Report: Global online gambling to expand by 10.8% by 2024
After a series of mergers and acquisitions, worldwide online gambling and betting market is projected to expand by as much as 10.8 percent by 2024.
In its latest report released on Tuesday, the Transparency Market Research (TMR) estimated that the global online gambling and betting market will be at US$96.89 billion by 2024 as it expects that the overall competitive landscape to consolidate.
For 2016, the research group predicted that the industry will be at US$42.63 billion.
“The nature of the market leaves very little scope for service differentiation which is currently restricting the entry for new players,” the firm said in a statement. “Furthermore, the policies and regulations surrounding online gambling and betting are also highly stringent in several regions, leaving little scope of growth for new entrants.”
TMR also pointed out that the many online gambling and betting companies are leaning toward smartphone gaming as the number of consumer electronics being used by the day in all countries and across all economic levels increases.
The research firm said that consumers using smartphones, tablets, and other portable electronic media and entertainment devices are currently a high priority demographic for the global online gambling and betting market.
“The expansive scope of consumer reach that these players can achieve through the use of smartphone apps alone is strong enough for them to consider creating standalone gambling and betting portals for mobile users,” according to the report. “This allows the global online gambling and betting market to generate a staggering amount of income from users that like to play or bet using their smartphone on the go, rather than having to access websites on PCs or kiosks.”
Aside from smartphones, TMR said that the incorporation of virtual reality device has also contributed to the growth of global online gambling and betting market.
The firm, however, noted that regulatory pressure in North America, The Middle East, and Asia Pacific continues to weigh heavily on the industry.
“The U.S. especially is a highly potent region for the global online gambling and betting market in terms of consumer pool, but is under extremely strict prohibitions and regulatory restrictions over the use and operation of online betting and gambling portals,” TMR said. “As for The Middle East and Asia, the Muslim-dominated nations severely frown down on gambling or betting of any kind. However, the regulatory pressure on online gambling is expected to ease up over the coming years in the U.S. as their numbers and demand grow and present better tax return options to the states.”
“The immediate future of the global online gambling and betting market lies in the incorporation of online betting portals with live streaming of sports or games. This caters to a growing demand by users for a real-time sports streaming as well as betting choice. Another significant area of opportunities for the global online gambling and betting market lies in the inclusion of gamification strategies,” adds the analyst.
