Technavio Announces the Publication of its Research Report Global Gambling Market 2016-2020
Technavio recognizes the following companies as the key players in the global gambling market: 888 Holdings, Betfair, Caesars Entertainment, Camelot, INTRALOT, Las Vegas Sands, MGM Resorts, SJM Holdings, and William Hill.
Other Prominent Vendors in the market are: Amaya Gaming, Bet365, Bet-at-home, BetAmerica, Betfred, Betsson, Draft Kings, Ladbrokes, and Sports Toto Malaysia.
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Commenting on the report, an analyst from Technavios team said: In the global gambling market, rewards are given in the form of physical goods as well as monetary benefits. A major trend in the market is the use of cash alternatives like virtual money. For instance, the online gambling market in the US allows the players to use virtual money, which has reduced the risks related to cash. Payment options for online cash transactions and virtual money adopted by various gambling vendors enable the prize amount to be distributed as virtual currency, which can then be used to play other games or redeemed for cash. It also helps the vendors in tracking the spending history of the customers and help in creating customized marketing plans.
According to the report, one of the key drivers for market growth will be revenue contribution in the form of tax. In some countries gambling is legal, and the government encourages gambling activities and lottery sales to earn premium tax amounts from the player’s prize money. The gambling market has a huge consumer base, who regularly gamble, bet, or buy lotteries to earn easy money. The amount spent on gambling is a part of their disposable income after taxes. The vendors collect this amount for the prize money and give to the winner, converting the disposable income into taxable income, which is further used by the government for various social and developmental activities.
Further, the report states that the lottery market is regulated by governments across the world at different levels. However, issues such as concerns for societal welfare make the governments impose stringent policies to regulate the lottery market. In addition, obtaining and renewing licenses for the lottery is also a daunting task. Lottery agency owners need to acquire licenses for their operations and file certain compliance documents with the regulators. Failure in adhering to the compliance regulations can adversely impact the lottery business and pose a challenge to the growth of the market. Another challenge the market faces is that most of the existing regulations related to casinos and other gambling facilities are outdated. Several countries do not have well-defined regulatory frameworks for online gambling, thus its future remains unpredictable.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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About Global Gambling Market
The global gambling market is expected to grow at a CAGR of 7.91% in the forecast period. The burgeoning middle class population and their growing disposable income are the major factors driving the growth of the market. This increase in demand for the overall gambling games is leading to an increase in the construction and opening of new casino centres across the world.
Technavios analysts forecast the global gambling market to grow at a CAGR of 7.91% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global gambling market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of lottery tickets, betting games, and casino games.
The market is divided into the following segments based on geography:
Technavio’s report, Global Gambling Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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