Going forward, increasing involvement during the COVID pandemic, technically advanced platforms, changing consumer gambling habits and legalization of gambling are expected to drive the market. Global recession, stringent government regulations on gambling, regulatory restrictions to curb gambling addiction and demographic changes are major factors that could hinder the growth of the online gambling market in the future.
Globally, there has been a spike in the number of users of online gambling platforms during the pandemic lockdown. Due to the social distancing restrictions imposed because of the outbreak of COVID, brick and mortar gambling places remained closed due to which the online gambling platforms gained a larger user base.
People were forced to sit at home during the lockdown, and this increased internet traffic on all fronts. More people frequently visited gambling websites and thousands of new users registered every day. Some countries saw it as an opportunity and modified their online-gambling laws.
For example, Belarus legalized online casinos and Armenia made some changes to its existing laws. Several online-gambling platforms increased their marketing and promotional activities in the form of extra tournaments and bonuses to attract more players.
For example, BetMGM, Borgata Online, Hard Rock, Golden Nugget and many others have increased their bonuses in the form of registration and reload bonuses, loyalty programs and free spins to reward the loyalty of the existing users, and to attract new users. The global recession that will follow the pandemic is expected to limit the growth of the online gambling market in the forecast period.
With governments across the world implementing lockdown, many businesses have halted their operations temporarily, resulting in a huge loss for the economy. The global economy has come to a standstill owing to the coronavirus pandemic, and is expected to plunge into a recession. According to the UN, the global economy is expected to shrink by up to 5. With the expected decrease in the disposable incomes, people may not be willing to spend on non-essential things such as online gambling.
This will limit the growth of the market in the forecast period. Online gambling companies are increasingly sponsoring different teams in sports as part of their marketing initiatives to expand their reach and gain audience through these promotions. The companies invest huge amounts in sponsoring football teams, in order to feature their logos on the t-shirts of players. Since these tournaments have huge viewership and are immensely popular worldwide, it gives the online gambling companies an opportunity to get a global audience for marketing their platforms.
For instance, 9 out of the 20 English Premier League EPL clubs and 17 of the 24 Championship teams had logos of betting companies on the front of their shirts in the EPL season. Companies in the online gambling market are increasingly using Virtual Reality VR and Augmented Reality AR to offer a more immersive and realistic experience to their users. Through AR, natural holograms are used to create a degree betting experience and have a total casino-style experience.
VR allows a more engaging experience as players can even see each other and detect who is buffing. This enhances the overall online gambling experience and allows the user to have an engaging gameplay. Market-trend-based strategies for the online gambling market includes investing in AI technology, integrating cryptocurrency as a payment mode, investing in AR and VR technology, building mobile apps, sponsoring sports events with large viewership and providing free access to games with certain main features in paid versions to attract a greater number of users.
Player-adopted strategies in the online gambling market include investing in expanding operations through innovative product launches, and in acquisitions and mergers to strengthen their service offerings.
Recommendations: To take advantage of the opportunities, the business research company recommends the online gambling companies to focus on AI based products, invest in blockchain, mobile gambling, virtual reality and augmented reality, expand in markets legalizing gambling, provide freemium models, leverage social media, sponsoring sports teams, and increase involvement of celebrities.
Online Gambling Market Segmentation The online gambling market is segmented by game type, by device and by geography By Game Type- The online gambling market can be segmented by game type a. Betting b. Casino c. Lottery d. Poker e. Online Bingo f. Others The betting was the largest segment of the online gambling market by game type, accounting for Going forward, lottery segment is expected to be the fastest growing segment in the online gambling market, at a CAGR of By Device- The online gambling market can be segmented by device a.
Desktop b. Mobile c. Others The desktop was the largest segment of the online gambling market by device, accounting for Going forward, the mobile segment is expected to be the fastest growing segment in the online gambling market, at a CAGR of It was followed by the Western Europe, North America and then the other regions.
Copyright and Disclaimer List Of Tables. The gambling services market consists of sales of gambling services and related goods by entities organizations, sole traders and partnerships that operate gambling facilities, such as casinos, bingo halls, video gaming terminals, lotteries, and off-track betting. Bingo parlors, coin-operated gambling device concession operators, bookmakers, lottery ticket sales agents, and card rooms are also included in this market.
Revenues in this market include the margins made on the amounts gambled but not those amounts themselves. The amusements market consists of sales of amusements by entities organizations, sole traders and partnerships that provide facilities for recreation, amusement, and gambling activities, and operate sports teams, clubs, or leagues, involved in playing games for recreational purposes.
The industry includes busiensses that offer participant games and sports facilities. Establishments using transportation equipment to provide recreational and entertainment services are not included in this industry. The esports market consists of sales of esports and related services. Esports or electronic sports are team-based sports played online and are supported by electronic systems in which all the functions are performed through a human-computer interface. Esports are played by professional gamers that are sponsored by business organizations, or from sporting organizations.
