The global online gaming software market size is expected to grow in magnitude reaching USD 158.20 billion by 2028 while growing at an excellent CAGR of 11.4% between 2022 and 2028. In its report titled “ Online Gambling Software Market Forecast [2022 – 2028]“Fortune Business Insights mentions that the market size was $66.72 billion in 2020.
December 2020 – GVC Holdings Plc. has partnered with MGM Resorts International to launch an online BetMGM casino in Pennsylvania. The company offers 140 types of online gambling games for Android and iOS users.
Rising demand for smartphones, advancements in internet technology and increasing purchasing power of users are some of the factors contributing to the growth of the digital gambling market. Online gambling software providers are investing heavily and teaming up in cutting-edge technologies to improve the customer experience, which will drive player interest. For example, in September 2020, William Hill Plc. entered into a partnership 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 programs and editorial content from William Hill in the CBS Sports Digital landscape.
The coronavirus outbreak has had a negative impact on the global economy. Due to the lockdown, land game arenas have been badly affected. Restrictions on public transport, tourism and public gatherings have impacted the offline gambling industry. However, this has contributed to the dramatic increase in 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.
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 market growth in the coming years. The report also provides information about the different regions which are contributing to the growth of the market. This includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships and collaborations to help drive market growth.
Online Payment Facility to Drive Growth of Online Gambling Software Market
The growing adoption of digital payments has made it easier for online game users and players. Moreover, the use of online payment methods offers a safe and secure mode of transaction, which energizes this market; therefore, companies try to offer efficient payment methods to attract more games. For example, in January 2021, William Hill Plc partnered with the Chippewa Indians and the Grand Traverse Band of Ottawa to develop its own online and mobile casino app and sportsbook. The app also promises to offer a secure and fast registration process and a wide selection of options for withdrawing and depositing funds.
Europe will dominate thanks to the presence of leading players
Europe is expected to remain at the forefront and hold the largest position in the market over the forecast period owing to the presence of prominent players in the market. Additionally, the rich sporting history of Europe and the widespread presence of sports-obsessed fans in the region together propel the regional market. The region’s market stood at USD 30.92 billion in 2020.
North America is expected to exhibit a large online gaming software market share in the coming years, owing to increasing digitalization in the region. Additionally, in the United States, three states namely Nevada, Pennsylvania, and New Jersey have gambling regulations, which are driving the demand for sports betting and betting apps.
Market segmentation :
By type, the market is divided into sports betting, casino, poker, lottery, bingo and others. By devices, it is fragmented into desktop, mobile, and others.
By type, the lottery segment held a market share of 15.1% in 2020. This is attributed to the growing interest of players in draw games.
Finally, in terms of geography, the market is divided into North America, Europe, South America, Asia-Pacific, and Middle East & Africa.
Key Players Need to Focus on New Application Launches to Strengthen Their Market Prospects
The market is consolidated by large companies striving to maintain their position by focusing on new launches, collaborations and partnerships, and acquisitions. Such strategies adopted by key players are expected to boost its market prospects. Below is the development of the industry
List of key players mentioned in the report:
- Entain plc (GVC Holdings Plc.) (Douglas, Isle of Man)
- Kindred Group Plc. (Valletta, Malta)
- William Hill Plc. (London, UK)
- 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, USA)
Main table of contents:
- 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 key players
- Global Key Players of Online Gaming Software Market Share Insights and Analysis, 2020
- Key market insights and strategic recommendations
- Profiled companies
- Key management
- Headquarters, etc.
- Offers/Business Segments
- Key details
- Employee size
- Key financial data
- Past and current income
- Geographic share
- Industry share
- RECENT DEVELOPMENTS