Latest News
Global Online Gambling Market Size Worth USD 73.45 Billion By 2024: Hexa Research
Reading Time: 2 minutes
The global online gambling market size is anticipated to reach USD 73.45 billion by 2024 owing to rising prevalence gambling across the globe. Technological advancements and addition of new regulations are expected to boost market demand over the forecast period. Furthermore, growing adoption of smartphones and tablets and easy access to online platforms are anticipated to drive the market.
Companies are focusing on developing mobile applications with secure money transfer facilities so that punters can easily place their bets online in real time. For instance, companies such as Bet365 Group Ltd., Paddy Power Betfair plc., and Betsson AB have mobile applications on different platforms such as iOS and Android. Moreover, a number of countries are legalizing gambling with each passing year. For instance, in December 2016, the parliament of Japan passed a law to legalize casinos after holding it for 15 years.
In 2016, the sports betting segment led the market and accounted for more than 40% of the revenue. It comprises various sports tournaments such as cricket, basketball, tennis, and other games. For instance, the sports betting segment turnover for Bet365 Group Ltd. went up by USD 2.3 million in 2016 owing to increasing football tournaments and cricket leagues. Increasing number of people betting on such events and easy accessibility to online gambling websites and applications are anticipated to present considerable growth opportunities for the market.
The online gambling and betting industry is anticipated to grow at a faster pace due to favorable regulatory environment. Moreover, rising disposable income of consumers and adoption of Internet-based devices are increasing revenues of the online gambling market worldwide. However, certain regions are likely to record sluggish growth due to strict government regulations, thus affecting overall revenue generation.
Europe dominated the market in 2016, valuing USD 16.42 billion in the market. This is due to the fact that online gambling is legal in a large number of countries such as France, Germany, and Italy. Countries such as U.K. and Germany have well-developed technology and infrastructure. Moreover, they have witnessed increased usage of smartphones and tablets for playing online gambling games on applications provided by companies such as Betsson AB and Bet365 Group Ltd.
The global online gambling industry is highly fragmented in nature and is marked by presence of several players operating across the world. Companies are focused on expanding their presence in the market through various strategic alliances such as diversification in online services.
For instance, in August 2015, Paddy Power announced a merger with Betfair for Euro 5 billion in order to increase its penetration in the online market and overcome regulatory hurdles. Key companies in the online gambling market include William Hill plc.; Bet365 Group Ltd.; Paddy Power Betfair plc.; Betsson AB; Ladbrokes Coral Group plc.; Amaya Inc.; 888 Holdings plc.; Sky Betting & Gaming; Kindred Group; and GVC Holdings plc.
Hexa Research has segmented the online gambling market report based on type and region:-
- Segmentation by Type
• Sports Betting
• Casinos
• Poker
• Bingo
• Others - Segmentation by Region
• North America
• U.S.
• Europe
• U.K.
• Asia Pacific
• Australia
• Central & South America
• Africa - Key Players Analyzed:
• William Hill plc.
• Bet365 Group Ltd.
• Paddy Power Betfair plc.
• Betsson AB
• Ladbrokes Coral Group plc.
• Amaya Inc.
• 888 Holdings plc.
• Sky Betting & Gaming
• Kindred Group
• GVC Holdings plc.
About Hexa Research:
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
Source: Latest News on European Gaming Media Network
Latest News
Melbet and Eternal Fire have formed a new partnership
The betting company Melbet has become a partner of the Turkish esports organization Eternal Fire. ET’s next tournament, featuring a new sponsor, will be the BLAST Bounty 2025 Season 1.
“We’re proud to partner with Eternal Fire. They’ve not just been part of Turkish CS history, they’ve written it. With Melbet behind them, we hope that Eternal Fire can reach even greater heights, deliver new victories for their fans, and showcase the passion for CS in Turkey,” said a Melbet representative.
The Melbet logo will be featured on the team’s jerseys and social media channels during game streams and other events as part of the partnership. Together with Melbet, EF players plan to host autograph sessions and other fan engagement activities.
Melbet will also help grow Eternal Fire’s massive FACEIT Club, which already boasts nearly 20,000 players.
Eternal Fire, one of Turkey’s biggest names in esports, is making waves on the global Counter-Strike scene. Ranked 13th by HLTV, they’ve had an amazing run, placing second at ESL Pro League Season 20 and making it to the PGL CS2 Major Copenhagen 2024 quarterfinals.
Melbet’s sponsorship of Eternal Fire extends beyond CS2, encompassing their entire PUBG roster.
The post Melbet and Eternal Fire have formed a new partnership appeared first on European Gaming Industry News.
Latest News
Pythia Sports partners with Betmaster to deliver comprehensive managed trading services for horse racing and greyhounds
Leading horse racing and sportsbook provider, Pythia Sports, has announced its latest client partnership with global sports betting operator Betmaster. The collaboration sees Betmaster go live with Pythia’s full managed trading services racing betting product, enhancing its offering for racing enthusiasts worldwide.
This partnership, which launched in December 2024, marks another milestone for Pythia Sports as it continues to expand its presence in the global racing industry. The agreement was facilitated in collaboration with Racing1 Markets by leveraging the racing packaged from Racing1, as well as the newly formed racing alliance from 1/ST Content, Arena Racing Company (ARC), Racecourse Media Group (RMG), and Tabcorp.
This gives Betmaster a 24/7 racing package in just one contract and one integration, further strengthening the ties between the racing ecosystem’s major stakeholders.
Betmaster’s adoption of Pythia’s managed trading services will provide its customers with a seamless horse racing experience for global meets across the UK and Ireland, as well as USA, Australia, New Zealand, South Africa and Japan, complete with expert pricing from Pythia.
