- Online gambling refers to betting money online on an event with an uncertain outcome.
- Currently, almost one-third of betting and gaming consumers are using their smartphone.
- Mobile gambling is not legalized in many countries because it raises addictive behavior among players.
Gambling has become more pervasive than ever before. Online gambling refers to betting money online on an event with an uncertain outcome. It is similar to gambling but it is played on sports or casino over the internet.
Online gambling is not limited to playing cards. It is a whole length of gambling over the internet, which includes an online casinos, online sports betting, or online bingo. The development of infrastructure, increasing foreign investments, and relaxation of government regulations and policies are some of the factors contributing to the growth of this market segment.
The increasing take-up and use of mobile devices are transforming most industries. Currently, almost one-third of betting and gaming consumers are using their smartphone. As betting and gambling have become a culturally more accepted leisure activity, the mobile channel has provided the industry with opportunities to broaden their customer base. Consumers who traditionally might not have gone to betting shop or bingo hall can now bet and play in a convenient way that fits their lifestyle.
A major trend in the market is the acceptance of cash alternatives, such as virtual money or cryptocurrency by vendors. For instance, the Global Mobile Gambling Market in Nevada allows players to use virtual money. This has reduced the risks related to cash transactions. Payment options through online cash transactions and virtual money enable the distribution of prize money in the form of redeemable coupons, which can be worth more than cash. These coupons can be used to play other games as well. This also provides vendors information regarding customers’ spending history, which helps them customize their marketing plans and games accordingly.
Blockchain-based online gambling platform LetBet is releasing its own digital currency named LBT to disrupt the status of traditional online gambling systems – delays, unfair payout systems and the innate trust on a potentially corrupt third party. Hence, it will revolutionize the online gambling industry and aims to bring the industry to a new future in the next few months. The mobile gambling industry is also filled with lots of perceptions and views from both the players and those who are closely observing the industry. These concerns include illegal tax avoidance, player discernment, security, unreliability, myriad regulations and so on.
A major factor hindering the growth of this market is the perception that mobile gambling invokes addictive behavior among low-income populations. Mobile gambling is not legalized in many countries because it raises addictive behavior among players. Gamblers become prone to impulse control disorder, which can be either because they want to recover losses or greedy to win more. Such players are willing to gamble more regularly for higher stakes. Governments of countries are trying to control the reach of mobile gambling among the low-income population that may not be able to afford the losses.
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The Global Mobile Gambling Market is segmented on the basis of type, end-users, and region. On the basis of the type, the segment is further classified into betting, casino, poker, lottery, online bingo, and others. On the basis of the end-users, the segment is further classified into gambling enthusiasts, social exuberant, and dabblers.
Europe is the main customer of the Global Mobile Gambling Market, with increasing disposable income and mobile use. The British mobile betting industry is likely to experience substantial changes in the coming five years due to growth in the mobile betting and gaming, current government plans to introduce a new approach to taxation and industry regulation.
The Asia Pacific region has great potential in the years ahead with new technologies and increasing
accessibility of the internet. Additionally, easing government regulations would help in fueling market growth for online gambling in this region.
Though the U.S. is portrayed to be the hub for gambling because of the presence of popular gambling hotspots such as Las Vegas and Atlantic City, the country follows some of the most stringent laws in the world.
In 2006, the U.S. Federal government passed the Unlawful Internet Gambling and Enforcement Act, which outlawed all forms of online gambling. However, in 2012, a new law was passed that allowed individual states to license online and mobile casinos and sports books and poker sites within their borders. As of 2015, only three states in the country namely Delaware, Nevada, and New Jersey allow online gambling. However, with the Federal government easing laws, more than five states in the U.S. are likely to legalize the online gambling by 2020.
Las Vegas-based Boyd Gaming Corporation announced that it has reached a deal to acquire Valley Forge Casino Resort in King of Prussia, Pennsylvania as online gambling. The acquisition of Valley Forge Casino Resort is another excellent opportunity to grow further and diversify the nationwide portfolio of Boyd Gaming. With this acquisition, Boyd will expand into the second-largest gaming state in the country, establishing a presence in a densely populated, high-traffic area just west of Philadelphia.
Some of the key players in the market are Betsson AB (Sweden), Kindred Group Plc (Malta), Net Entertainment (Sweden), and Paddy Power Betfair Plc. (Ireland), 888 Holdings PLC (U.K), Ladbrokes Betting & Gaming Ltd. (U.K), Bet-at-home.com (U.K), Bwin.Party Digital Entertainment (Austria), Betfair Group plc. (U.K), Kindred Group (U.K), William Hill Plc (U.K) among others.