Built to Last: iGaming Market is Fortified with the Tools for Growth, According to Latest ResearchPublished September 3, 2020 by Lee R
It is important to understand the nature of iGaming growth in order to manage it safely and effectively.
Research about the state of the market is providing more insight into the manner in which the market will grow, to complement the new upwardly adjusted market figures.
Through the vital report entitled Online Gambling Market by Type (Betting [Boxing & UFC, eSports, Football, Formula1, Horse Racing, Tennis], Casino [Baccarat, Blackjack, Roulette, Slots], Poker, Lottery, Bingo), Device Type (Desktop, Mobile), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026, Global Market Insights provides an industry valuation that will increase the market valuation for online gambling to $160 billion by 2026.
Thinktank Global Market Insights indicates that the iGaming market will grow as much as 16%, and will be driven by major private players including well known global brands Stars Group; 888 Holdings PLC.; Fortuna Entertainment Group; Paddy Power Betfair PLC; GVC Holdings PLC; and Kindred
Market infrastructure has been enhanced by increasingly rapid and strong internet connectivity to accommodate multiple players with uninterrupted play, leading to significant growth in usership and engagement duration.
The Youth Factor
The industry report further indicates a rise in popularity of gaming amongst youth. The poker vertical is rising the most among youth, gaining increasing acceptance in the U.S., the UK, China, and other European nations, with new market traction projected in India.
Increasing Payment Gateways
Another key market driver is payment gateway diversification, with iGaming sites now accepting deposits ranging across online wallets, credit cards, and virtual currencies.
The Rise of the Mobile
The well-known mobile increase translates starts with Web ARChive (WARC) data estimating some two billion users were accessed the internet via their smartphone as of January 2019. Today, mobile devices generate over 50 percent of internet traffic.
As for expanding reach, iGaming service providers are turning to social media platforms including Instagram, YouTube, and Facebook.
Key emerging technologies fueling expansion include Blockchain, IoT, and VR, with VR casinos are increasing in popularity among gamblers by offering increasingly immersive and realistic experiences.
As the market diversifies, and youth becoming increasingly relevant segments, it remains essential for operators and regulators to remain vigilant and maintain a preventative stance towards protecting against problem gambling to keep players safe in this emerging and dynamic market.