Online gambling and betting consists of gambling and betting games such as poker, casino, sports betting, and lottery which are played through digital platforms. Participation in online gambling & betting helps end-users to witness gambling and betting activities in real-time through their Internet-based devices. The online gambling and betting market is expected to witness a rapid growth rate during the forecast period due to regulatory environment, which in turn is expected to propel the global market across the globe.
The global online gambling & betting market is anticipated to expand at a rapid pace during the forecast period. Moreover, increase in prevalence rate of gambling, rise in disposable income of consumers, trust in the mode of online gambling and betting, growth in penetration rate of Internet, and adoption of Internet-based devices are major factors driving the online gambling & betting market. The global online gambling & betting market is forecasted to expand at a CAGR of 11.8% from 2018 to 2026. It is estimated to reach a value of US$ 128.2 Bn by 2026.
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Over the last few years, Key operators of online gambling & betting have changed their business models in order to incorporate changes as per demand and regulations. Relaxation of laws for online gambling & betting across the globe provides new opportunities for internet based gambling & betting operating players to generate revenue. Major online gambling & betting players are involved in the business of innovative game development along with online transaction services. Online gambling & betting market players profiled in the report include 888 Holdings plc. The Stars Group, Paddy Power Betfair plc., Fortuna Entertainment Group, GVC Holdings Plc., and Kindred Group.
The global online gambling & betting market is segmented on the basis of gaming type, device type, and region. According to gaming type, the online gambling & betting market is segregated into poker, casino, social gaming, lottery, bingo, sports betting, and fantasy sports. The sports betting segment is expected to expand at a considerable pace owing to the increase in number of sports following. Online casino and poker and lottery seems to be attractive owing to the increase in participation of consumers to earn rewards and offers. Rise in prevalence rate of online gambling is expected to boost social gaming, bingo, and fantasy sports over the next few years. The global online gambling & betting market by gaming type is expected to be dominant by sports betting during the forecast period.
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In terms of device type, the global online & betting market is divided into mobile, desktop, and tablet. In terms of value, desktop was the largest segment of the online gambling & betting market in 2017. However, the mobile segment is expected to be attractive due to the increase in adoption of smartphones by consumers. In terms of value, the mobile segment is projected to expand at a CAGR of around 16 % during the forecast period.