The worldwide online gambling market size is expected to achieve USD 73.45 billion by 2024 because of rising incidence gambling across the globe. Addition of new regulations and advancements are expected to improve market demand over the forecast period. Furthermore, growing adoption of smartphones and tablets and access to online platforms are expected to drive the marketplace.
Companies are focusing on developing mobile applications with safe money transfer facilities to ensure punters can quickly place their stakes online in real time. For example, companies such as Bet365 Group Ltd., Paddy Power Betfair plc., and Betsson AB have cellular applications on different platforms such as iOS and Android. Furthermore, a number of countries are currently legalizing gambling with each passing year. For instance, at December 2016, Japan’s parliament passed a law to legalize casinos after holding it for 15 years.
In 2016, the sports led the market and accounted for more than 40 percent of their earnings. It comprises various sports tournaments such as basketball, cricket, tennis, and other games. For instance, the sports betting segment turnover for Bet365 Group Ltd. went up by USD 2.3 million in 2016 because of increasing soccer tournaments and cricket leagues. Growing number of people betting to online gambling websites and applications on access and such events are anticipated to present growth opportunities.
The internet gambling and gambling industry is expected to grow at a faster pace due to regulatory environment. Rising disposable income of consumers and also adoption are increasing revenues of the internet gambling market globally. However, certain areas are likely to document growth due to stringent government regulations, thereby affecting overall revenue generation.
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