The global gambling market is projected to generate revenues of more than $525 billion by 2023, growing at a CAGR of around 4% during 2017-2023.
The rising awareness of these mobile applications in developing countries of the APAC and the Latin American region is expected to boost the revenues in the global gambling market. The increase in per capita income, high adoption, the rise in interest, and growth of dual-income households are some of the factors attributing to the development of this market.
The top 3 drivers and trends propelling the growth of the global gambling market are discussed below:
Growing Number of Live Casinos Worldwide
The exponential popularity and rising number of live casinos will help in the development of the global gambling market during the forecast period. These live casinos have the presence of live dealers and run like a real land-based casino. These sites are designed to offer live dealers and real-time feeds that help in replicating the experience and feel of a real world. These casinos offer a wide range of games such as poker, dice, baccarat, roulette, and blackjack, among others. The increasing popularity of these places and the use of real money will augment the growth of the global gambling market. The users can also contact the dealer and other players via the online chat option. A high-profile online casino such as TheCasinoDB features a section of live casino games.
Roulette and blackjack tables are the most popular live casino games played.
The UK is amongst the largest region adopting these games in the market. Ladbrokes, William Hill, and Paddy Power Betfair are the leading players offering this experience to its consumers in the global market. Many vendors are launching a dedicated mobile application for the live casino games to attract a maximum number of consumers in the global gambling market.
Increased Betting on eSports
The increase in e-sport competitions in the form of video gaming or pro-gaming or professional video gaming is driving the growth of the global gambling market. These competitions are multiplayer in nature and RTS, FPS, and MOBA is the most popular games in the global market. These events are often broadcasted live worldwide via streaming platforms such as YouTube and Twitch. The increasing number of sponsors and advertisers spending on these events will attract an increasing number of end-users and boost the revenues in the global gambling market. eSports betting started with the game Counter-Strike: Global Offensive through a process called skin gambling or skin betting. Furthermore, there are a number of betting sites that allow spectators or audience to bet on eSports events and tournaments in a similar manner they would bet on a football, baseball, hockey, or basketball game. The increasing popularity of eSports is encouraging government organizations to legalize sports betting in several regions such as the UK and the US. The rise in the number of annual sporting events will augment the growth of the global gambling market during the forecast period.
Inclusion of Digital/Cryptocurrency as Standard Money
The growing use of cryptocurrencies in making bets will drive the transformation in the global gambling market. The implementation of the blockchain, which is a distributed database where cryptocurrency transaction records are kept will ensure that all online transactions are secure and safe. The online gambling industry has utilized the opportunity to use digital currency and gambling on blockchain-based platforms to ensure that a higher number of consumers use these modes of payment in the global market.
The increasing number of bitcoin and cryptocurrency transactions will augment the development of the global gambling market.
Various government organizations such as the Financial Conduct Authority and HMRC in Great Britain recognizes cryptocurrencies as legal tenders. The commissions across various regions are encouraging vendors to use these digital currencies in the market. The analysts at Arizton believes that the use of cryptocurrencies and bitcoins will increase in the global gambling market during the forecast period.
The leading vendors in the global gambling market are Las Vegas Sands Corporation, MGM Resorts International, Galaxy Entertainment Group, Paddy Power Betfair, and William Hill.
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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