With the inception of information and communication technologies, new forms of online commerce have appeared to offer their services in online casinos. The occurrence of online gambling enables the study about relation among many types of traditional and online casinos for market researchers to predict about developments in the internet industry. The commercial business of online gambling has a lot do with the number of participants since the participation in real-time scenarios via internet allows the participants to observe their activities and trust being a major factor ensures prolonged retention of the participant in the long-run.
According to the report on online gambling market published by Upmarketresearch, the major driving factors include rise in prevalence of gambling, increase in disposable income and wider popularity of online gambling. Flexibility in online laws and consumer trust on online media have catalysed the market growth. Subsequently, availability of internet, consumer choice for high-speed network and paid & non-paid gambling subscriptions contribute to the market development in the near future.
Segmentation by gaming type for online gambling market includes casino, poker, lottery, bingo, sports betting, social gaming and fantasy sports. Sports betting segment accounts for a significant market share owing to rise in popularity. Device categorisation for online gambling market includes tablet and desktop. Desktop accounted for a significant market share in the global scenario owing to rise in attraction and consumer preference for smartphones.
Asia-Pacific regions dominate the online gambling market revealing a positive CAGR for the forecast period. Factors such as availability of technology, popularity of gambling and betting sites and proliferation of internet-based devices are likely to propel the market growth in this region.
European market is likely to expand at a substantial CAGR in the forecast period due to presence of wide population, relaxation of online and gaming laws and rise in disposable income. Gambling has been a major attraction in UAE and Middle East and is primarily responsible for rising tourism in these areas. With technological advent in the Middle East, the popularity for online gambling witnesses an upward trend. Inception of modernized casinos with multiple choices have tremendously gained a wider attention.
Prominent players in the online gambling market include The Stars Group, Fortuna Entertainment Group, 888 Holdings Plc, GVC Holding Plc, Kindred Group and Paddy Power Betfair Plc.