The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The esports market covered in this report is segmented by game into multiplayer online battle arena MOBA ; real time strategy; first person shooter; fighting and sports.
The rising demand for video games and increasing awareness of esports contribute to the growth of the esports market. As technology is expanding so the video content, products, virtual reality, and video game competitions are increasing. Video gaming has become a transforming pop culture and redefining the ways that young people consume entertainment.
Match-fixing has always been a major challenge in the esports industry. Match-fixing in esports is when a player intentionally loses to win a bet. The esports market will be negatively impacted when viewers start to believe that esport is losing its integrity due to match-fixing. In , in Australia, match-fixing in esports resulted in the arrest of six Australian gamers.
Therefore, match-fixing limits the growth of the esports market. Esports companies are investing in innovative new esports platform for increasing their revenue and expanding their consumer base and also for gaining a competitive edge over their rivals.
For instance, in , in Africa, NickX, an esports platform, launched by Viacom provides children with a tournament platform, using Nickelodeon gaming content. Also for instance, in , Mobile Premier League MPL , an India-based mobile esports platform company launched its mobile esports platform in Indonesia. The acquisition is expected to help Immortals gaming club to become a part of franchised esports leagues and to become the world's largest esports organizations, boosting elite brands such as Immortals, OpTic, MIBR and LA Valiant.
Online Gambling Market Definition The online gambling market consists of sales of gambling activities on the internet by entities organizations, sole traders or partnerships that operate online gambling facilities such as online casinos, online bingo, online lotteries, online poker, and online video games and sports betting, among others. About Us Why Us? Purchase Options. Request Sample. Request For Discount. Online Gambling Market Restraints The key restraints on the online gambling market include: Global Recession The global recession that will follow the pandemic is expected to limit the growth of the online gambling market in the forecast period.
Online Gambling Market Trends Major trends shaping the online gambling market include: Online Gambling Companies Sponsoring Sports Teams Online gambling companies are increasingly sponsoring different teams in sports as part of their marketing initiatives to expand their reach and gain audience through these promotions. Online Gambling Market Executive Summary 2.
Table of Contents 3. List of Figures 4. List of Tables 5. Report Structure 6. Introduction 6. Segmentation By Geography 6. Segmentation By Game Type 6. Segmentation By Device 7. Online Gambling Market Characteristics 7.
Market Definition 7. Segmentation By Game Type 7. Segmentation By Device 8. Blockchain In Online Gambling 8. Mobile Gambling 8. Celebrity Endorsements 8. This is the dark, often hidden side of online gaming. We are used to hearing about drug addictions and understand the devastating effects, but online gaming addiction has an odd ring to it.
A government report indicates approximately eight percent of the country have experienced gaming or online gaming addiction. In the United States, although the problem is not yet recognized as a disorder, the American Psychiatric Association has proposed to include "Internet Use Disorder" in the official Diagnostic and Statistical Manual of Mental Disorders, the next time the manual is revised, as needing additional study Sutter.
Today, Dr. Han Doug-hyun, from South Korea, is a noted leader in the field. His treatment process for the addiction is similar to the way that alcoholics are treated. He incorporates counseling and virtual-reality therapy. Online gaming is fun. Though with all enjoyable and entertaining choices, we must learn to implement controls, otherwise, addictions could be in-store. Church-Sanders, Rachel. Daleske, John.
John Daleske. Goldstein, Hilary. Ziff Davis, LLC. Grubb, Jeff. Venture Beat. Hachman, Mark. PCMag Digital Group. Klepek, Patrick. IGN Entertainment Games. MacCallum-Stewart, Esther. Online Games, Social Narratives. London: Routledge, Phan, M. Software Usability Research Laboratory.
Wichita State Universit y. Rosen, Christopher. Singh, Amarpal. Sutter, John, D. Turner Broadcasting System, Inc. Witkop, Lorie. LoveToKnow Corp. Ultius, Inc. Ultius Blog, 15 Apr. Click here for more help with MLA citations. Click here for more help with APA citations. April 15, Click here for more help with CMS citations. Click here for more help with Turabian citations. Ultius is the trusted provider of content solutions and matches customers with highly qualified writers for sample writing, academic editing, and business writing.
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The report begins with an industry definition and moves on to the complete industry analysis. An analysis of global casinos and online gambling industry is carried out in section one. We also analyze the major regions, industry trends, market share, industry competition and a look at what the future holds for the global casinos and online gambling industry. Next we analyze the factors that impact the global online gambling industry, including the COVID pandemic, mergers and acquisitions, the impact of regulations in various countries, factors driving demand in the industry, industry costs, industry globalization, and the high barriers to industry entry, amongst other factors.
Moving on, we analyze online and mobile gambling versus traditional gambling. We also analyze the industry statistics for the global online gambling industry along with value analysis and an industry segmentation. A forecast for the global online gambling industry till is included in the report. This report also analyzes the major players in the global online gambling industry.
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