Betmaster has further integrated select derivative markets with a full rollout expected later this year, alongside in-running betting.
Stephen Davison, Head of Commercial Operations at Pythia Sports, said: “We are delighted to partner with Betmaster to bring our state-of-the-art managed trading services to their platform. This partnership represents our commitment to delivering high-quality, innovative horse racing solutions to operators worldwide. We’re confident this launch will resonate with Betmaster’s customers and we are excited to see how horse racing and greyhounds can inspire growth at the company as they offer this proposition for the very first time as an operator.”
Jack Whitaker, Racing1 Markets spokesperson and Commercial Manager at ARC, said: “Racing1 Markets is all about making racing easy for customers that want a tier 1 product, with as little hassle as possible – our partnership with industry leading supplier Pythia Sports enables customers like Betmaster to receive exactly that. Betmaster, an existing brand across Ireland with global aspirations, are a perfect fit to align with Racing1 Markets’ goals.
Betmaster CPO Andrey Rozanov added: “Working with Pythia Sports as a part of the Racing1 Markets package is a game-changer for Betmaster. Their racing expertise and product set allows us to enhance our horse racing product, providing our customers with a comprehensive and dynamic betting experience. We’re thrilled to bring this product to market and look forward to seeing its impact play out as we approach the major racing events in the 2025 calendar.”
This agreement underscores the growing demand for robust horse racing solutions within the online sports betting industry and solidifies Pythia’s reputation as a trusted partner.
Pythia will be exhibiting its risk management service as part of the newly formed Racing1 partnership at ICE in Barcelona at Stand 5E38.
About Pythia Sports
Pythia Sports was established in 2014 with a focus on predictive sports modelling and data collection, primarily in racing. It works in partnership with data rights holders such as Arena Racing Company and Racecourse Media Group (RMG). It has recently worked with the latter to launch an in-play betting feed, for which Pythia provides the pricing to clients including William Hill, Ladbrokes, Coral and William Hill.
Pythia Sports has built a fully automated risk management service, encompassing fundamental pricing capabilities and advanced risk management algorithms. This has been designed as an end-to-end service for bookmakers, allowing them to offer a market-leading product with guaranteed returns and no operational overhead requirements. The product is fully customisable based on each client’s operational and trading requirements.
The post Pythia Sports partners with Betmaster to deliver comprehensive managed trading services for horse racing and greyhounds appeared first on European Gaming Industry News.
Latest News
Bitblox receives backing from YOLO Investments
Bitblox, the disruptive provider behind popular crypto price prediction games Up or Down? and 3 in a Row, has announced it will receive an investment from YOLO Investments, an innovative venture capital firm with interests in blockchain and fintech.
YOLO has long been an admirer of Bitblox, with the group’s proprietary igaming platform solution, Hub88, being among the first to adopt the company’s innovative titles when it launched in the summer of 2024.
Bitblox games have since gone from strength-to-strength in the industry, with the company’s unique hybrid of skill-based games (SBGs) and games of chance attracting interest from both sports bettors and casino players alike.
Now boasting a portfolio that includes a sped up version of its flagship title, Up or Down? Turbo, and a more light-hearted game in Bitslap, Bitblox is set to make further in-roads in the igaming space over the coming months and already has a number of new releases in its pipeline for 2025.
The company’s ambitions will, of course, now be furthered by the additional support being supplied by YOLO Investments and both parties are optimistic about embarking on a mutually beneficial partnership that should help to bring crypto-based betting further into the mainstream.
Brandt Page, Chief Executive Officer at Bitblox, said: “YOLO Investments is a company with a proven track record for identifying opportunities in the cryptocurrency-focused igaming space, so we’re very happy to have received a huge vote of confidence from them in the form of this partnership.
“As one of the early adopters of our games on its Hub88 platform, Yolo has witnessed first hand the potential Bitblox titles have in driving engagement from both sports bettors and casino players and I’m confident with their backing, we’ll be able to achieve more great things in 2025.”
Klen Kaljulaid, Principal at YOLO Investments, said: “We value innovative products that break away from the traditional 3×3 reels so beloved by the industry. Bitblox games provide a sense of control, reminiscent of cash games. I particularly appreciate knowing that the results are tied to real-world price movements rather than relying on RNG. While I understand the future is inherently unpredictable, I can, at least in theory, hold onto the illusion of knowing where the market might move—and if proven right, take satisfaction in my understanding of market dynamics.”
The post Bitblox receives backing from YOLO Investments appeared first on European Gaming Industry News.
-
Latest News2 months ago
India’s top gamers Jonathan & TechnoGamerz to face off in eFootball showdown at DreamHack India 2024
-
Latest News2 months ago
The 2024 PUBG MOBILE Global Championship (PMGC) Grand Finals Arrive in London!
-
Latest News3 weeks ago
GamCare releases Annual Report following record breaking year of support on the National Gambling Helpline
-
Latest News2 months ago
Mortal cements his name as face of Indian gaming, wins ‘Content Creator of the Year’ at global Esports Awards 2024
-
Latest News1 month ago
Abios powers upcoming gaming media platform Apollo with in-play statistics for League of Legends
-
Latest News3 months ago
DreamHack India 2024: A complete guide to the esports tournaments with INR 45+ lakh prize pool on the line
-
Latest News2 months ago
Mythpat, GamerFleet, Piyush Joshi Gaming: India’s popular Minecraft Players Gear Up for the Ultimate Battle in Creators Rumble
-
Latest News2 months ago
MelBet Appoints Bollywood Actress Sherlyn Chopra as its New Brand Ambassador
You must be logged in to post a comment Login