- Development of infrastructure, increasing foreign investments, and the relaxation of government regulations and policies are contributing to the growth of the market.
- Payment options enable the distribution of prize money in the form of redeemable coupons, which can be worth more than cash.
- Asia Pacific is likely to experience the fastest growth in the global market during the forecast period.
Gambling has become more pervasive than ever before. Online gambling refers to betting of 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 casino, online sports betting, or online bingo. The development of infrastructure, increasing foreign investments, and the 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 widen their customer base. Consumers who traditionally might not have gone to betting shop or bingo hall can now bet and play in the 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 mobile gambling market in Nevada, the U.S., allows players to use virtual money. This has reduced the risks related to cash transactions.
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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 mobile gambling invoking addictive behavior among low-income population. 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. The global Mobile Gambling Market is estimated to grow at 7%CAGR through the forecast period.
Europe dominates the global mobile gambling market. Operators are continuing to invest in product development, which will help to better their position to compete against possible new entrants that are attracted by the growth potential in the British mobile betting and gaming market. They could be new operators that either on their own or with partners, develop mobile propositions that are very attractive to customers. The Asia Pacific is likely to experience the fastest growth in the global market during the forecast period owing to the increased spending capability of the population in the region.
Some of the key players in the market are Betsson AB (Sweden), Kindred Group Plc (Malta), Net Entertainment (Sweden), 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.