The growing legalization of online gambling has provided significant opportunities for serious operators. In addition to the traditional casino market, there are now other opportunities such as social gaming, e-sports contests, and trivia games. These types of activities are becoming increasingly popular, as the public’s desire for gaming-related entertainment remains at an all-time high.
Global online gambling market
The global online gambling market comprises revenue generated from remote gaming activities such as sports betting, casino games, lottery games, poker games, and bingo games. Its growth is largely fueled by the increasing penetration of smartphones and the internet among individuals. Other factors driving the growth of the market are corporate sponsorships, celebrity endorsements, and the availability of cost-effective solutions.
Cybercrime is a major restraint on the growth of the global online gambling market. Hacked apps and websites pose a high level of risk to individuals who provide credit card details. In February 2020, professional Chinese hackers attacked a number of online gambling sites in Southeast Asia. In addition, the accessibility of the internet is leading to an increased number of minors who engage in online gambling.
Sub-segments of the market
There are two primary sub-segments of the online gambling industry: desktop and mobile. In 2019 the desktop segment accounted for the largest share of the market. Desktops offer a larger screen, which helps gamblers to see all the detail in the games they play. They also allow the gamblers to set various performance parameters to optimize their gaming experience. In addition, mobiles have become more advanced, offering better gaming graphics and performance.
Mobile gaming has a huge potential for growth, driven by increasing penetration of mobile devices and the availability of mobile applications. Other factors driving market growth are the growing spending power of consumers and the emergence of bitcoin gambling. IMARC Group’s report on the global online gambling market outlines key trends in each sub-segment and offers forecasts at the regional and country level. The report also identifies key players and analyzes market concentration ratios. It also examines the main players on the basis of their market entry date, product offerings, manufacturing base, and headquarter locations.
Opportunities for problem gamblers
Gambling online is widely available, with advertisements promoting gambling as an easy way to become rich. The social aspect of online gambling is also promoted, allowing players to socialize with others. Problem gamblers often have significant ‘wins’ early in their gambling history. Problem gamblers also tend to use multiple platforms to engage in their gambling.
A recent study examined the characteristics of problem gamblers in the online environment. It found that they were younger, had lower self-reported psychological distress, and spent more time on sports betting and online forms than problem gamblers in the offline environment. Furthermore, they were less likely to seek help from professional and social services than offline gamblers.
Legalization of online gambling
The legalization of online gambling is a complicated issue in the United States. Each state has its own laws on the topic. Some states have banned online gambling while others have expanded their legal options. The latest trend is for more states to allow online gambling, as it is expected to grow in popularity and increase state revenues.
The benefits of legalizing online gambling are numerous. For one, it creates a new tax revenue stream for the government and can help people escape monotonous lifestyles. Gambling is also known to enhance a person’s physical and mental health.