The worldwide online gambling market size is expected to reach USD 73.45 billion by 2024 because of increasing prevalence gambling across the world. Inclusion of new regulations and advancements are expected to improve market demand over the forecast period. Additional access to platforms and growing adoption of smartphones and tablet computers are expected to drive the market.
Companies are focusing on creating mobile applications with safe money transfer facilities so that punters can quickly place their bets on line in real time. For example, companies such as Bet365 Group Ltd., Paddy Power Betfair plc., and Betsson AB have cellular applications on different platforms such as iOS and Android. Furthermore, a number of nations are legalizing gambling. For instance, in December 2016, Japan’s parliament passed a law to legalize casinos after holding it for 15 years.
In 2016, the sports gambling segment led the sector and accounted for at least 40 percent of the earnings. It comprises various sports tournaments such as tennis, basketball, cricket, and games. As an example, 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. Growing number of people betting on events and accessibility to software and internet gambling websites are expected to present growth opportunities for the marketplace.
The online gaming and gambling industry is expected to increase at a faster pace as a result of favorable regulatory environment. Moreover, increasing disposable income of consumers and adoption of Internet-based devices are raising earnings of the gambling market globally. Certain regions are very likely to record slow growth because of strict government regulations.
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