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Global online gaming and betting market increasing

25 July 2018

(PRESS RELEASE) -- According to a new market research report published by Transparency Market Research titled "Online Gambling & Betting Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 - 2026," the global online gambling and betting market is expected to reach a value of US$128.2 billion by 2026, expanding at a CAGR of 11.8% from 2018 to 2026. Europe held the leading share of the online gambling and betting market in 2017.

Online gambling and betting refers to operators providing gambling and betting games, such as, casino, poker, sports betting, lottery and other games to end-users through an internet-based digital platform. This allows users to witness and engage in gambling and betting activities in real-time through their internet-enabled electronic devices. Rise in penetration of internet-based devices, trust on wagering through online mode of payment, and relaxation of laws have boosted the online gambling & betting market across the globe. Based on device type, the mobile segment is anticipated to expand at a significant CAGR of around 16% during the forecast period.

Factors such as increase in prevalence gambling, disposable income of consumers, trust in a wagering through electronic payment mode of online gambling and betting, and growth in penetration of the internet, along with adoption of Internet-based devices, are driving the growth of the online gambling and betting market. However, stringent regulatory laws for online gambling, insufficient facility for internet operations, and threat of cyberattack are the major challenges faced by the online gambling & betting market. Furthermore, the online gambling and betting market faces threats from regulatory bodies implementing stringent laws and regulations in terms of social-political aspects and the availability of option to wager in traditional or offline gambling and betting. Nevertheless, integration of live streaming with online gambling and development of online gambling and betting sites with advanced technology as per requirement of end-users are likely to create new opportunities in the market.

The global online gambling and betting market report offers detailed segmentation based on gaming type, device type, and region. According to the report, based on gaming type, the sports betting segment is anticipated to expand at a significant CAGR of about 14% during the forecast period. Casino was the second leading segment of the online gambling and betting market in terms of value in 2017. In terms of value, the sports betting and casino segments are projected to expand at a CAGR of about 14% and 12%, respectively, during the forecast period. The mobile segment is anticipated to expand at a CAGR of around 16% from 2018 to 2026. The desktop segment is expected to remain at a competitive growth rate with a CAGR of around 6% during the forecast period.

Europe led the online gambling and betting market in 2017. The online gambling and betting market in Asia Pacific is anticipated to expand at a significant CAGR of around 14% during the forecast period. Primary drivers of the online gambling & betting market in Asia Pacific are relaxation of laws, growth in participation of wagers through internet, and availability of foreign gambling and betting sites with attractive offers. Additionally, increase in penetration of Internet-based devices and trust in using online gambling and betting sites are stimulating the market. Europe is expected to witness a significant growth during the forecast period. The online gambling & betting market in North America is anticipated to expand at a CAGR of about 12% from 2018 to 2026.

Leading players operating in the online gambling and betting market include 888 Holdings plc, The Stars Group, Paddy Power Betfair plc. Fortuna Entertainment Group, GVC Holdings Plc., and Kindred Group, as profiled in this report.

The global online gambling and betting market has been segmented as below:

By gaming type
Poker
Casino
Social gaming
Lottery
Bingo
Sports betting
Fantasy sports

By device type
Desktop
Mobile
Tab

By geography
North America
Europe
Asia Pacific
Middle East and Africa

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Global online gaming and betting market increasing is republished from Online.CasinoCity.com.