Yahoo Finance Online Gambling Software Market to Hit USD 158.20 Billion by 2028; Increasing Adoption of Smartphones to Augment Market Growth: Fortune Business Insights™
Key Players Profiled in Online Gambling Software Market Report Are: Entain plc (GVC Holdings Plc.) (Douglas, Isle of Man), Kindred Group Plc. (Valletta, Malta), William Hill Plc. (London, U.K.), StarsGroup.com (Ontario, Canada), Flutter Entertainment Plc. (Dublin, Ireland), Betsson AB (Stockholm, Sweden), Bet365 Group (Stoke-on-Trent, U.K.), LeoVegas AB (Stockholm, Sweden), 888 Holdings PLC (Gibraltar), BetAmerica (California,U.S.)
Pune, India, Oct. 25, 2021 (GLOBE NEWSWIRE) -- The global online gambling software market size is expected to gain momentum by reaching USD 158.20 billion by 2028 while exhibiting a stellar CAGR of 11.4% between 2021 to 2028. In its report titled “Online Gambling Software Market,” Fortune Business Insights mentions that the market size stood at USD 66.72 billion in 2020.
The increasing demand for smartphones, advancements in internet technology, and rising spending power of users are a few of the factors that contribute towards the market growth of digital gambling. The online gambling software providers are heavily investing and partnering in advanced technologies to enhance the customer experience, which will boost the interest of players. For instance, In September 2020, William Hill Plc. made a partnership with CBS Sports. After their collaboration, the company announced the launch of a wide range of digital content. Few of their offerings for sports bettors and fans are free-to-play games, video programming, and editorial content of William Hill across the CBS Sports Digital landscape.
COVID-19 Impact
The outbreak of the coronavirus has affected the global economy adversely. Due to lockdown, land-based gambling arenas were affected severely. The restrictions on public transportation, tourism, and public gatherings, impacted the off-line gambling industry. However, it helped in the dramatic rise in the demand for internet-based gambling. The temporary closure of colleges and the increasing adoption of work from home policies are expected to drive the market. For instance, according to a report published by AlphaBeta Australia, Australia experienced a 67% increase in online betting in April 2020.
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List of Key Players Profiled in the Report
Entain plc (GVC Holdings Plc.) (Douglas, Isle of Man)
Kindred Group Plc. (Valletta, Malta)
William Hill Plc. (London, U.K.)
StarsGroup.com (Ontario, Canada)
Flutter Entertainment Plc. (Dublin, Ireland)
Betsson AB (Stockholm, Sweden)
Bet365 Group (Stoke-on-Trent, U.K.)
LeoVegas AB (Stockholm, Sweden)
888 Holdings PLC (Gibraltar)
BetAmerica (California,U.S.)
Online Gambling Software Market Report Scope and segmentation:
Report Coverage | Details |
Forecast Period | 2021 to 2028 |
Forecast Period 2021 to 2028 CAGR | 11.4% |
2028 Value Projection | USD 158.20 Billion |
Base Year | 2020 |
Market Size in 2020 | USD 66.72 Billion |
Historical Data for | 2017 to 2019 |
No. of Pages | 130 |
Segments covered | Type; Device; and Regional; |
Growth Drivers | Ease of Online Payment to Drive Online gambling software Market Growth |
Europe to Dominate Backed by Presence of Prominent Players | |
| Rising Adverse Impacts on Mental Health and Bans on Online Gambling May Impede Market Growth |
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Market Segmentation:
By type, the market is divided into sports betting, casinos, poker, lottery, bingo, and others. By devices, it is fragmented into desktop, mobile, and others.
Based on type, the lottery segment held a market share of 15.1% in 2020. This is attributable to increasing interest in draw-based games among players.
Lastly, in terms of geography, the market is divided into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
What does the Report Provide?
The market report offers a comprehensive analysis of various factors such as the key drivers and restraints that are likely to impact the market growth in upcoming years. The report also provides insights of different regions that are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborations to contribute to the market growth.
Driving Factor
Ease of Online Payment to Drive Online gambling software Market Growth
The increasing adoption of digital payments has made it easier for users and online gambling players. Moreover, using online methods of payment facilities offer a secure and safe mode of transaction, which is boosting this market; therefore, companies are trying to come up with efficient payment methods to attract more games. For instance, in January 2021, William Hill Plc partnered with Chippewa Indians and Grand Traverse Band of Ottawa to develop its own online and mobile casino app and sportsbook. The app also promises to offer a secure and quick registration process and a wide selection of options to withdraw and deposit funds.
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Regional Insights
Europe to Dominate Backed by Presence of Prominent Players
Europe is expected to remain at the forefront and hold the largest position in the market during the forecast period owing to the presence of prominent market players. Additionally, the rich sports history of Europe and the widespread presence of sports-obsessed fans in the region are together propelling the regional market. The region’s market stood at USD 30.92 billion in 2020.
North America is expected to showcase significant online gambling software market share in upcoming years, owing to the increasing digitalization in the region. Moreover, in the U.S., three states, namely, Nevada, Pennsylvania, and New Jersey, have gambling regulations, which are driving sportsbook and betting apps demand.
Competitive Landscape
Key Players to Focus on New Application Launches to Strengthen their Market Prospects
The market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects. Below is the industry development:
December 2020 – GVC Holdings Plc. partnered with MGM Resorts International to launch an online BetMGM Casino in Pennsylvania. The company offers 140 types of online gambling games for android and iOS users.
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Table Of Content:
Introduction
Definition, By Segment
Research Methodology/Approach
Data Sources
Key Takeaways
Market Dynamics
Macro and Micro Economic Indicators
Drivers, Restraints, Opportunities and Trends
Impact of COVID-19
Short-term Impact
Long-term Impact
Competition Landscape
Business Strategies Adopted by Key Players
Consolidated SWOT Analysis of Key Players
Global Online Gambling Software Key Players Market Share Insights and Analysis, 2020
Key Market Insights and Strategic Recommendations
Companies Profiled (Covered for key 10 players only)
Overview
Key Management
Headquarters etc.
Offerings/Business Segments
Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
Employee Size
Key Financials
Past and Current Revenue
Geographical Share
Business Segment Share
Recent Developments
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