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Global Online Gambling and Betting Market to Reach $128.2bn by 2026
- August 1, 2018 By Oliver Young -
Interesting forecasts are presented in a latest Transparency Market Research report, which predicts a massive industry growth of global online gambling and betting. Namely, the report focuses on both the possible growth of the market, but also on the challenges the iGaming industry has to face as it expands.
According to the numbers released in the “Online Gambling & Betting Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2016” the global iGaming and betting market could reach impressive $128.2bn by 2026. Expressed in percentage, the noted jump predicted by the Transparency Market Research is 11.8%.
One very interesting segment of the report is the one focused on leading regions. Europe leading the way with the largest market share in 2017 comes as little surprise. Right behind it is placed the Asia Pacific geographical region, whose online gambling and betting market is expected to grow for 14% in the next eight years. A few mentioned factors that drive the expansion in the region include growth of participation, improved laws and availability of many foreign operators.
A growth rate of 12% within the period covered in the report is predicted for North America and its iGaming and betting market.
Segments, Drivers of Growth and Barriers to Expansion
When it comes to different segments, the report forecasts respective growth of 14% and 12% for sports betting and casino. One segment that is expected to note an impressive rate of growth is the mobile segment; namely, the report states that this segment could jump for 16% by 2026 as more and more consumers worldwide start to gamble and/or bet on the move.
Comparing what drives growth and what prevents it, the report lists several points of interests in both sections. Increased trust in online payment services, increase of use of Internet-based devices and improvement of gambling and betting laws are noted as main growth drivers.
On the other hand, insufficient facilities for online operations, cyber attacks and tightening iGaming regulations in existing jurisdictions are top growth barriers. Moreover, the report mentions social and political aspects such as prejudice against gambling or opposition from land-based operators as another important barriers to expansion of the two markets.
Leading Online Gambling and Betting Operators
Amusing to both experts and consumers, the leading online gambling and betting operators section includes well-known names in the industry. Everything but surprising is the presence of industry giants such as The Stars Group, Paddy Power Betfair pls and GVC Holding Plc. Naturally, among the mentioned is the successful 888 Holdings plc too, known for its fan favourite brands 888 Casino and 888 Sport.
Transparency Market Research concludes in its report that the online gambling and betting market growth largely depends on introduction of laws to unregulated markets. They believe that tracking the progress of these two industries is the best monitored via expansion in new regions, such as the latest approval of online gambling in Switzerland.
However, the report also highlights that if more conservative laws are passed in markets that have been open to both online gambling and betting, the predicted growth rate could easily change for the worse.