Online gambling continuing worldwide growth in latest study
A recent study by Research and Markets has deduced that the 'Global Casino Gaming Market' will continue to grow over the next four year at a CAGR (Compound Annual Growth Rate) of over ten percent, with the online sector making an increasing contribution to that figure.
The study is a report that has been prepared by the market research group by basing its findings on opinions from industry experts, as well as an in-depth analysis of all the current markets, both real-world and online. This report covered the entire landscape of the gambling sector, and the prospect of its continued growth over the next few years. In order to calculate the current size of the market, revenues from all different types of casinos were considered.
Currently in the USA the casino industry contributes nearly half a percent to the country's economy, with land-based casinos paying up to twenty-five percent of their revenues as taxation. The US, however, enjoys little contribution from online gambling markets, due to the strict and – as some might say – punitive anti-gambling legislation that has now been in force for several years.
One trend that the report highlights is a shift in gambling habits with consumers, mainly down to the growth in gambling apps and social gambling. The internet, social gambling games and mobile devices have all changed the gambling landscape over the past two decades, and new innovations are increasing the chances for social gambling. Interaction, socialising, user-friendliness and tournaments are among the reasons as to why gambling – even for cents or pennies – is becoming more attractive.
Among the household, online names consulted by Research and Markets were 888, Betfair, Gala Coral, Ladbrokes and William Hill. These online drivers stood shoulder-to-shoulder with real world casino vendors such as Foxwoods Casinos, Palms Casino, Resorts World, Station Casinos and Trump Entertainment Resorts.
One aspect that the report identifies that stifles growth is the difficulty some online players – particularly those in the USA – have in processing online payments via recognised financial institutions. This has been an on-going issue in the US since the implementation of the 'Unlawful Internet Gaming Enforcement Act of 2006' which effectively made it illegal for banks and credit card companies to process payments either to or from online gambling platforms. There seems to be no solution to this issue in sight.
Dublin-based Research and Markets are the world's largest market research experts, having prepered over one million market research and company reports since their inception in 2002.