Mobile gambling has evolved with the increase in options available to the players. Furthermore, the large-scale market penetration of smartphones has accelerated the mobile gambling market expansion. Market Research Future (MRFR) has revealed in its latest study that the global mobile gaming market will register a robust CAGR of 7% across the forecast period 2017 to 2023.
The stigma associated with gambling has been wiped out with the advent of mobile games, and the trend is likely to continue over the next couple of years. The large-scale acceptance of mobile gambling as a means of leisure and rejuvenation will fuel the market growth and expansion during the assessment period.
The relaxations in regulations governing the mobile gambling market are expected to intensify the revenue collection for the market participants. Most of the countries collect taxes from cash prizes won in mobile gambling which has paved the way for a legal and structured mobile gaming market.
Mobile gambling market has witnessed enhanced reliability due to the integration of technological advancements. The market players emphasize on safeguarding the payment gateways and securing personal information which is poised to catalyze the embracement of online gambling.
One of the key trends of the mobile gambling market is the introduction of cryptocurrency as a medium of transaction. It adds an extra layer of protection over cash transactions. For instance, the mobile gambling market in Nevada, the U.S., allows players to use virtual money. The trend is projected to increase returns on investments for the market participants by expanding the customer base.
Blockchain-based online gambling platform, LetBet, has announced the launch of its currency, LBT. The move is expected to catapult the online gambling market on an upward trajectory.
The restraints of growth that will hamper the online gambling market over the projection period include addiction among low-income groups, governmental legislation, etc.
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By type, the global mobile gambling market is segmented into betting, casino, poker, lottery, online bingo, and others.
By end-users, the mobile gambling market has been segmented into gambling enthusiasts, social exuberant, dabblers.
By region, the global mobile gambling market has been segmented into North America, Europe, Asia Pacific, and, Rest of the World. Europe dominates the largest share of the global market. The trend is likely to continue during the forecast period. The mobile gambling market in Europe is highly lucrative for new entrants and is expected to witness the entry of new players over the next few years. The British market exhibits huge potential for revenue collection.
Asia Pacific will exhibit a steep rise in the growth of the market. The growth is attributable to the rising population, smartphone penetration, increasing disposable income, etc. North America market is expected to thrive at a moderate pace through the assessment period.
Rest of the World market is expected to demonstrate a sluggish growth. It holds unexplored opportunities for growth and expansion of the mobile gambling market.
The key players profiled by MRFR in its latest report include Kindred Group Plc (Malta), Betsson AB (Sweden), Net Entertainment (Sweden), 888 Holdings PLC (U.K.), Ladbrokes Betting & Gaming Ltd. (U.K.), Paddy Power Betfair Plc. (Ireland), Bet-at-home.com (U.K.), Betfair Group Plc. (U.K.), Kindred Group (U.K.), William Hill Plc (U.K.), and Bwin.Party Digital Entertainment (Austria) among others. The strategies devised by the market participants for planning growth trajectories are technological advancements, innovative security solutions, lucrative prizes, etc.
In June 2018, Switzerland has voted in favor of online gambling. The newly approved law will keep foreign operations from participating in the market.
In July 2018, the Australian state of Queensland is celebrating ‘Responsible Gambling Awareness Week’ for informing people about ways to gamble without harming oneself or near and dear ones.
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