The global online gaming market size is anticipated to reach USD 73.45 billion by 2024 because of rising incidence gaming across the world. Advancements and addition of new regulations are expected to boost market demand over the forecast period. Furthermore, increasing adoption of tablets and smartphones and easy accessibility to internet platforms are anticipated to drive the market.
Organizations are focusing on developing mobile applications with secure cash transfer facilities so that punters can quickly place their bets on line in real time. For example, companies like Bet365 Group Ltd., Paddy Power Betfair plc., and Betsson AB have cellular applications on various platforms like iOS and Android. A number of nations are legalizing gaming. In December 2016, for instance, Japan’s parliament passed a law after holding it for 15 23, to legalize casinos.
In 2016, the market was led by the sport and accounted for more than 40% of the revenue. It includes various sports tournaments such as tennis, basketball, cricket, and other matches. For instance, the sports betting segment turnover for Bet365 Group Ltd. went up by USD 2.3 million in 2016 because of rising football tournaments and cricket leagues. Number of people betting on these events and easy access are expected to present considerable growth opportunities.
The online gambling and gambling industry is expected to grow at a faster pace as a result of regulatory environment. Moreover, increasing disposable income of consumers and also adoption of Internet-based devices are raising revenues of the gambling market. Certain regions are very likely to document growth because of stringent government regulations.
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