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Global Online Gambling Market Size Worth USD 73.45 Billion By 2024: Hexa Research

George Miller

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Global Online Gambling and Betting Market to Surpass US$ 123.5 Billion by 2026
Reading Time: 3 minutes

 

The global online gambling market size is anticipated to reach USD 73.45 billion by 2024 owing to rising prevalence gambling across the globe. Technological advancements and addition of new regulations are expected to boost market demand over the forecast period. Furthermore, growing adoption of smartphones and tablets and easy access to online platforms are anticipated to drive the market.

Companies are focusing on developing mobile applications with secure money transfer facilities so that punters can easily place their bets 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 such as iOS and Android. Moreover, a number of countries are legalizing gambling with each passing year. For instance, in December 2016, the parliament of Japan passed a law to legalize casinos after holding it for 15 years.

In 2016, the sports betting segment led the market and accounted for more than 40% of the revenue. It comprises various sports tournaments such as cricket, basketball, tennis, and other games. For instance, the sports betting segment turnover for Bet365 Group Ltd. went up by USD 2.3 million in 2016 owing to increasing football tournaments and cricket leagues. Increasing number of people betting on such events and easy accessibility to online gambling websites and applications are anticipated to present considerable growth opportunities for the market.

The online gambling and betting industry is anticipated to grow at a faster pace due to favorable regulatory environment. Moreover, rising disposable income of consumers and adoption of Internet-based devices are increasing revenues of the online gambling market worldwide. However, certain regions are likely to record sluggish growth due to strict government regulations, thus affecting overall revenue generation.

Europe dominated the market in 2016, valuing USD 16.42 billion in the market. This is due to the fact that online gambling is legal in a large number of countries such as France, Germany, and Italy. Countries such as U.K. and Germany have well-developed technology and infrastructure. Moreover, they have witnessed increased usage of smartphones and tablets for playing online gambling games on applications provided by companies such as Betsson AB and Bet365 Group Ltd.

The global online gambling industry is highly fragmented in nature and is marked by presence of several players operating across the world. Companies are focused on expanding their presence in the market through various strategic alliances such as diversification in online services.

For instance, in August 2015, Paddy Power announced a merger with Betfair for Euro 5 billion in order to increase its penetration in the online market and overcome regulatory hurdles. Key companies in the online gambling market include William Hill plc.; Bet365 Group Ltd.; Paddy Power Betfair plc.; Betsson AB; Ladbrokes Coral Group plc.; Amaya Inc.; 888 Holdings plc.; Sky Betting & Gaming; Kindred Group; and GVC Holdings plc.

Hexa Research has segmented the online gambling market report based on type and region:-

  • Segmentation by Type
    • Sports Betting
    • Casinos
    • Poker
    • Bingo
    • Others
  • Segmentation by Region
    North America
    • U.S.
    Europe
    • U.K.
    Asia Pacific
    Australia
    • Central & South America
    Africa
  • Key Players Analyzed:
    William Hill plc.
    • Bet365 Group Ltd.
    • Paddy Power Betfair plc.
    • Betsson AB
    • Ladbrokes Coral Group plc.
    • Amaya Inc.
    • 888 Holdings plc.
    • Sky Betting & Gaming
    • Kindred Group
    • GVC Holdings plc.

 

About Hexa Research:

Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

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Industry News

Game Payment Technology raise international profile at ICE London

George Miller

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Game Payment Technology raise international profile at ICE London
Reading Time: 2 minutes

 

Game Payment Technology (GPT), the UK developed cashless payments app, launched its international marketing campaign with a successful debut appearance at ICE London.  The result of a joint venture between bacta and Polar Moment, GPT’s appearance at ICE London resulted in positive interest from gaming organisation’s based in Spain, United States, France and Holland as well as a meeting with representatives from the DCMS, which was described by bacta’s Robert Gibb as being ‘both productive and encouraging.’

Expanding on GPT’s ICE London experience, Gibb stated: “It’s been a key part of the business plan to explore opportunities to introduce the app to businesses operating outside of the UK and in the process seek to develop additional revenue streams to support bacta and its members. In that respect ICE London, which attracts over 100 nationalities, is the perfect platform.

