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Online Gambling Market is Projected to Reach USD 160 Billion by 2026

George Miller

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Online Gambling Market is Projected to Reach USD 160 Billion by 2026
Reading Time: 3 minutes

 

According to a recent study from market research firm Global Market Insights, The global online gambling market is estimated to witness tremendous revenue growth over the coming years due to an upsurge in smartphone adoption and improving internet infrastructure across the world. Additionally, convenient and easy accessibility to online casino gaming platforms would also complement the overall market outlook over the analysis time period.

Gambling is termed as risking money or anything which is of material value for uncertain results. The initial purpose is of winning an additional amount or material goods. Online gambling also known as internet gambling is basically betting on sports type games or casino done over the internet. Bingo, slots, roulette, keno, poker, lotteries are some of the examples of online gambling.

In addition, various new features introduced by gambling platforms by leveraging technological advancements to attract more customers. This new trend is anticipated to majorly foster the industry size in forthcoming years. Various new technologies like Virtual Reality, 3D Animation, Live Table Games, and convenient as well as mobile-friendly gaming are majorly propelling the market outlook over the coming years.

As per a research report by Global Market Insights Inc., the online gambling market would likely exceed a valuation of $160 billion by the end of 2026.

In terms of type, the online gambling market is bifurcated into bingo, lottery, poker, casino, and betting. The betting segment is further classified into tennis, horse racing, Formula 1, football, esports, and boxing & UFC. Among the other segments, the online betting is the fastest growing segment over the forecast period. In fact, Chabot, machine learning, and AI (Artificial intelligence) have substantially taken over the market. Further, the convenience of cashless payment methods during gaming and increase in the number of female populations in casinos are likely to drive the online gambling industry.

Talking of the lottery segment, though lotteries are still very popular in Colombia, their revenues have progressively diminished as a result of competition from modern games, such as Baloto, which is an electronic lottery game managed by Coljuegos. With the popularity of modern games, the lottery segment might witness slow growth over the coming years.

Based on device type, the online gambling market is classified into desktop and mobile. The desktop device type segment will witness substantial growth over the coming years. The proliferation of sports betting ads across the world and ease of sports betting using desktop is expected to propel segment growth.

On the regional front, the Asia Pacific online gambling industry witnessed a significant upsurge in the industry recently due to the coronavirus pandemic. The strict lockdowns imposed by regional government authorities were responsible for majorly driving the adoption of online betting among APAC customers. In fact, according to the reports of illion Australia and AiphaBeta Australia, Australia witnessed a tremendous 67% rise in online gambling back in April 2020, after the country closed every non-essential service in Australia to keep the case count low. Likewise, the closing of land-based casinos has further resulted in a significant upsurge in the players using online casinos in countries like India.

Similarly, even Global Poker, the US-facing online poker room, reported a tremendous 43% growth in the adoption of online poker platforms across the United States after the lockdowns and social distancing mandates took effect. Additionally, the region observed an immense 255% rise in first-time players. Moreover, a lot of free time in the lockdown has compelled people to use online gambling platforms to pass time, which is majorly pushing the market landscape.

Key Companies covered in online gambling market are 888 Holdings PLC, Bet365 Group Ltd., BetAmerica, bet-at-home.com AG, Betfred, Betsson AB, Buffalo Partners, DraftKings Inc., Flutter Entertainment, GVC Holdings PLC, International Games Technology, Kindred Group PLC, Playtech PLC, Scientific Games, Sky Betting and Gaming, The Stars Group Inc., William Hill PLC.

 

Source: https://www.gminsights.com/pressrelease/online-gambling-market

Latest News

Zitro Digital and Oryx Gaming Form New Alliance

George Miller

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Zitro Digital and Oryx Gaming Form New Alliance
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Global gaming supplier Zitro has partnered with leading iGaming platform provider and content aggregator ORYX Gaming to add its growing games portfolio to ORYX Hub.

