SEATTLE, Feb. 28, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, global online gambling and betting market was valued at US$ 46.9 billion in 2017 and is projected to exhibit a CAGR of 11.4% over the forecast period (2018 – 2026).

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The global gambling market size reached a value of nearly $449.3 billion in 2018, having grown at a compound annual growth rate (CAGR) of 4.1% since 2014, and is expected to grow at a CAGR of 5.9%. The global online gambling market size was valued at USD 53.7 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 11.5% from 2020 to 2027. The high internet penetration and increasing use of mobile phones among individuals for playing online games from their homes and public places are driving the market.

Grand View Research Inc. Has reported that the size of the global online gambling market is expected to reach USD 102.97 billion by 2025, registering a CAGR of 11.5% from 2019 to 2025. Increasing adoption of smartphones and easy access to casino gaming platforms are currently driving the market growth. Factors such as increasing. While online gambling always played an essential role in the global gambling industry, it is now expected that online gambling growth will be significantly greater than the land casino sector.

Key Trends and Analysis of the Online Gambling and Betting Market:

Increasing digitization, growing trust of gamblers on online payment options, increasing use of mobile phones, high internet penetration, and rising disposable income of middle-class segment are factors driving growth of the online gambling and betting market. Increasing use of digital currency and website or applications provided by companies for gambling and betting are also contributing to growth of online gambling and betting market across the globe. According to Our World in Data, estimated number of internet users worldwide reached 3.4 billion in 2016.

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According to a report published by ‘Sports betting Dime’ in January 2019, sports betting is expected to grow majorly in Asia Pacific region. Macau and Hong Kong are two of the most prominent sports betting and revenue generating countries in the world. High economic growth of the region will provide disposable income for leisure activities, thereby boosting the online gambling and betting market growth.

Improved security for online transaction will increase digital transactions, worldwide. It will also motivate companies to offer better, faster and cost-effective ways to transfer money. Many banks across the globe did not allow users to use their account or card for gambling. For offering best service to gamblers, many payment methods such as NETeller, PayPal casino, visa casino, zimpler, and skrill casino are used at casinos or used for online betting. Neteller is one of the most popular payment method, which is used at online casinos. This payment transfer method is fast, safe, and it can be used anywhere.

Stringent regulatory laws for online gambling, insufficient facility for internet operations, and threat of cyber-attack are major restraining factors of online gambling and betting market. According to a report published by iris-france in June 2017, all EU members passed specific legislation regarding betting activity. This legislative framework allow regulators to monitor or control online gambling activity and reduce associated criminal risks.

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Key Market Takeaways:

The global online gambling and betting market is projected to witness a CAGR of 11.4% during the forecast period (2018 – 2026), owing to increasing adoption of internet devices, globally
According to Coherent Market Insights’ analysis, the online gambling and betting market is expected to show a growth rate of 14% during the forecast period in Asia Pacific region. The growth drivers include huge population, relaxation of laws, increasing participation of wagers, and availability of a huge number of gambling and betting websites with attractive offers.
Many countries or regions are legalizing online gambling and betting, owing to increase in tax revenue, employment generation, and encourages tourists to visit country. Sikkim became the first Indian state to legalize internet gambling. The Sikkim Regulation of Gambling Act was established in 2005 to authorize the government to allow individual gambling houses. There are three games in Sikkim Gambling Law: Sports Betting, Casino, and Lottery.
Major players operating in the global online gambling and betting market include 888 Holdings, GVC Holdings, Kindred Group, Paddy Power, Betfair, William Hill, Bet365, Stars Group, Draft Kings, Betsson, and BetAmerica

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The Growth of the Gaming Industry

According to Newzoo's Global Games Market Report, Gamers will spend about $137.9 billion this past year on games. They are expected to spend about $151.9 billion in 2019. If you look at previous years' gaming revenue, you will notice a trend:

It's important to note that online gaming is an incredibly complex topic to analyze, given not only the myriad of factors involved but the constantly changing nature of the market. Statistics from just a year ago can only tell a partial story, and consumer demands can turn on a dime. All of this being noted, the one constant is rapid growth other industries only dream of.

Increasing Player Bases, Revenues, and Investments

Gaming, much like other forms of entertainment, has become a huge industry. Here are a few statistics and fact to show you how far it's come since the days of the Atari and the NES:

Newzoo's 2018 predicts that by 2021 consumer spending on games will be about $180 billion, climbing at a steady rate over the years.
Filmora indicates that there are currently 2.341 billion gamers worldwide in 2018 and that by 2021 that number will rise to 2.725 billion.
As of September 2018, the game Pokémon Go alone has generated $2 billion in revenue.
Even going so far back as 2016, the revenues for video games surpassed those of the music and film industries combined.
While most developers won't release budgets for modern games, the combined development and marketing costs of Grand Theft Auto 5 (released in 2013) totaled to about $265 million. Only the very largest films of all time (including their marketing costs) top that cost.
The ESA reports that there are 2,711 video game company locations in the USA, and that there are about 65,678 people currently working for publishers or developers.

What Platforms Are Games Being Developed For?

According to information obtained ahead of the 2019 Games Developers' Conference, here is a rough divide on which platforms were being developed for alongside a few notes for each platform:

PC computers: 66 percent

Nearly anyone can create a PC game. With a few tools and bought assets, you could likely develop a low-quality PC game by yourself in a manner of weeks.
There are no licensing fees for PC and no devkits to buy.
The market is potentially the largest, and the PC game scene is the most mod-heavy (mods are fan-made patches which provide new assets or functionality to a game) and many gamers prefer to use a more precise mouse a keyboard to play their game of choice.
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