The worldwide online gaming market size is expected to reach USD 73.45 billion by 2024 because of increasing incidence gaming across the world. Addition of new regulations and advancements are expected to boost market demand over the forecast period. Additional growing adoption of smartphones and tablets and effortless access to internet platforms are expected to drive the market.
Organizations are focusing on developing mobile applications with safe money transfer facilities to ensure punters can easily place their stakes online in real time. For example, companies such as Bet365 Group Ltd., Paddy Power Betfair plc., and Betsson AB have mobile applications on various platforms such as iOS and Android. A variety of countries are currently legalizing gaming with every passing year. In December 2016, for example, the parliament of Japan passed a law after holding it for 15 23, to legalize casinos.
In 2016, the sector was led by the sports gambling segment and accounted for more than 40 percent of their earnings. It includes various sports tournaments like basketball, cricket, tennis, and matches. As an example, the sports betting segment turnover for Bet365 Group Ltd. went up by USD 2.3 million in 2016 because of rising soccer tournaments and cricket leagues. Increasing number of people betting on these events and accessibility to applications and gambling websites are expected to present growth opportunities.
The internet gambling and gambling industry is expected to grow at a faster pace as a result of regulatory environment. Moreover, rising disposable income of consumers and adoption are raising revenues of the internet gambling market. Certain regions are likely to record sluggish growth because of stringent government regulations.
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