New Transparency Market Report Reveals Robust Industry Growth WorldwidePublished July 27, 2018 by Lee R
The new report sheds light on the current challenges facing iGaming, where strong growth has a good chance to increase.
A new market research report has charted a clear course for robust growth across the major regions of the global online gambling and betting market.
The Global Market
Released by Transparency Market Research, figures in "Online Gambling & Betting Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 - 2026" forecast the value of the global online gambling & betting market to reach US$ 128.2 Bn by 2026, with CAGR expanding at a rate of 11.8% from 2018 to 2026.
Not surprisingly, Europe held the largest share of the 2017 online gambling & betting market.
Asia Pacific came in as the second fastest growing geographical region, with the market anticipated to expand some 14% by 2026. Drivers of growth in Asia Pacific include relaxation of laws; growth in participation of wagers through the Internet; and the availability of foreign gambling and betting sites with attractive offers.
Meanwhile, the online gambling & betting market in North America is anticipated to expand at a CAGR of about 12 % from 2018 to 2026.
The sports betting and casino segments will expand at a CAGR of 14% and 12%, respectively, during the forecast period. The mobile segment is anticipated to expand at a CAGR of approximately 16% from 2018 to 2026.
Drivers of Growth
Key drivers of growth include general penetration of Internet-based devices; increased trust in online forms of payment for wagers; and increased relaxation of laws.
Barriers to Growth
Continued barriers to growth include lingering stringent regulatory laws for online gambling in existing models and jurisdictions; insufficient facility for internet operations, and threat of cyber-attack.
In the current environment, the primary threat to growth is the implementation of stringent laws and regulations by existing governments caused by social-political aspects (such as most likely stigmas against gambling) and the competing availability of traditional offline gambling and betting houses.
New opportunities for market growth are emerging through live streaming with online gambling and well as increasingly advanced technologies to engage and fulfil end users.
Leading Private Companies
Leading market operators profiled in the report include 888 Holdings plc, The Stars Group, Paddy Power Betfair plc. Fortuna Entertainment Group, GVC Holdings Plc., and Kindred Group.
The chart of online gambling and betting market growth will follow not only the relaxation of stringent existing laws, but the introduction of regulation to new markets. Tracking legislative developments in emerging economies as well as regulating countries appears the best way for stakeholders to monitor future progress, with current figures holding the potential to come off as conservative over the projection period if stronger regulation models become uniform across all jurisdictions.