William
Hill PLC, Playtech PLC, and Paddy Power Betfair PLC were the dominant
players in the global online gambling and betting market for 2015.
The market had also seen the names Amaya, Inc., and Ladbrokes Coral
Group PLC marked as highly promising players expected to generate
larger shares for themselves over the coming years.
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According
to a research report released by Transparency Market Research, the
overall competitive landscape in the global online gambling and
betting market is expected to become consolidated after experiencing
a growth in the number of mergers and acquisitions. The nature of the
market leaves very little scope for service differentiation which is
currently restricting the entry for new players. 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. The global online gambling and betting
market is expected to reach US$96.89 bn by 2024. The market is
projected to expand at a CAGR of 10.8% from 2016 to 2024, and is
expected to reach US$42.63 bn by the end of 2016.
Online
Gambling and Betting Companies Counting on Growing Scope of
Smartphone Gaming
There
is a clear increase in the number of consumer electronics being used
by the day in all countries and across all economic levels. The
growing number of 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. A TMR analyst states, “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. 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.”
Other
factors driving the global
online gambling and betting market include the incorporation
of VR devices into online gambling games as a means to attract
greater consumers with higher disposable incomes, and the added
marketing attempts to bring conventional gamblers towards the online
portals.
Multiple
Key Regions Still Not Relenting Regulatory Pressure on Legal Gambling
One
of the leading restraints acting on the global online gambling and
betting market currently is the heavy regulatory pressure acting on
the players based in the regions of North America, The Middle East,
and Asia Pacific. 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. 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.
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