Expanding smartphone demand, improving internet technology, increasing consumers' buying power are contributing to the expansion of the global online gambling game software market.
Covid-19 Impact & Market Status
The lockdown significantly impacted Land-based gambling venues. Prohibitions hampered the offline gaming sector on public transit, tourism, and public gatherings. It did, however, contribute to the enormous increase in demand for internet-based gaming. The industry is projected to be driven by the temporary closure of universities and the rising adoption of work-from-home policies. For example, according to research issued by AlphaBeta Australia, internet betting in Australia increased by 67 percent in April 2020.
Sport Betting is Likely to Dominate the Industry
During the projection period, a sport betting is likely to dominate the industry. The market for sports betting is expected to grow in response to the growing popularity of online gaming and betting activities. Sponsorships in online sports betting are expected to grow, boosting the industry. Because of the multi-tiered taxation framework in the gaming market, casinos are expected to develop rapidly throughout the projected period.
Furthermore, the growing popularity of remote gaming is likely to fuel demand for online betting. The popularity of online lotteries and their dissemination is growing. Rising per capita income, technological penetration, and interest in draw-based games are expected to grow the industry. Similarly, bingo sites' increased creation, bingo is expected to demonstrate a consistent CAGR. The rising popularity of poker among young adults is expected to increase the number of people who gamble on the internet.
Smartphones Segment Poised for Rapid Market Growth
Because smartphones are becoming more popular, mobile gambling is projected to increase significantly. Young people are driving the surge in demand for mobile-based sports betting. One-third of betting and gaming consumers use smartphones to gamble online, according to a Deloitte study on betting and gambling. Furthermore, the increasing cost-effectiveness of mobile apps is expected to increase the number of mobile users in the industry. Because it offers a better customer experience through richer visual design, excellent image quality, and higher storage space, among other things, the desktop is likely to be the market leader during the forecast period. These are the primary aspects influencing growth, which will aid the market's expansion.
Europe is Forecasted to Lead the market
According to global market forecasts, Europe is forecasted to lead the market. Over the projection period, the presence of key players in the area is likely to promote market growth. Furthermore, Europe's rich sporting heritage, as well as the region's extensive presence of sports-obsessed fans, are fueling market expansion. Several European sports aficionados are heavily spending on the sponsorship of online sports betting.
North America is the market's second-largest revenue contributor. Rising digitization, along with secure mobile solutions, is expected to fuel demand in the area. Three states in the United States, including Nevada, Pennsylvania, and New Jersey, have gambling rules fueling demand for sportsbooks and betting applications. South America is predicted to develop considerably throughout the forecast period in market growth. Argentina and Colombia, for example, are focusing on gaming regulation, which is boosting online gambling game software investments. Colombia was one of the first countries to pass legislation allowing internet-based gambling, and the country is expected to dominate the regional industry.
Virtual gaming firms investing heavily in new technology to improve the customer experience are furthering the development of global online gambling game software market.
Owing to benefits such as signup bonuses to free games, opportunity to earn points, rewards, entertainment source, opportunity to play a variety of games, good economy and tourism growth, the online gambling game software is experiencing rapid adoption as opposed to traditional offline games, thus fostering remarkable progress in global online gambling game software market.
The factors such as introduction of cryptocurrencies, virtual and augmented reality, growth of Esports betting, various firms launching affordable wearables, social & micro betting activities, better apps, safety features incorporated in online gambling game software, are boosting the global online gambling game software market.
The global online gambling game software market is predicted to grow rapidly, reaching USD 158.20 billion by 2028, with a CAGR of 11.4 percent from 2021 to 2028.
Artificial intelligence (Al) plays a vital role in providing new features and capabilities in the mobile gaming sector. Al is being used by application and website developers to deliver a better client experience. Al's connection with these systems aids in the analysis of a user's gaming preferences and activity. This aids in the recommendation of games based on the players' interests, hence increasing the customer experience. Al can also assist in detecting potential addiction issues and destructive tendencies in users' behavior. Many developers are incorporating Al into their products to provide preventative measures for gambling addiction. For example, BetBuddy Limited, a responsible gambling analytics platform provider, used artificial intelligence to follow customers' digital footprints and identify problematic gamblers. For reporting such behaviour, the business sends personalized remarks to players and the operator. As a result, market development is likely to be aided by the usage of Al.
However, security breaches, legal restrictions on marketing and advertising online gambling game software apps or products, challenges to get millennials at casino and online gambling game software, green issues, lesser use of cryptocurrencies at casino, and governments restricting merging cryptocurrency and gaming sites are some key issues hampering the global online gambling game software market.
Furthermore, introduction of cryptocurrencies, virtual and augmented reality, growth of Esports betting, various firms launching affordable wearables, social & micro betting activities, better apps, safety features incorporated in online gambling game software, are anticipated to be growth opportunity to the global online gambling game software market.
Suppliers of online gambling game software are spending heavily on cutting-edge technology and collaborating with them to improve the customer experience, which will raise player interest.
The major players in global online gambling game software market are Kindred Group PLC, The Flutter Entertainment PLC, Entain PLC, and Bet365 among others.
Recent Innovations In Global Online gambling game software Market
- In collaboration with MGM Resorts International, GVC Holdings Plc has announced the launch of an online BetMGM Casino in Pennsylvania in December 2020The company offers 140 different types of online games for Android and iOS.
- In September 2020, William Hill PIc., in cooperation with CBS Sports, will launch a full variety of digital content and tools for sports bettors and spectators. William Hill's free-to-play games, video programming, and editorial content will be distributed across the CBS Sports Digital ecosystem.
- Kindred Group PLC created sports betting brand Unibet in July 2020 to acquire access to Indiana sports betting lovers. Furthermore, the organization will offer a first-rate online sportsbook experience to clients in Indiana.
Online Gambling Game Software Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 158.20 billion|
|Growth Rate||CAGR of 11.4 % during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Kindred Group PLC, The Flutter Entertainment PLC, Entain PLC, and Bet365 among others.|
Key Segments of the Global Online gambling game software Market
Type Overview, 2018-2028 (USD Billion)
- Online Casino
- Sports Betting
- Online Lottery
- ESports Betting
- Others (Skill Gaming, etc.)
Application Overview, 2018-2028 (USD Billion)
- Others (iPad, Tablet)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- JapanRest of Asia Pacific
- BrazilRest of South America
Middle East and South Africa