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Similarly, bingo is likely to show a steady CAGR owing to the increasing development of bingo sites. The growing interest of young adults in poker is likely to boost internet-based gambling practices.
The growing adoption of internet-based gambling amongst users is creating adverse effects on mental health. The increasing addiction towards the easily available internet-based gambling platforms challenges the user to maintain mental balance. Owing to this addiction, the number of suicide cases has been increasing year on year. On observing the growing cases of increasing betting debts in 2020, the Tamil Nadu State Government banned gambling websites. The other addictive gambling effects are pathological gambling, also known as compulsive gambling. The long-term effects of this kind of gambling might trigger chronic stress and hypertension issues.
Further, AI can support in tracking possible addiction problems and negative patterns through users’ behavior. Many developers are integrating AI to offer preventive measures in handling gambling addiction. For instance, a responsible gambling analytics platform providing company, BetBuddy Limited, applied artificial intelligence to track users’ digital footprint and detect problematic gamblers. The company offers personalized statements to players and the operator for reporting such behavior. Thus, the adoption of AI is likely to boost the market growth.
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The casinos are anticipated to showcase rapid growth during the forecast period owing to the multi-layer taxation environment in the casino business. In addition, the increasing fashion for remote gambling is expected to drive online betting demand.
North America ranks second in the market in terms of revenue share. Increasing digitalization, coupled with secure mobile solutions, is likely to drive demand in the region. In the United States, three states, namely, Nevada, Pennsylvania, and New Jersey, have gambling regulations, which are driving sportsbook and betting apps demand.
The global online gambling software market size was USD 66.72 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with online gambling witnessing a positive demand shock across all regions amid the pandemic. Based on our analysis, the market exhibited a significant growth of 11.2% in 2021. The market is projected to grow from USD 74.17 billion in 2021 to USD 158.20 billion in 2028 at a CAGR of 11.4% in the 2021-2028 period. The steady rise in CAGR is attributable to this market’s demand and growth returning to pre-pandemic levels once the pandemic is over.
The growing adoption of digital and mobile payments has made payment procedures easier for users and online players. Also, online payment facilities offer a secured and safe mode of transaction, boosting their adoption in the online gaming industry. Further, the simpler and convenient payment methods boost player participation in the gambling industry.
Sports betting is expected to dominate the market during the forecast period. The growing demand for online gaming and betting practices are likely to drive the demand for sports betting. Further, growing sponsorships in online sports betting are also expected to fuel this segment.
Similarly, the Middle East & Africa is expected to show steady growth during the forecast period. The growing demand for online gaming and smartphones is expected to boost online betting in the region.
The outbreak of the coronavirus has created a vast set of restrictions on land-based gambling arenas. The restrictions on public transportation, tourism, and public gatherings, among others, have largely impacted the offline gambling industry.
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November 2019 – William Hill Plc. announced the launch of its online casino app and sportsbook in Michigan in partnership with Grand Traverse Band of Ottawa and Chippewa Indians. The platform offers sports bettors a new experience using a deep and exhaustive array of bets.
