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Online Gambling Market is Rising Due to the Fast Internet Connectivity and Usage of Real Money

George Miller

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Online Gambling Market is Rising Due to the Fast Internet Connectivity and Usage of Real Money
Reading Time: 4 minutes

 

According to Market Research Future, the global online gambling market has been segmented based on game type, device type, end-user, and region/country.

Rapid technological advancements and an increase in the number of gambling users across the globe are some of the factors that are influencing the growth of the online gambling market.

The growth in the adoption of smartphones is transforming the online gambling market as most of the betting and casino consumers are using smartphones to play the games and earn real money. In recent years, online gambling service providers have also incorporated social media platforms, such as YouTube, Facebook, and Instagram to attract new customers.

The adoption of virtual currency such as cryptocurrency in the gambling market by gambling vendors is a major trend in the global mobile gambling market. For instance, the mobile gambling market in Nevada accepts cryptocurrency or virtual money from the players. The integration of virtual money in the gambling market has reduced the risk of security concerns related to cash transactions. The online cash transactions help gambling vendors to distribute the prize money in the form of redeemable coupons, which can be used to play other games as well. It also provides customer spending history to gambling providers who help them to customize their marketing strategy.

The increasing interest of mobile gambling among youngsters, development of infrastructure, increasing foreign investments, legalization of mobile gambling in various countries across the world, and relaxation of government regulations and policies are some of the drivers of the growth of the mobile gambling market.

However, security issues related to online payments in mobile gambling and rising addictive behavior which may affect the low-income population as they may not be able to afford losses, are some of the factors which may hinder the growth of the mobile gambling market. The global online gambling market has been analyzed for five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Segmentation:

By game type, the global gambling market has been segmented into betting, casino, poker, lottery, online bingo, and others. The casino segment accounted for the largest market share in 2018, whereas the poker segment is expected to register the highest CAGR during the forecast period. This is because online poker is preferred by many players as it offers a variety of games for selection, which is not the case in poker rooms. Also, mobile poker is simple and convenient to use as the player can join the game remotely without being physically present in the poker room.

By device type, the global gambling market has been segmented into mobile and desktop. The mobile segment has the highest market share, and it is expected to register the highest CAGR during the forecast period. This is due to the increasing adoption of smartphones.

By end-users, the global gambling market has been segmented into gambling enthusiasts, social exuberant, and dabblers. The gambling enthusiasts segment accounted for the largest market share, whereas the social exuberant segment is projected to register the highest CAGR during the forecast period. The social exuberant segment includes social media influencers and promoters. These players are highly visible on online gambling platforms, exploring new games online and might be a part of paid promotions by online gambling operators. These players often upload pictures or posts regarding mobile or online gambling on social media.

Regional Analysis:

The Global Online Gambling Market is estimated to register a CAGR of 13.2% over the forecast period. The geographic analysis of the global online gambling market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Europe holds the largest market share as the companies in this region are leading in terms of advanced technologies; furthermore, the region also has favorable government rules and regulations across various countries. Europe has been segmented into the UK, Germany, France, and the rest of Europe. Some of the largest global online gambling companies operating in the market, such as Kindred Group PLC, Bet365, and 888 Holdings have originated in Europe.

The market in Asia-Pacific is expected to register the highest CAGR during the forecasted period (2019–2025) due to the increase in foreign investments and the rising popularity of mobile gambling across this region.

Competitive Dashboard:

The Global Online Gambling Market is witnessing high growth due to the rise in demand from various end-users such as gambling enthusiasts, social exuberant, and dabblers. Major players have opted for partnerships and new product development as their key organic growth strategies and also opted inorganic growth strategies to enhance their positions in the market and cater to the demands of the end-users. In Nov 2017, Stride Gaming PLC, a company based in the UK, acquired an India-based rummy game platform provider, Passion Gaming Private Limited. Stride Gaming, with the advantage of its proprietary technology combined with Passion Gaming, is focusing on creating a highly attractive proposition in the Indian online gambling market. Similarly, in Sep 2018, The Stars Group launched its BetStars online sports betting brand in New Jersey in partnership with resorts, casinos, and hotels. The BetStars platform allows online depositing and withdrawal options, in-game betting, early cash out options, and various bonuses to its users.

Key Players

The Key Players in the Global Online Gambling Market are identified based on their country of origin, presence across different regions, recent developments, product diversification, and industry expertise. These include International Game Technology PLC (US), The Stars Group (Canada), Betsson AB (Sweden), Kindred Group Plc (Malta), Net Entertainment (Sweden), Paddy Power Betfair PLC (Ireland), 888 Holdings PLC (UK), Ladbrokes Betting & Gaming Ltd.(UK), Bet-at-home.com (UK), Bwin. Party Digital Entertainment (Austria), Betfair Group plc. (UK), William Hill Plc (UK), Scientific Games (US), bet365 (UK), VGC Holdings PLC (Isle of Man), Spin Inc. (US), Betway (Europe), and Royal Panda (Europe). The key strategies adopted by most of the players are partnerships, agreements, and collaborations.

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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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