After a series of mergers and acquisitions, worldwide online gambling and betting marketplace is projected to expand by as much as ten.8 % by 2024.
In its newest report released on Tuesday, the Transparency Market Research (TMR) estimated that the international on-line gambling and betting market will probably be at US$96.89 billion by 2024 as it expects that the overall competitive landscape to consolidate.
For 2016, the study group predicted that the business will be at US$42.63 billion.
“The nature of the marketplace leaves very little scope for service differentiation which is presently restricting the entry for new players,” the firm said inside a statement. “Furthermore, the policies and regulations surrounding online gambling and betting are also extremely stringent in several regions, leaving little scope of growth for new entrants.”
TMR also pointed out that the numerous online gambling and betting companies are leaning toward smartphone gaming because the quantity of consumer electronics being used by the day in all countries and across all financial levels increases.
The study firm stated that customers using smartphones, tablets, as well as other transportable electronic media and entertainment devices are currently a higher priority demographic for the global online gambling and betting marketplace.
“The expansive scope of consumer reach that these players can attain through the usage of smartphone apps alone is powerful sufficient for them to think about creating standalone gambling and betting portals for mobile users,” based on the report. “This enables the international online gambling and betting market to generate a staggering quantity of income from users that prefer to play or bet utilizing their smartphone around the go, instead of getting to access web sites on PCs or kiosks.”
Apart from smartphones, TMR said that the incorporation of virtual reality device has also contributed to the development of global on-line gambling and betting marketplace.
The firm, however, noted that regulatory pressure in North America, The Middle East, and Asia Pacific continues to weigh heavily on the business.
“The U.S. particularly is really a highly potent area for the global on-line gambling and betting marketplace when it comes to consumer pool, but is below extremely strict prohibitions and regulatory restrictions over the use and operation of on-line betting and gambling portals,” TMR stated. “As for The Middle East and Asia, the Muslim-dominated nations severely frown down on gambling or betting of any kind. Nevertheless, the regulatory pressure on on-line gambling is anticipated to ease up over the coming years within the U.S. as their numbers and demand grow and present better tax return options to the states.”
“The instant future from the global online gambling and betting marketplace lies within the incorporation of online betting portals with reside streaming of sports or games. This caters to a growing demand by customers to get a real-time sports streaming as well as betting choice. Another significant area of opportunities for the international on-line gambling and betting market lies in the inclusion of gamification strategies,” adds the analyst.
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