Pune, India, Sept. 21, 2022 (GLOBE NEWSWIRE) — The world Online gaming software market size is expected to gain momentum reaching USD 158.20 billion by 2028 while posting a stellar CAGR of 11.4% between 2021 and 2028. In its report titled “Online Gambling Software Market”, Fortune Business Insights mentions that the market size stood at USD 66.72 billion in 2020.
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.
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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.
Report scope and segmentation
|Forecast period||2022 to 2028|
|Forecast Period 2022 to 2028 CAGR||11.4%|
|2028 value projection||$158.20 billion|
|Year of reference||2020|
|Online gaming software market size in 2020||$66.72 million|
|Historical data for||2017 to 2019|
|Number of pages||130|
|Segments Covered||Type ; Devices;|
|Online Gaming Software Market Growth Factors||Online Payment Facility to Drive Growth of Online Gambling Software Market|
|Rise in Adverse Mental Health Effects and Online Gambling Bans May Hamper Market Growth|
Impact of COVID-19
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.
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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.
Heightened Chef Safety Awareness in North America to Fuel the Regional Market
In 2019, the North America market size stood at USD 140.6 million owing to more widespread awareness in the region of the importance of wearing helmets while driving high-speed vehicles. two wheels. The region is expected to continue to dominate the smart helmet market share over the forecast period as manufacturers in the region are constantly developing and launching advanced head safety devices which are eagerly adopted by outdoor enthusiasts. air and motorcyclists.
The Asia-Pacific market is expected to witness prolific growth as exponential growth in urban areas and increasing affordability of two-wheelers, especially in India and China, are driving up sales of these helmets in the region. . In Europe, the growth of the regional market for smart headphones is expected to explode in the coming years as the demand for smart wearable devices increases steadily.
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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.
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.
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)
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Main table of contents:
- Definition, by segment
- Methodology/Research 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
What is the size of the online gaming software market?
The market is expected to grow from USD 74.17 billion in 2021 to USD 158.20 billion in 2028 with a CAGR of 11.4% over the period 2021-2028.
What is the size of the online gaming software market in Europe?
The market in Europe stood at USD 30.92 billion in 2020 and is expected to gain a huge share of the market share in the coming years.
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