Latest News

With 11.4% CAGR, Online Gambling Software Market Size worth USD 158.20 Billion in 2028

Published

2 years ago

September 21, 2022

Reading Time: 4 minutes

The global online gambling software market size is expected to gain momentum by reaching USD 158.20 billion by 2028 while exhibiting a stellar CAGR of 11.4% between 2021 to 2028. In its report titled “Online Gambling Software Market,” Fortune Business Insights mentions that the market size stood at USD 66.72 billion in 2020.

The increasing demand for smartphones, advancements in internet technology, and rising spending power of users are a few of the factors that contribute towards the market growth of digital gambling. The online gambling software providers are heavily investing and partnering in advanced technologies to enhance the customer experience, which will boost the interest of players. For instance, In September 2020, William Hill Plc. made a partnership with CBS Sports. After their collaboration, the company announced the launch of a wide range of digital content. Few of their offerings for sports bettors and fans are free-to-play games, video programming, and editorial content of William Hill across the CBS Sports Digital landscape.

Industry Developments:

December 2020 – GVC Holdings Plc. partnered with MGM Resorts International to launch an online BetMGM Casino in Pennsylvania. The company offers 140 types of online gambling games for android and iOS users.

Report Scope & Segmentation

Report Coverage	Details
Forecast Period	2022 to 2028
Forecast Period 2022 to 2028 CAGR	11.4%
2028 Value Projection	USD 158.20 Billion
Base Year	2020
Online Gambling Software Market Size in 2020	USD 66.72 Million
Historical Data for	2017 to 2019
No. of Pages	130
Segments covered	Type ; Devices;
Online Gambling Software Market Growth Drivers	Ease of Online Payment to Drive Online Gambling Software Market Growth
Online Gambling Software Market Growth Drivers	Rising Adverse Impacts on Mental Health and Bans on Online Gambling May Impede Market Growth

COVID-19 Impact

The outbreak of the coronavirus has affected the global economy adversely. Due to lockdown, land-based gambling arenas were affected severely. The restrictions on public transportation, tourism, and public gatherings, impacted the off-line gambling industry. However, it helped in the dramatic rise in the demand for internet-based gambling. The temporary closure of colleges and the increasing adoption of work from home policies are expected to drive the market. For instance, according to a report published by AlphaBeta Australia, Australia experienced a 67% increase in online betting in April 2020.

Driving Factor

Ease of Online Payment to Drive Online gambling software Market Growth

The increasing adoption of digital payments has made it easier for users and online gambling players. Moreover, using online methods of payment facilities offer a secure and safe mode of transaction, which is boosting this market; therefore, companies are trying to come up with efficient payment methods to attract more games. For instance, in January 2021, William Hill Plc partnered with Chippewa Indians and Grand Traverse Band of Ottawa to develop its own online and mobile casino app and sportsbook. The app also promises to offer a secure and quick registration process and a wide selection of options to withdraw and deposit funds.

Regional Insights

Greater Head Safety Awareness in North America to Fuel the Regional Market

In 2019, the market size of North America stood at USD 140.6 million owing to more widespread awareness in the region about the importance of wearing helmets while riding two-wheeled vehicles. The region is expected to continue its dominance of the smart helmet market share during the forecast period as manufacturers in the region are constantly developing and launching advanced head safety devices, which are being eagerly adopted by outdoor enthusiasts and motorcyclists.

The market in Asia Pacific is set to experience prolific growth as exponential growth in urban areas and rising affordability of two-wheelers, especially in India and China, is surging the sales of these helmets in the region. In Europe, the regional smart helmet market growth is anticipated to surge in the coming years as the demand for smart wearable devices steadily climbs.

Market Segmentation:

By type, the market is divided into sports betting, casinos, poker, lottery, bingo, and others. By devices, it is fragmented into desktop, mobile, and others.

Based on type, the lottery segment held a market share of 15.1% in 2020. This is attributable to increasing interest in draw-based games among players.

Lastly, in terms of geography, the market is divided into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.

What does the Report Provide?

The market report offers a comprehensive analysis of various factors such as the key drivers and restraints that are likely to impact the market growth in upcoming years. The report also provides insights of different regions that are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborations to contribute to the market growth.

Competitive Landscape

Key Players to Focus on New Application Launches to Strengthen their Market Prospects

The market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects. Below is the industry development

List of Key Players Mentioned in the Report:

Entain plc (GVC Holdings Plc.) (Douglas, Isle of Man)
Kindred Group Plc. (Valletta, Malta)
William Hill Plc. (London, U.K.)
StarsGroup .com (Ontario, Canada)
Flutter Entertainment Plc. (Dublin, Ireland)
Betsson AB (Stockholm, Sweden)
Bet365 Group (Stoke-on-Trent, U.K.)
LeoVegas AB (Stockholm, Sweden)
888 Holdings PLC (Gibraltar)
BetAmerica (California,U.S.)

Major Table of Contents:

Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
Key Takeaways
Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
  - Short-term Impact
  - Long-term Impact
Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
Global Online Gambling Software Key Players Market Share Insights and Analysis, 2020
Key Market Insights and Strategic Recommendations
Companies Profiled
- Overview
  - Key Management
  - Headquarters etc.
- Offerings/Business Segments
- Key Details
  - Employee Size
  - Key Financials
    - Past and Current Revenue
    - Geographical Share
    - Business Segment Share
Recent Developments

FAQ:

How big is the Online Gambling Software Market?

