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Online Gambling and Betting business to touch US$96.89 billion by 2024 – TMR

Niji Narayan

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In what could be resounding thumbs up for the betting industry, a new survey revealed that the industry could be soaring in the coming years. According to a research report released by Transparency Market Research, the overall competitive landscape in the global online gambling and betting market will witness further growth with more mergers and acquisitions.

Furthermore, the policies and regulations surrounding online gambling and betting are also highly stringent in several regions, leaving little scope of growth for new entrants. The global online gambling and betting market is expected to reach US$96.89 bn by 2024. The market is projected to expand at a CAGR of 10.8 per cent from 2016 to 2024, and is expected to reach US$42.63 bn by the end of 2016.

Online Gambling and Betting Companies Counting on Growing Scope of Smartphone Gaming

There is a clear increase in the number of consumer electronics being used by the day in all countries and across all economic levels. The growing number of consumers using smartphones, tablets, and other portable electronic media and entertainment devices are currently a high priority demographic for the global online gambling and betting market. A TMR analyst states, “The expansive scope of consumer reach that these players can achieve through the use of smartphone apps alone is strong enough for them to consider creating standalone gambling and betting portals for mobile users. This allows the global online gambling and betting market to generate a staggering amount of income from users that like to play or bet using their smartphone on the go, rather than having to access websites on PCs or kiosks.”

Other factors driving the global online gambling and betting market include the incorporation of VR devices into online gambling games as a means to attract greater consumers with higher disposable incomes, and the added marketing attempts to bring conventional gamblers towards the online portals.

Multiple Key Regions Still Not Relenting Regulatory Pressure on Legal Gambling

One of the leading restraints acting on the global online gambling and betting market currently is the heavy regulatory pressure acting on the players based in the regions of North America, The Middle East, and Asia Pacific. The US especially is a highly potent region for the global online gambling and betting market in terms of consumer pool, but is under extremely strict prohibitions and regulatory restrictions over the use and operation of online betting and gambling portals. As for The Middle East and Asia, the Muslim-dominated nations severely frown down on gambling or betting of any kind. However, the regulatory pressure on online gambling is expected to ease up over the coming years in the US as their numbers and demand grow and present better tax return options to the states.

“The immediate future of the global online gambling and betting market lies in the incorporation of online betting portals with live streaming of sports or games. This caters to a growing demand by users for a real-time sports streaming as well as betting choice. Another significant area of opportunities for the global online gambling and betting market lies in the inclusion of gamification strategies,” adds the analyst.

The information presented in this review is based on a Transparency Market Research report, titled, “Online Gambling and Betting Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”

About Us

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyse information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Each TMR syndicated research report covers a different sector – such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.

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Mr. Atil Chaudhari

Transparency Market Research

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90 State Street,

Suite 700,

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Tel: +1-518-618-1030

USA – Canada Toll Free: 866-552-3453

Email: [email protected]

Website: http://www.transparencymarketresearch.com

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Industry News

Melco Appoints Grant Johnson as New Head of City of Dreams Mediterranean and Cyprus Casinos

Niji Narayan

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Melco Appoints Grant Johnson as New Head of City of Dreams Mediterranean and Cyprus Casinos
Photo Source: cypruscasinos.com
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Melco Resorts and Entertainment has promoted Grant Johnson as the Senior Vice President and Property General Manager of City of Dreams Mediterranean and Cyprus Casinos “C2”. Johnson will report to Evan Andrew Winkler, President of Melco.

Johnson is responsible for the continued development of the upcoming City of Dreams Mediterranean which will be the largest Integrated Resort (IR) in Europe and the management and operations of Cyprus Casinos. Mr. Craig Ballantyne, Property President of City of Dreams Mediterranean and Cyprus Casinos, retired on April 1.

“Congratulations to Grant Johnson on his new appointment. With his proven track record of delivering growth for the company I am confident that we can continue pushing boundaries as a global leader in innovative luxury entertainment offerings. This promotion represents Melco’s commitment to internal career opportunities. I also wish to thank Mr. Craig Ballantyne for his outstanding service to Melco as Property President of City of Dreams Mediterranean and Cyprus Casinos and wish him the very best for his retirement,” Lawrence Ho, Chairman and Chief Executive Officer of Melco, said.

Prior to this promotion, Johnson was SVP, Casino Sales, Marketing & Operations at Studio City in Macau, and previously was SVP, Casino Sales & Marketing for Altira Macau and Mocha Clubs. Prior to this, Johnson handled various non-gaming marketing roles throughout Melco properties in Macau. Johnson began his career with Melco in 2011.

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Zimpler Announces Expansion to the EU and the UK

Niji Narayan

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Zimpler Announces Expansion to the EU and the UK
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Fintech company Zimpler has announced its expansion into the EU and the UK.

Zimpler is a Swedish Fintech company that manages transactions between end users and businesses. Now, they leave the Nordics and will enable companies to do instant payouts to customers in the EU and UK within the year.

“Payouts is medieval outside of the Nordics. Today you will have to wait for days before you get your money into your bank account, with our solution it will take seconds,” Jonas Persson, VP sales at Zimpler, said.

First to go live with the solution is iGaming company Videoslots.

“We have been working with Zimpler in the Swedish market for many years and we are thrilled with how constructive and solution-oriented they are in all situations. That they now expand their solution to other European markets is fantastic news and it will change the market at its core,” Ali Atam, CMO at Videoslots, said.

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Industry News

Gauselmann Group Opens New Venues in UK

Niji Narayan

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Gauselmann Group Opens New Venues in UK
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German gambling company Gauselmann group has gone one step further by investing in the high street and launching its Merkur Slots brand nationally. The company has opened three brand-new venues in Southall, Hornchurch and Lancaster on July 4.

Gauselmann group plans to open many more Merkur Slots venues across the UK this year. The company will open with three more venues in Saltash, Bolton and Wolverhampton, this month.

“This is a very exciting time for the Merkur Slots brand. So many companies haven’t survived the effects of the pandemic and we are delighted to be able to give customers a brand-new experience in locations where we don’t currently have a presence. It means a lot to us to be part of kick-starting the high street again and supporting the local community with new job opportunities,” Mark Schertle, COO of Gauselmann group, said.

Merkur Slots provides the latest in digital venues. All machines and advertising are fully digitised and customers will be able to enjoy all of their favourite games, as well as the latest in Blueprint games.

All venues will be COVID-secure, with Gauselmann group implementing an “Open, clean, safe” campaign which will focus heavily on ensuring new safety precautions are in-place and everything is communicated effectively with customers, via social channels and the official website.

“We look forward to welcoming customers back to gaming after a small hiatus and we feel we have a unique edge in that we can offer them brand-new, modern venues that have been designed with social distancing in mind. Customers can game with total confidence. Thank you to all our staff who have worked tirelessly to get the venues up and running ahead of opening,” Schertle said.

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