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Here’s a Look at the Top Trends Shaping the Online Gambling Market
The global online gambling market size is projected to reach USD 158.20 billion by 2028, exhibiting a CAGR of 11.4% during the forecast period. This information is given by Fortune Business Insights List of Key Players Covered in this Market Report:
REPORT SCOPE & SEGMENTATION:
Quick Adoption of Online Gambling amid COVID-19 to Boost the Market The global health and economic crisis triggered by the COVID-19 pandemic forced governments in several countries to impose strict lockdowns and social distancing measures. Companies rapidly adopted remote working models, leading to huge portions of working populations working from home. With most non-essential services and places, including casinos, being closed down, gamers and gamblers have swiftly shifted to virtual platforms, boosting the online gambling market growth in the process. For example, an article published by New York University revealed that digital gambling platforms have gained speedy momentum in Canada after the coronavirus broke out. In Australia, according to a report by Concordia University, Canada, spending on online casinos rose sharply by 67% in April 2020. The coronavirus pandemic has, thus, proved favorable for this market, enabling it to register a healthy CAGR of 11.2% and reach a value of USD 74.17 billion in 2021.
Market Segments
Based on type, the market has been classified into sports betting, casinos, poker, lottery, bingo, and others, with the lottery segment holding a share of 15.1% in the global market and a share of 15.4% in the UK market in 2020.
On the basis of devices, the market segments include desktop, mobile, and others. By region, the market has been divided into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Highlights of the Report The report offers a granular examination of the various factors shaping the growth trajectory of the market, as well as a holistic analysis of the hindrances obstructing the market. Furthermore, a microscopic study of the regional and competitive dynamics influencing the market has also been provided in the report, along with an in-depth assessment of the individual market segments. The insights contained in the report are based on industry-leading research conducted through primary, secondary, and tertiary sources.
Driving Factor
Introduction of Sophisticated Technologies in Virtual Gambling to Fuel the Market
Advanced, intelligent technologies, such as artificial intelligence (AI) and blockchain, are being increasingly employed by online gambling platforms to ensure a secure and safe space for enthusiasts. Heralding this trend are startups that are developing and offering novel gambling platforms powered by smart technologies. For example, Edgeless, which was started in 2018, became the first Ethereum-based virtual casino that uses distributed ledger technology to ensure payouts. Similarly, Tombola is a popular lottery and gambling platform driven by cryptocurrency and other blockchain-enabled tools. Another example is the Canada-based startup, Quarter4, which leverages AI to offer simulations, content, and predictions for sports bettors. The incorporation of new-age solutions in digital gambling is, thus, opening new pathways of development for this market.
Regional Insights Europe to Headline the Global Market, Forecasts Fortune Business Insights Europe is expected to dictate the online gambling market share during the forecast period on account of the heavy investments being made by sports enthusiasts across the continent in online sports betting. Moreover, a healthy betting culture in Europe will further bolster the prospects of the market in the region. In 2020, the Europe market size stood at USD 30.92 billion.
The presence of secure connectivity infrastructure and strong gambling regulations will propel North America in the second-leading position in the market in terms of revenue generation. On the other hand, growing investments in online gambling in South America, driven by regulations in Colombia and Argentina, are anticipated to speed up the expansion of the market in this region.
Competitive Landscape
Key Players to Strengthen Businesses through Innovative Collaborations With online gaming picking up pace amid the COVID-19 pandemic, key players in this market are entering into strategic collaborations with gambling industry giants to deepen their market footprint. These companies are engaging in developing innovative online gambling platforms to attract gamblers and gain momentum in this rapidly evolving market space.
Industry Developments:
Report Coverage
Details
Forecast Period
2021 to 2028
Forecast Period 2021 to 2028 CAGR
11.4%
2028 Value Projection
USD 158.20 Billion
Base Year
2020
Market Size in 2020
USD 66.72 Billion
Historical Data for
2017 to 2019
No. of Pages
130
Tables, Charts & Figures
92
Segments covered
Type; Devices; and Region
Growth Drivers
Ease of Online Payment to Drive Online Gambling Market Growth
Restrictions of COVID-19 on Land-based Casinos to Boost Demand for Online Gambling
Rapid Adoption of Smartphones to Fuel Demand for Mobile Gambling
Pitfalls & Challenges
Rising Adverse Impacts on Mental Health and Bans on Online Gambling May Impede Market Growth
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Latest News
Atlaslive Partners with Oddin.gg to Elevate Esports Betting in LATAM, Offering 24/7 Betting Markets and Cutting-Edge Odds Feed
Atlaslive, a leading provider of innovative iGaming software solutions, has announced a strategic partnership with Oddin.gg, the premier B2B provider for esports betting. This collaboration will enable Atlaslive to expand its comprehensive Sportsbook offerings, providing LATAM operators with cutting-edge esports betting services that feature real-time odds, live streams, and a wealth of fast-paced betting markets.
