Penetration of Digital Technologies Enable Online Gambling & Betting Market to Spread Its Customer Base, Valuation to Climb to Whopping US$ 134.5 Bn by 2027: TMR
- Online gaming acquiring legal status internationally offers massive boost to market revenues; Europe at the forefront of consistent legalization efforts
- Online Gambling & Betting Market Segmentation - Gaming Type- Poker, Casino, Social Gaming, Lottery, Bingo, Sports Betting, Fantasy Sports; Device Type - Desktop, Mobile, Tab
ALBANY, N.Y., July 19, 2021 /PRNewswire/ -- Penetration of digital technologies and internet in general has enormously shaped the evolution dynamics of gambling and betting. New strategies for marketing online gaming notably social online casino gaming have emerged over the past few decades. Consumers of digital media platforms have zealously leveraged online gambling platforms to satisfy their urge for gambling. This is a key trend that pivots as a steady expansion of online gambling and betting market avenues. Concomitantly there has been rise in online poker gamblers and rummy players, offering vast prospect for gaming companies to expand their reach through internet-based digital platforms. Amid strict lockdowns and cancellation of live events, players have fervently promoted online gambling and betting, thereby imparting momentum to the market growth.
Market survey of online gambling and betting finds that the major push has come from gambling deregulation, spurring the shift toward pervasive forms of gambling. By 2027-end, the valuation will climb upward of US$ 134.5 Bn. Penetration of mobile devices among Gen Y and Z cohorts will allow the online gambling and betting market to scale new growth trajectories.
Key Findings of Online Gambling & Betting Market Study
- Adoption of Sports Betting Offers Value-grab Opportunities: Sports betting has scaled new heights riding on the wave of penetration of digital technologies among gamblers. Intense industry initiatives to push sports betting toward mainstreaming have paid off in attractive growth online gambling and betting market opportunities in recent years. Rise in trend of sports betting marketing during various mega-sports events such as English Premiere League and Indian Premiere League further opens up new opportunities for online gambling and betting market players.
- Online Gaming Accelerating Overall Growth—New Platforms Impart Fillip: Online gaming has surged in popularity over the decades, underpinned by the proliferation of online gambling channels. Penetration of digital media platforms is a key trend expanding the horizon for gambling companies. The year-over-year growth in online gambling and betting market is likely to be driven by the penetration of advanced digital media platforms among young consumers.
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- Mobile Devices Anchors Massive Potential Revenues, Segment to Thrive: Rise in internet users has offered a big fillip to the demand for online forms of gambling and sports betting. The mobile segment is replete with potential opportunities. Rise in advertisements and extensive targeted promotions, notably by social media companies, has progressively helped carve out a positive public opinion about gambling and betting. Among others, constant rise in attractiveness of social gambling has extended the canvas for players in the market to play with. A case in point is proliferating number of online casino gaming advertisements.
Online Gambling & Betting Market: Drivers
- Penetration of digital technologies has spurred popularity of online casino, expanding the online gambling and betting market revenue potential
- Rise in number of mega-sports events, such as various league systems, has spawns incredible growth avenue
- Push toward liberal gambling regulatory frameworks attracts market players to grow their stakes
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Online Gambling & Betting Market: Regional Growth Dynamics
- Europe led the major global online gambling and betting market share in 2018
- Rise in target population for gambling and betting has brought Asia Pacific at the forefront of the global online gambling and betting market
- The regional market to clock an impressive annual growth rate through 2027
- Development of new technologies and legalization of popular forms of gambling in numerous countries to spur growth
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Online Gambling & Betting Market: Top Participants
- Kindred Group
- Entain plc
- Fortuna Entertainment Group
- Paddy Power Betfair plc
- The Stars Group
- 888 Holdings plc.
- English Premier League
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