Pune, India, October 25, 2021 (GLOBE NEWSWIRE) – The world online gambling software market The size is expected to grow to reach $ 158.20 billion by 2028 while posting a stellar CAGR of 11.4% between 2021 and 2028. In its report titled “Online Gaming Software Market, ” Fortune Business Insights mentions that the market size was $ 66.72 billion in 2020.
Growing demand for smartphones, advancements in internet technology, and increasing purchasing power of users are some of the factors that are contributing to the growth of the digital game market. Online gaming software providers are investing heavily and teaming up in cutting edge technologies to improve customer experience, which will drive gamers’ interest. For example, in September 2020, William Hill Plc. has partnered with CBS Sports. After their collaboration, the company announced the launch of a wide range of digital content. Few of their offerings for sports bettors and fans are free games, video programming, and editorial content from William Hill in the CBS Sports Digital landscape.
Impact of COVID-19
The coronavirus epidemic has had a negative impact on the global economy. Due to the lockdown, land-based gaming arenas have been badly affected. Restrictions on public transportation, tourism, and public gatherings have had an impact on the offline gaming industry. However, this has contributed to the dramatic increase in the demand for internet gambling. The temporary closure of colleges and the increasing adoption of work-from-home policies are expected to boost the market. For example, according to a report published by AlphaBeta Australia, Australia saw a 67% increase in online betting in April 2020.
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List of key players presented in the report
- Entain plc (GVC Holdings Plc.) (Douglas, Isle of Man)
- Kindred Group Plc. (Valletta, Malta)
- William Hill Plc. (London, United Kingdom)
- StarsGroup.com (Ontario, Canada)
- Flutter Entertainment Plc. (Dublin, Ireland)
- Betsson AB (Stockholm, Sweden)
- Bet365 Group (Stoke-on-Trent, UK)
- LeoVegas AB (Stockholm, Sweden)
- 888 Holdings PLC (Gibraltar)
- BetAmerica (California, United States)
Scope and segmentation of the Online Gaming Software Market report:
|Cover of the report||Details|
|Forecast period||2021 to 2028|
|Forecast period 2021 to 2028 CAGR||11.4%|
|2028 value projection||$ 158.20 billion|
|Year of reference||2020|
|Market size in 2020||$ 66.72 billion|
|Historical data for||2017 to 2019|
|Number of pages||130|
|Covered segments||Type; Device; and regional;|
|Growth drivers||Ease of Online Payment to Drive Growth of Online Gaming Software Market|
|Europe will dominate thanks to the presence of leading players|
Pitfalls and challenges
|Rising negative mental health impacts and online gambling bans may hamper market growth|
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By type, the market is divided into sports betting, casinos, poker, lottery, bingo, and others. By devices, it is fragmented into desktop, mobile and other computers.
- Depending on the type, the lottery segment held a 15.1% market share in 2020. This is due to the growing interest of players in raffle games.
Finally, in terms of geography, the market is divided into North America, Europe, South America, Asia-Pacific, Middle East, and Africa.
What does the report provide?
The market report offers a comprehensive analysis of various factors such as major drivers and restraints that are likely to impact the growth of the market in the coming years. The report also provides information on the various regions which are contributing to the growth of the market. It understands the competitive landscape that involves leading companies and adopting strategies to introduce new products, announce partnerships and collaborations to help market growth.
Ease of Online Payment to Drive Growth of Online Gaming Software Market
The growing adoption of digital payments has made it easier for online gambling users and players. In addition, the use of on-line means of payment offers a secure and secure mode of transaction, which stimulates this market; therefore, companies try to come up with efficient payment methods to attract more games. For example, in January 2021, William Hill Plc partnered with the Chippewa Indians and the Ottawa Grand Traverse Band to develop its own online and mobile casino app and sports betting. The app also promises to offer a secure and fast registration process and a wide selection of options for withdrawing and depositing funds..
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Europe will dominate thanks to the presence of leading players
Europe is expected to remain at the forefront and occupy the largest market position during the forecast period due to the presence of leading players in the market. In addition, Europe’s rich sporting history and the widespread presence of sport-obsessed fans in the region together propel the regional market. The region’s market was worth $ 30.92 billion in 2020.
North America is expected to exhibit a significant market share for online gambling software in the coming years, due to increasing digitization in the region. Additionally, in the United States, three states, namely Nevada, Pennsylvania, and New Jersey, have gambling regulations, which are driving demand for sports betting and betting apps.
Key players to focus on new application launches to strengthen their market prospects
The market is consolidated by large companies that strive to maintain their position by focusing on new launches, collaborations, partnerships and acquisitions. Such strategies adopted by key players should strengthen its market prospects. Below, the evolution of the industry:
- December 2020 – GVC Holdings Plc. has partnered with MGM Resorts International to launch BetMGM online casino in Pennsylvania. The company offers 140 types of online gambling games for Android and iOS users.
Quick Buy – Online Gaming Software Market:
- Definition, by segment
- Research methodology / approach
- Information source
- Key points to remember
- Market dynamics
- Macro and micro economic indicators
- Drivers, constraints, opportunities and trends
- Impact of COVID-19
- Short term impact
- Long term impact
- Competition landscape
- Business strategies adopted by key players
- Consolidated SWOT analysis of the main players
- Global Key Players in Online Gaming Software Market Share Overview and Analysis, 2020
- Key market insights and strategic recommendations
- Profiled companies (Covered for 10 key players only)
- Key management
- Headquarters etc
- Offers / business segments
- Key details (Key details are subject to data availability in the public domain and / or on chargeable databases)
- Employee size
- Key financial data
- Past and current income
- Geographic share
- Share of business segment
- Recent developments
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