The growing popularity of esports betting will boost the gambling market size
Arizton’s recent market research report on the global gambling market identifies Las Vegas Sands Corporation, MGM Resorts International, Galaxy Entertainment Group, Paddy Power Betfair, and William Hill as the leading vendors that are likely to dominate the market during the forecast period. This research report provides a detailed analysis of market segmentation by product (betting, casino, and lottery), by platform (land-based and online), and by geography (APAC, Europe, North America, Latin America, and MEA).
The gambling market size to reach values of $525 billion by 2023, growing at a CAGR of more than 5% during 2017-2023.
The global gambling market is divided into three major segments in the report, that consist of product, platform type, and geography.
Betting segment to generate the fastest CAGR in the gambling market size during the forecast period
The global market by product is segmented into betting, casino, and lottery. Betting segment dominated a significant gambling market size in 2017, growing at a CAGR of more than 5% during the forecast period. Betting is considered as a gambling activity where wagers are made on the outcome of an unpredictable event, game, or race. The betting segment is classified into two major sub-segments that include sports betting and horse & greyhound racing. The growing popularity of esports betting will boost revenues and help vendors gain a larger gambling market size over the next few years. The development of various mobile applications that offer convenience and easy accessibility to end-users and operators leveraging various social media platforms to attract new consumers will revolutionize the global market. eSports events are broadcasted live worldwide on streaming platforms such as Twitch and YouTube thereby, attracting a large number of consumers to bet on these programs in the market. Sponsors and advertisers are using these interactive platforms to develop effective marketing strategies to increase the number of bets on these events. With the constant increase in viewership, operators will boost their sales and gain a stronger position in the global gambling market size.
Online platform segment to generate a significant CAGR in the gambling market size during the forecast period
The platform type in the global market is classified into land-based and online platforms. The online segment occupied a portion of the gambling market size in 2017, growing at a CAGR of approximately 8% during the forecast period. The growing popularity of online gambling activities in the APAC and European region will augment the development of this segment in the global market. The ease of convenience it offers to an end-user within the comfort of their own home will help the segment gain significant gambling market size over the next few years. The online platform is further segmented into mobile applications and desktop-based apps. The increasing penetration of smartphones and the rising number of mobile application-based betting websites is creating new avenues for top vendors to occupy a larger gambling market size. The increasing gamification of the online gaming industry will transform the market. The gamification is the process of incorporating the game elements such as narratives, leaderboards, and role-playing features to enhance the end-user’s experiences. The launch of social media pages or installing a mobile app for the casino might give the consumer rewards such as free spins, free chips, bonuses, comp points, cash back, and other deals. These offers help to motivate, stimulate, and increase customer retentions. Gamification will augment the development and boost the market gambling market size.
Latin America to generate a considerable CAGR in the gambling market size during the forecast period
The global market by geography is categorized into APAC, Europe, North America, Latin America, and MEA. Latin America to grow at a significant CAGR of more than 6% during the forecast period. The rise in per capita disposable income, increase in ownership of smartphones, and exponential proliferation of mobile gambling applications are some of the factors contributing to the growth of the Latin American region in the market.
Argentina occupied the largest gambling market size in Latin America in 2017.
The legalization of licensed online gambling across Argentina will boost the demand for casinos and betting activities in the Latin American market. Some of the most common sports betting activities in Mexico include horse racing, cock fighting, bull fighting, dog racing, and other sports. The legalization of these activities in Brazil will help Latin America gain a larger gambling market size during the forecast period.
The other prominent players dominating the gambling market size are AsianLogic, Betway, Betfred Group, Betsafe, Betsson, Best365, Camelot Group, Casino Cosmopol, Caesars Interactive Entertainment, Comeon, Expekt, Folkeautomaten, Genting Berhad, GVC Holdings, Kindred, Melco Crown Entertainment Limited, Mobilbet, Nordicbet, Pinnacle, Playtech, Rank Group, SJM Holdings Limited, Sportech, Svenska Spel, The Stars Group Inc, Wynn Resorts, 1xbet, and 888 Group.
The complete overview of the latest market research report on global gambling market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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