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According to Market Research Future, the global online gambling market has been segmented based on game type, device type, end-user, and region/country.

Rapid technological advancements and an increase in the number of gambling users across the globe are some of the factors that are influencing the growth of the online gambling market.

The growth in the adoption of smartphones is transforming the online gambling market as most of the betting and casino consumers are using smartphones to play the games and earn real money. In recent years, online gambling service providers have also incorporated social media platforms, such as YouTube, Facebook, and Instagram to attract new customers.

The adoption of virtual currency such as cryptocurrency in the gambling market by gambling vendors is a major trend in the global mobile gambling market. For instance, the mobile gambling market in Nevada accepts cryptocurrency or virtual money from the players. The integration of virtual money in the gambling market has reduced the risk of security concerns related to cash transactions. The online cash transactions help gambling vendors to distribute the prize money in the form of redeemable coupons, which can be used to play other games as well. It also provides customer spending history to gambling providers who help them to customize their marketing strategy.

The increasing interest of mobile gambling among youngsters, development of infrastructure, increasing foreign investments, legalization of mobile gambling in various countries across the world, and relaxation of government regulations and policies are some of the drivers of the growth of the mobile gambling market.

However, security issues related to online payments in mobile gambling and rising addictive behavior which may affect the low-income population as they may not be able to afford losses, are some of the factors which may hinder the growth of the mobile gambling market. The global online gambling market has been analyzed for five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Segmentation:

By game type, the global gambling market has been segmented into betting, casino, poker, lottery, online bingo, and others. The casino segment accounted for the largest market share in 2018, whereas the poker segment is expected to register the highest CAGR during the forecast period. This is because online poker is preferred by many players as it offers a variety of games for selection, which is not the case in poker rooms. Also, mobile poker is simple and convenient to use as the player can join the game remotely without being physically present in the poker room.

By device type, the global gambling market has been segmented into mobile and desktop. The mobile segment has the highest market share, and it is expected to register the highest CAGR during the forecast period. This is due to the increasing adoption of smartphones.

By end-users, the global gambling market has been segmented into gambling enthusiasts, social exuberant, and dabblers. The gambling enthusiasts segment accounted for the largest market share, whereas the social exuberant segment is projected to register the highest CAGR during the forecast period. The social exuberant segment includes social media influencers and promoters. These players are highly visible on online gambling platforms, exploring new games online and might be a part of paid promotions by online gambling operators. These players often upload pictures or posts regarding mobile or online gambling on social media.

Regional Analysis:

The Global Online Gambling Market is estimated to register a CAGR of 13.2% over the forecast period. The geographic analysis of the global online gambling market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Europe holds the largest market share as the companies in this region are leading in terms of advanced technologies; furthermore, the region also has favorable government rules and regulations across various countries. Europe has been segmented into the UK, Germany, France, and the rest of Europe. Some of the largest global online gambling companies operating in the market, such as Kindred Group PLC, Bet365, and 888 Holdings have originated in Europe.

The market in Asia-Pacific is expected to register the highest CAGR during the forecasted period (2019–2025) due to the increase in foreign investments and the rising popularity of mobile gambling across this region.

Competitive Dashboard:

The Global Online Gambling Market is witnessing high growth due to the rise in demand from various end-users such as gambling enthusiasts, social exuberant, and dabblers. Major players have opted for partnerships and new product development as their key organic growth strategies and also opted inorganic growth strategies to enhance their positions in the market and cater to the demands of the end-users. In Nov 2017, Stride Gaming PLC, a company based in the UK, acquired an India-based rummy game platform provider, Passion Gaming Private Limited. Stride Gaming, with the advantage of its proprietary technology combined with Passion Gaming, is focusing on creating a highly attractive proposition in the Indian online gambling market. Similarly, in Sep 2018, The Stars Group launched its BetStars online sports betting brand in New Jersey in partnership with resorts, casinos, and hotels. The BetStars platform allows online depositing and withdrawal options, in-game betting, early cash out options, and various bonuses to its users.

Key Players

The Key Players in the Global Online Gambling Market are identified based on their country of origin, presence across different regions, recent developments, product diversification, and industry expertise. These include International Game Technology PLC (US), The Stars Group (Canada), Betsson AB (Sweden), Kindred Group Plc (Malta), Net Entertainment (Sweden), Paddy Power Betfair PLC (Ireland), 888 Holdings PLC (UK), Ladbrokes Betting & Gaming Ltd.(UK), Bet-at-home.com (UK), Bwin. Party Digital Entertainment (Austria), Betfair Group plc. (UK), William Hill Plc (UK), Scientific Games (US), bet365 (UK), VGC Holdings PLC (Isle of Man), Spin Inc. (US), Betway (Europe), and Royal Panda (Europe). The key strategies adopted by most of the players are partnerships, agreements, and collaborations.

Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Online Gambling Market is Rising Due to the Fast Internet Connectivity and Usage of Real Money