The market is projected to grow from USD 74.17 billion in 2021 to USD 158.20 billion in 2028 at a CAGR of 11.4% in the 2021-2028 period.

How big is Online Gambling Software Market in Europe?

The market in Europe stood at USD 30.92 billion in 2020 and is expected to gain a huge portion of the market share in the coming years.

Latest News

Department of Trust set to meet challenges of new affordability checks

Published

57 mins ago

May 2, 2024

George Miller

Reading Time: 2 minutes

Department of Trust (dotrust.co.uk), the award-winning provider of financial risk assessments for safer gambling is poised to meet the challenges of the newly announced regulations on frictionless financial checks by the UK Gambling Commission and Betting and Gaming Council.

Under the new rules published by the Gambling Commission, operators have until August 30^th to implement frictionless checks on all customers making £500 net deposits in any rolling 30-day period. These frictionless checks form part of a new regime designed to protect players at risk of financial harm and replace the current ad hoc approach to affordability checks.

Department of Trust also welcomes the interim voluntary code published today by the Betting and Gaming Council (BGC), the standards body representing over 90% of UK-regulated market operators. This code focuses on how responsible operators should support customers spending above the lower threshold set out by the Gambling Commission.

The supplier’s DoTrust Complete solution offers an integrated suite of frictionless and enhanced financial risk checks with a high level of automation capability -the only such tool built solely for safer gambling – and is perfectly positioned to help businesses navigate the newly regulated waters.

Charles Cohen, CEO of Department of Trust, said: “These important announcements flag the end of gambling’s ‘sus law’ where players faced seemingly arbitrary requests for personal information, operators were placed under a significant burden, and no one won

“We now know that in 120 days, every operator will need to perform frictionless checks on all players with net deposits in a 30-day rolling period of £500. A few months later this will fall to a much lower level.

“If operators want to protect their business, keep their customers and reduce costs, smart automation is the only answer.

“Department of Trust has spent over two years building the leading plug-and-play solution specifically for the gambling industry. Complete already automates over 90% of the processes required in both the new LCCP and BGC code. Now we know what the requirement will be, we are today committing to the goal of 100%. We want every operator and player to have instant assessments and sensible decisions cost-effectively. No one needs to lose sleep over this.”.

The post Department of Trust set to meet challenges of new affordability checks appeared first on European Gaming Industry News.

Latest News

Energame appoints Nicholas Tymoshchuk as CEO

Published

57 mins ago

May 2, 2024

George Miller

Reading Time: < 1 minute

Energame, a global business consultancy and investment firm in online entertainment, announces the appointment of Chief Executive Officer Nicholas Tymoshchuk who will provide strategic direction for the company at an exciting time of growth and expansion for Energame and the iGaming industry.

Nicholas’s background includes 15 years of managerial experience and 6 years as a CEO. His career in business spans multiple sectors: energy, tech, real estate and investment management. He has represented international majors, built asset managers from the ground up, scaled up businesses and overseen international M&A.

Nicholas was previously Energame’s Corporate Affairs Director, a role in which he built Energame’s relationships with stakeholders worldwide, helping to steer the company through the industry’s rapidly changing landscape and playing an integral role in strategy, and business development.

Nicholas Tymoshchuk, CEO of Energame said: “Energame has an amazing team and a great entrepreneurial culture. We work across four continents and in some of the most dynamic and fast growing markets in the world. iGaming is one of the largest yet undiscovered industries in the global economy, and we at Energame believe it has an enormous potential. I’m very lucky to be leading our team into our exciting future.”

The post Energame appoints Nicholas Tymoshchuk as CEO appeared first on European Gaming Industry News.

Latest News

Tequity agrees RGS licensing deal with Fantasma Games

Published

2 hours ago

May 2, 2024

George Miller

Reading Time: < 1 minute

Listed Swedish studio to benefit from increased speed to market

Tequity, the up-and-coming iGaming software pioneer, has agreed an integration deal with innovative studio Fantasma Games.

The integration of Tequity’s agile, licensed modular platform is expected to boost the speed-to-market capabilities of Fantasma, as the studio aims to grow its presence in key markets including North America.

Tequity’s platform incorporates a Remote Gaming Server (RGS) that increases operational efficiencies. Once live, Fantasma will be able to reach the next level by adding partners at a quicker rate, as it looks to meet operator demand for fresh types of content including increasingly popular sweepstakes.

The latest deal, with a studio listed on the Swedish stock market, follows on from successful launches of Tequity technology with sports betting-focused Parlaybay, multiplayer specialist BeyondPlay and slots supplier AvatarUX.

Tequity offers founders, start-ups, scale-ups and established companies across the iGaming sector a wide range of software modules that can be hand-picked to meet the needs of specific projects.

Krzysztof Opałka, Chief Technology Officer at Tequity, said: “We are excited to be working with Fantasma Gaming, to help further their growth in key markets worldwide.

“This partnership illustrates the power of our platform in delivering an efficient RGS solution that speeds up the launch process of their top-quality content. The Tequity platform offers a strong foundation for licensees wishing to create and deliver unique content to operators.”

Fredrik Johansson, CEO and Founder of Fantasma Games, added: “Thanks to the Tequity platform, Fantasma Games is working faster and smarter across a number of areas, allowing us to bring innovative content to our partners at speed.

“This integration significantly boosts our growth potential, as we look to increase the number of operator partners we work with around the world and deliver them relevant, localised and exciting games.”

The post Tequity agrees RGS licensing deal with Fantasma Games appeared first on European Gaming Industry News.