“We met with representatives from several countries and our entire time was spent demonstrating how the app works and explaining how it has been built around a commitment to social responsibility. There’s no doubt that ICE delivers a new audience and is about making contacts for the future. From the feedback we received it’s clear that GPT provides solutions that cut across cultures and jurisdictions. It was also very valuable to be able to spend some time with representatives from the DCMS and keep them updated on the project and the significant progress that has been made. We are very grateful to the team at Reflex for allowing us to share their stand space and extremely happy to start the year with successful appearances first at EAG and then ICE London.”

The GPT app is undergoing its first live tests following completion of a payment acquiring agreement with one of the top three UK acquirers, a nationally recognised brand. It represents the first such deal with a Tier 1 UK bank for cashless gaming in pubs and other venues and is a testament of the acquirer’s confidence in GPT’s business plan, product credentials, financial structure, and the team’s ability to manage a gambling e-wallet.

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Industry News

Online Casino PlayJango Launches on SkillOnNet Platform

Niji Narayan

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Online Casino PlayJango Launches on SkillOnNet Platform
Reading Time: < 1 minute

 

PlayJango has become the latest online casino brand to launch on the SkillOnNet platform. PlayJango offers its players a huge range of online slots and casino games, as well as generous offers and promotions.

The SkillOnNet platform allows PlayJango to offer thrilling tournaments and promotions, as well as localised payment options and top-rated customer support, to its players.

PlayJango will use SkillOnNet’s licences to launch in core markets such as the UK, Germany, Finland and Norway plus dot.com markets via its Malta permit.

“We have gone to great lengths to create a fun and friendly brand that is straight-talking and delivers a no-nonsense online casino experience to players. Partnering with SkillOnNet has allowed us to do this while also providing our players with thousands of popular casino games and a great range of payment options. SkillOnNet is behind some of the most popular online casinos in Europe and we look forward to achieving similar success with PlayJango,” a spokesperson at PlayJango, said.

“We are thrilled to be working with PlayJango and to be powering their online casino which has all the right ingredients to be a huge success. SkillOnNet is one of the most experienced and successful online casino platform providers and we look forward helping PlayJango as it establishes itself as a top-rated online casino brand,” Jerry Land, VP B2B Sales at SkillOnNet, said.

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Industry News

Trustly recognized as the Best PISP, AISP at the Merchant Payment Ecosystem Awards (MPE Awards)

George Miller

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Trustly wins best open banking solution at the Merchant Payment Ecosystem Awards
Photo Source: trustly.net
Reading Time: 2 minutes

 

Trustly is thrilled to announce that it has been recognized as the Best PISP, AISP (Payment Initiation Service Provider, Account Information Service Provider) at the Merchant Payment Ecosystem Awards (MPE Awards).

The MPE Awards have, over the past 10 years, become an important benchmark of global excellence in POS and merchant payments and celebrate and honor the achievements of companies across the European merchant payments ecosystem. The PISP AISP award goes to the company that most efficiently brings open banking services to the merchant community, and provides the best customer experience. Trustly won this award for its continuously innovative approach to realizing the potential of open banking.

Leon Dhaene, Chairman of the MPE Awards, says: “Make e-commerce simple again. It could have been the slogan of a politician, but it is essential if you want to bring potential customers to effectively buy over the internet. The Jury appreciated the fact that Trustly delivers fast, simple and secure payments in only three steps.”

Oscar Berglund, CEO at Trustly, says: “We’re proud to be recognized as the Best PISP, AISP at the MPE Awards. We will continue to work meticulously on further developing the online banking payment solution that our merchants and their customers love. It feels great to have our hard work recognized by the merchant and partner community.”

 

About Trustly:

Founded in 2008, Trustly is the global leader in Online Banking Payments. Our account-to-account network bypasses the card networks, letting consumers make fast, simple and secure payments to merchants directly from their online banking accounts. With support for more than 6,000 banks, roughly 600 million consumers across Europe and North America can pay with Trustly. We serve many of the world’s most prominent merchants within e-commerce, financial services, gaming, media, telecom and travel, which all benefit from increased consumer conversion and reduced operations, fraud and chargeback costs.

Trustly has 400 employees across Europe, the US and Latin America. We are a licensed Payment Institution under the second payment services directive (PSD2) and operate under the supervision of the Swedish Financial Supervisory Authority in Europe. In the US, we are state regulated as required to serve our target markets. Read more at www.trustly.com.

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