Global Online Gambling Market Revenues expected to double in upcoming years
The world has experienced a downfall in all sectors including online gambling. Online Gambling market is one of the highest performing markets of the world. Currently, the annual hit of the market touches 59 billion US dollars and is anticipated to be valued 92.9 US billion dollars by 2023 which is double the current value. Pandemic hit hard but the fast growing digital world opened more ways to shine higher. Online gambling comprises casino games, poker or sports betting via the internet.
One of the most popular lotteries like the US Powerball, the Mega millions lottery, etc. have added up to giving more wealthy prizes with sufficient second tier prizes also. The purchase of lottery tickets online have been fulfilling in the pandemic also. Advanced technology, trustworthy gamblers paying online and the vast digitalisation is expanding the online gambling. Sports betting has remained illegal in many countries for years including the USA. After it was legal in the USA in 2018, online gambling companies are now able to spread their wings higher than before. World’s leading countries like the USA, UK, EUROPE have legalised online gaming, lotteries and online casinos. Online sector has been privileged with the legal aspects hence they are providing the players with several offers and deals.
A few active companies in the industry are 500.com ltd, Playgon games INC., Draftkings Inc, International Game Technology PLC.
An article from Gambler’s digest quoted “Online casinos are the next big thing in online gambling. Since online gambling has been available, it has only grown in size, revenue and popularity so that it makes up a significant portion of all revenue earned from gambling.” With more awareness being spread amongst the people, more players are coming up to participate. Number of countries participating and accepting the online gaming trend are increasing. The secretive hype of online casinos and lotteries are now coming out with real time professionals and earning money sources. The transparency and ethics maintained by online gambling has attracted unexpected players around the world.
The magazine also states” bringing sports betting to online casinos will only continue to fuel an already financially productive industry.”
Latest online gaming trends
Online betting holds a strong position among online betting- The key trends of this industry varies geographically. The online betting segment is dominantly applied in the sports events such as FIFA, World Cup and European Championships. Horse racing and greyhound racing are also a part of online betting.
Multiple online sports betting companies have started to support teams as a part of their strategic marketing expansion. For eg: during the 2019 World Cup, the Gaming Innovation Group (GiG) launched an advanced platform for sports betting to pull the betting players towards them.
A 360 degree attention to sports betting can be gathered only when the real fans of sports get awareness of it. Hence, setting up platforms during live sports play has proved to be the best option for several companies to attract eyes.
Competitors are initiating mergers
The online betting market is getting stronger with passing time. To improve the margins on a much higher scale giant competitors are now initiating mergers. Paddy Power Pc and Bet Flair Plc have shook hands and have turned into Paddy Power Betfair Plc. Another big merger took place between Ladbrokes and Coral turning into Ladbrokes Coral Group Plc. A few companies prefer in house software development and few rely on third parties for the software development. 888poker has been one of the leading online casinos websites providing players with safety and ease.
888poker has been one of those companies who has invested heavily in self development software avoiding to rely on third party. The other key players in the online gambling market have been determinant on the same aesthetics giving a strong internal competition.
North America is the most dominating region for growth
All the countries are slowly and gradually accepting and legalising online betting gambling. Anyhow, North America has shown maximum power in the online betting segment as in the USA only bookmakers from Pennsylvania, Nevada and New Jersey are licensed to operate legally. New Jersey is currently the largest state for regulating online betting. It includes online casinos, sports betting, online poker and much more. Mexico has been striving hard to get online betting legalised to get in line with the other countries for online play and earning money.
North America has one of the biggest online betting companies in the country which is the DraftKings gifts. The founder of the company states “we are happy to engage the customers with one more way of funding their accounts with our real money products through it’s first of its kind products.”
Such expansion of online betting all over the world proves the stability and maintenance of the companies providing betting. Players are gaining trust on them and their security services. It is an interesting and easy way of earning money and also pushing out the country’s economy.
Source: Free Articles from ArticlesFactory.com
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