Since thousands of
years, people have been betting on the outcomes of various games and
events. This activity is carried at the places such as casinos, game
parlors, bookmakers and currently online gambling. The online gaming
market is one of the fastest growing segments of the gambling
industry.
The market has
witness online gaming business progressively moving globally,
shifting the form of the gambling industry with many consumers
adapting the Internet to gamble on slots, bet on sports or play
cards. The roll-out of broadband services along with the rapid
expansion of smartphone and tablet is one of the factors contributing
to the growth of this market. Additionally, increased consumer
confidence in effective and low-cost payment mechanisms; significant
investment by the online gaming industry to promote its services is
also further driving the market growth.
The Online
Gambling
And
Betting
Market
is classified as sports betting, online poker, casino games including
games such as slot machines, online bingo, and online lottery.
Though, casinos and land-based lottery dominate the gambling
landscape, online real-money betting and gambling are growing rapidly
across the world.
This industry has
witnessed varied regulatory landscape on online gambling and betting.
Most of the Western European countries have laws in place to
channelize online gambling and betting. Asian and North American
countries’ major online real-money games are still awaiting
progress in gambling and betting regulation. In the U.S. online
gambling is legal only in three states whereas Asian countries allow
gambling and betting only in casino resorts. Increasing demand of
online betting and gambling is forcing governments to act to
regulate.
Some of the key
trends in online gambling and betting industry include social and
mobile gambling. Increasing number of users for mobile gambling has
propelled the growth of online gambling and betting market. Social
gambling, developed from the aspiration of game developers to
monetize gaming on social networks is a key trend followed by the
market players. Moreover, the growing acceptance of the digital
currency Bitcoin is another trend in online gambling, boosting the
growth of the market.
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U.S. States
including New Jersey, Nevada and Delaware have allowed online
gambling on their territories, with more states expected to follow in
near future. In November 2013, New Jersey, the largest of the three,
observed legalization of online casinos and generated almost USD 1
million during the first week of operations. The valued amount is
analyzed to reach USD 10 million per month in 2014, with almost
millions of users getting registered. Brazilian gamblers extensively
use offshore sports betting and gambling websites. This market has
observed substantial growth in 2014 owing to the FIFA World Cup in
Brazil. In Argentina and Mexico, online gambling is permitted only
under special license. Argentina has the largest number of registered
online gambling and betting websites in Latin America. With the
legalization of online gambling in several U.S. states, Mexican
casinos are expected to partner with them to boost the market.
New measures are
being enacted in Europe owing to wide spreads online gambling
activities. UK has started to tax online gambling based on the
consumers\' place of residence, to be effective from December 2014.
This was initiated to conflict the loss of taxes on betting and
gambling due to its gamblers shifting to offshore websites.
Asia-Pacific region
is expected to witness one of the fastest growths in gambling and
betting market. The growth is mainly driven by Australia that leads
the world in terms of per person gambling, online sports betting.
Japan has a legal online betting site with national lottery operator.
In Kenya, the first regulated online gambling website was launched in
2013.
The market is
expected to observe industry consolidation with mergers and
acquisition in near future. For instance, Amaya Gaming Group Inc.
acquired Rational Group in June 2014, a company that owns the popular
Full Tilt Poker and PokerStars online sites. Some of the leading
companies in the market include 888 Holdings, Betfair Group, Bwin
Party, Ladbrokes, Paddy Power, PokerStars, and William Hill Online
among others.
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