Holdings Plc. And Kindred Group, as shown in this report.
With the advent of mobile devices in online gambling, gamification is expected to play a critical role in disrupting the market in the years to come. Nowadays operators are trying different ways to generate customer loyalty in the online gambling market. However, gamers cannot find any significant differences between similar games as all games are based on the same game models. Gamification is expected to give operators an edge by offering strategies such as real-time performance analysis, competition with player friends, virtual rewards and loyalty bonuses. This in turn is likely to lead to brand loyalty among gamers and differentiate the operator's games from those of its competitors. In addition, operators are expected to drive innovation to develop new forms of gambling in the years to come.
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Due to the high disposable income, favorable regulation and tax breaks in the respective regions, global gaming revenues are expected to grow at a healthy pace. End-users in the 35-55 age group have high disposable incomes and a passion for introducing the latest technological devices as part of their leisure time. Therefore, the end user segment will be more likely to use online gambling technologies in the years to come.
Generations Y and Z, comprised of the 15-25 age group, are more inclined to use mobile devices and may consider online gambling as part of their leisure time in the years to come. By combining the inputs from both age groups, it is expected that the online gaming and betting market will experience positive growth in the forecast period
Geographically, Europe had the highest share of 2018. The Asia-Pacific region is expected to grow faster in the coming years. Key factors for the growth of the Asia-Pacific market are the relaxation of laws, the increase in the participation of betting on the Internet and the availability of foreign gambling and betting websites with attractive offers. In addition, the proliferation of internet-based devices and confidence in the use of online gambling and betting websites are stimulating the market.