Report says Mobile Casino and Sports to dominate iGaming
A new study was published this week that indicates the global internet gambling market will continue to surge upward over the coming years. Mobile casino and sports betting are expected to dominate the industry, with Europe and Asia having the most expansive markets.
The data was gathered by Transparency Market Research (TMR), and published in a report entitled “Online Gambling and Betting Market Research Report”. It details estimated trends in online and mobile casino, poker, lottery, bingo, sports betting, and social gaming, with a forecast that analyzes growth through 2024.
Operators To Focus On Mobile
Casino gambling has been around since the dark ages of dial-up internet speeds, when only a small percentage of households even owned a computer. For decades, gambling operators and software suppliers focused their efforts towards the desktop demographic, but that’s changing.
Mobile gambling didn’t take off until the first smartphones were introduced in 2007, and it was a very slow progression at first. Now, those who enjoy mobile casino, poker and sports betting make up approximately 33% of the industry’s clientele.
TMR believes that trend will continue to develop at a rapid pace, “driven by an increasing adoption of high-speed internet services in mobile devices.”
Sports betting in particular should see immense growth in the mobile arena. TMR attributes this prediction to a high demand for mobile live streaming of sports and relative videos, which will inevitably drive bookmakers to integrate such live streaming into their mobile apps.
These advancements will be “further enhancing the growth rate of the market” over the coming years, said TMR.
Mobile Casino Dominates, Sports Betting Catching Up
According to current data, the online and mobile casino genre is heavily dominating the overall iGaming industry. In 2015, it made up a substantial 26.4% of online gambling market share.
The analysis states that internet casino games will continue to lead the pack over the coming years, but that sports betting won’t be far behind. Mobile sportsbooks are “expected to surge over the coming years due to a higher rate of adoption of live sports betting by multiple players,” said TMR.
The research predicted that online lottery and poker will also increase between now and 2024, but nowhere close to the mimicking the elevated rate of mobile casino and sports betting.
Europe Leads Global iGaming Market
Thanks predominantly to the UK, Europe has a strong lead compared to all other regions where internet gambling regulations exist. European territories generated a combined total of $19.6 billion in iGaming revenue in 2015, about 33% higher than its nearest rival, Asia Pacific.
Asia Pacific is expected to experience the highest CAGR of 12.9% through 2024. Other territories, like North America, Middle East and Africa, are expected to grow at the slowest rate. In the US, growth will be truncated by continued state-by-state hesitation to regulate the industry.
Global iGaming Revenue to Double by 2024
TMR’s report was based on data available as of December, 2016. At that time, the researchers were able to closely estimate that the online gambling industry, as a whole, would end the year with a total revenue generation of $42.63 billion.
Based on that, the study suggested that the market would grow by an estimated 10.8% CAGR over the next eight years. That would result in the industry doubling its revenue to $96.89 billion in 2024.
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