“As a company committed to providing scalable, reliable, and flexible iGaming solutions, our partnership with Oddin.gg is the perfect complement to Atlaslive’s mission of delivering excellence to our partners,” said Lidiia Vakulenko, COO of Atlaslive. “This collaboration enables us to bring the full potential of esports betting to the LATAM market, offering our partners advanced tools for managing odds and creating a more engaging experience for esports fans.”
By integrating Oddin.gg’s award-winning esports betting ecosystem, Atlaslive enhances its dynamic iGaming Platform with an unrivaled esports betting experience. This includes an esports-centric odds feed and 24/7 content, ensuring that operators can consistently offer a dynamic range of markets to eager bettors. Oddin.gg’s seamless iFrame solution also simplifies the front-end integration for Atlaslive’s partners, allowing for efficient access to a wide array of esports events and betting options with minimal operational overhead.
Oddin.gg is renowned for its end-to-end esports betting ecosystem, which includes a multi-award-winning odds feed, risk management services, live esports data, and a variety of other solutions tailored to the needs of esports operators. This partnership is poised to accelerate the growth of esports betting in Latin America, a region experiencing a surge in interest for competitive gaming.
“Partnering with Atlaslive is a natural step in expanding our presence in Latin America, which we consider our second home,” said Marek Suchar, Managing Director at Oddin.gg. “As a platform deeply rooted in the region’s B2B landscape, Atlaslive brings a focus on delivering a trustworthy, flexible, and scalable solution. Together, we’re eager to push the boundaries of esports betting in this high-potential market. Through our collaboration, we aim to offer an unparalleled esports betting experience, catering to the rapidly evolving needs of LATAM operators and bettors.”
With esports growing in popularity across Latin America, this partnership solidifies Atlaslive’s role as a key player in the region’s iGaming sector. The addition of Oddin.gg’s advanced esports offerings allows Atlaslive to better serve operators looking to tap into this rapidly evolving market.
The post Atlaslive Partners with Oddin.gg to Elevate Esports Betting in LATAM, Offering 24/7 Betting Markets and Cutting-Edge Odds Feed appeared first on European Gaming Industry News.
COO of Atlaslive
Atlaslive Partners with Oddin.gg to Elevate Esports Betting in LATAM, Offering 24/7 Betting Markets and Cutting-Edge Odds Feed
Atlaslive, a leading provider of innovative iGaming software solutions, has announced a strategic partnership with Oddin.gg, the premier B2B provider for esports betting. This collaboration will enable Atlaslive to expand its comprehensive Sportsbook offerings, providing LATAM operators with cutting-edge esports betting services that feature real-time odds, live streams, and a wealth of fast-paced betting markets.
“As a company committed to providing scalable, reliable, and flexible iGaming solutions, our partnership with Oddin.gg is the perfect complement to Atlaslive’s mission of delivering excellence to our partners,” said Lidiia Vakulenko, COO of Atlaslive. “This collaboration enables us to bring the full potential of esports betting to the LATAM market, offering our partners advanced tools for managing odds and creating a more engaging experience for esports fans.”
By integrating Oddin.gg’s award-winning esports betting ecosystem, Atlaslive enhances its dynamic iGaming Platform with an unrivaled esports betting experience. This includes an esports-centric odds feed and 24/7 content, ensuring that operators can consistently offer a dynamic range of markets to eager bettors. Oddin.gg’s seamless iFrame solution also simplifies the front-end integration for Atlaslive’s partners, allowing for efficient access to a wide array of esports events and betting options with minimal operational overhead.
Oddin.gg is renowned for its end-to-end esports betting ecosystem, which includes a multi-award-winning odds feed, risk management services, live esports data, and a variety of other solutions tailored to the needs of esports operators. This partnership is poised to accelerate the growth of esports betting in Latin America, a region experiencing a surge in interest for competitive gaming.
“Partnering with Atlaslive is a natural step in expanding our presence in Latin America, which we consider our second home,” said Marek Suchar, Managing Director at Oddin.gg. “As a platform deeply rooted in the region’s B2B landscape, Atlaslive brings a focus on delivering a trustworthy, flexible, and scalable solution. Together, we’re eager to push the boundaries of esports betting in this high-potential market. Through our collaboration, we aim to offer an unparalleled esports betting experience, catering to the rapidly evolving needs of LATAM operators and bettors.”
With esports growing in popularity across Latin America, this partnership solidifies Atlaslive’s role as a key player in the region’s iGaming sector. The addition of Oddin.gg’s advanced esports offerings allows Atlaslive to better serve operators looking to tap into this rapidly evolving market.
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