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Global Online Gambling Market Size Worth USD 73.45 Billion By 2024: Hexa Research

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Global Online Gambling Market Size Worth USD 73.45 Billion By 2024: Hexa ResearchReading Time: 2 minutes

 

The global online gambling market size is anticipated to reach USD 73.45 billion by 2024 owing to rising prevalence gambling across the globe. Technological advancements and addition of new regulations are expected to boost market demand over the forecast period. Furthermore, growing adoption of smartphones and tablets and easy access to online platforms are anticipated to drive the market.

Companies are focusing on developing mobile applications with secure money transfer facilities so that punters can easily place their bets online in real time. For instance, companies such as Bet365 Group Ltd., Paddy Power Betfair plc., and Betsson AB have mobile applications on different platforms such as iOS and Android. Moreover, a number of countries are legalizing gambling with each passing year. For instance, in December 2016, the parliament of Japan passed a law to legalize casinos after holding it for 15 years.

In 2016, the sports betting segment led the market and accounted for more than 40% of the revenue. It comprises various sports tournaments such as cricket, basketball, tennis, and other games. For instance, the sports betting segment turnover for Bet365 Group Ltd. went up by USD 2.3 million in 2016 owing to increasing football tournaments and cricket leagues. Increasing number of people betting on such events and easy accessibility to online gambling websites and applications are anticipated to present considerable growth opportunities for the market.

The online gambling and betting industry is anticipated to grow at a faster pace due to favorable regulatory environment. