The global online gambling market size is expected to achieve USD 73.45 billion by 2024 because of increasing prevalence gambling throughout the world. Inclusion of new regulations and technological advancements are expected to improve market demand. Furthermore, increasing adoption of tablets and smartphones and accessibility to platforms are expected to drive the market.
Companies are focusing on creating mobile applications with safe money transfer facilities to ensure punters can quickly place their stakes online in real time. For instance, companies such as Bet365 Group Ltd., Paddy Power Betfair plc., and Betsson AB have mobile applications on different platforms like iOS and Android. A variety of countries are currently legalizing gambling. In December 2016, for example, the parliament of Japan passed a law to legalize casinos after holding it.
In 2016, the sector was led by the sports and accounted for at least 40% of the revenue. It includes various sports tournaments like tennis, basketball, cricket, and other matches. As an example, the sports gambling segment turnover for Bet365 Group Ltd. went up by USD 2.3 million in 2016 owing to rising soccer tournaments and cricket leagues. Number of people betting on such events and effortless access to software and gambling websites are expected to present growth opportunities for the marketplace.
The online gambling and gambling industry is expected to grow at a faster pace as a result of favorable regulatory environment. Rising disposable income of consumers and also adoption are increasing earnings of the online gambling market. However, certain regions are likely to record growth because of stringent government regulations.
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