Through the deal, Zitro’s content will become available to ORYX’s extensive network of operator partners across the globe via ORYX Hub, a platform featuring 10,000+ casino games from 100+ providers.

Zitro Digital offers a wide range of popular online content including world leading video bingo games and player favourite slot titles.

Sebastián Salat, CEO of Zitro, said: “Accelerating the growth of our digital business is one of our main goals to further position Zitro as a leading global gaming provider. We are immensely excited about this new collaboration with ORYX Gaming, which will broaden our reach and will significantly benefit all stakeholders while giving more players access to our high-quality games that provide a fun and exciting experience.”

Matevž Mazij, Managing Director of ORYX Gaming, said:  “ORYX Hub offers one of the most extensive portfolios of online gaming games on the market and we are always looking for fresh new content to add. With Zitro, we have found an excellent game supplier, with outstanding performance in both online and land-based markets. Zitro’s cutting-edge technology combined with the great team of people in the business creates the perfect environment for a successful alliance.”

 

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eSports

Former ESL Executive Charlie Allen Launches Esports Agency “Road House”

Niji Narayan

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Former ESL Executive Charlie Allen Launches Esports Agency “Road House”
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Charlie Allen, former director of global brand partnerships at ESL, has launched a new commercial esports and gaming agency, Road House.

The new company focuses on working with its clients to help them navigate the esports and gaming landscape and understand the mass potential of brand partnerships in a booming industry. Founded back in late 2020, Road House consults with brands, agencies, rights holders, publishers, and tournament organisers from all over the sports, media & entertainment world.

“Despite the challenges the industry has faced due to the pandemic, it is still a very promising time for esports right now. I’ve learned a great deal from working in this fascinating sector over the past few years and it felt like the right time to launch Road House,” Charlie Allen said.

“During my years at ESL, I spoke with many C-suite level executives from across many different sectors in the traditional marketing world, and what I discovered is that the broad, open ecosystem of esports can prove rather daunting to them. They really needed it explaining to them – like about how esports is consumed, who plays where, how many people are tuning in, and how can we positively engage with them?”

The commercial agency works with clients on RFPs from across both the endemic and non-endemic world, and the appetite to reach new millennial audiences that these brands have never managed to reach before is definitely on the rise.

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Affiliate Industry

XLMedia Announces Plans to Recover Casino Vertical

Niji Narayan

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XLMedia Announces Plans to Recover Casino Vertical
Reading Time: 2 minutes

 

Global digital performance publisher XLMedia has provided an update for the year ended 31 December 2020.

For the Full Year 2020, XLMedia expects to deliver revenue of approximately $54.5 million and adjusted EBITDA of approximately $11.5 million (excluding transformation costs and share-based payments).

As detailed in the first half results in September, the Company is pursuing a multi-track approach to recovering the Casino vertical, where a number of sites were penalised by Google early in 2020. This process is being carried out in conjunction with a fundamental rationalisation of the asset portfolio, significantly reducing the overall number of sites and upgrading the quality of those remaining, with a concentration on highly-engaging content and enhanced functionality to drive increased traffic and build consumer loyalty.

The approach to recovering the Casino vertical is an orderly combination of, i) submitting to Google for reconsideration certain sites which have been rebuilt in-house or in conjunction with a partner, ii) developing some entirely new sites, where this is the better strategic option, iii) de-indexing sites which are immaterial and may have a negative impact on the authority of the premium websites, and iv) disposing of sites which no longer fit with the direction of the business.

“We have now completed the core development work on all the rebuilt sites we will take forward and have commenced the submission process to Google for reconsideration. To date, we have been successful in having the penalty removed for three of the ten sites we wish to recover, Casino.pt, Casino.gr and CasinoKiwi.co.nz. Learnings from both successes and initial rejections are being applied to the ongoing refinement of the remaining sites and we will resubmit those sites in due course. We will provide a further update on the Casino recovery process with the Financial Results for the Year Ended 31 December 2020, currently expected on 13 April 2021,” XLMedia said.

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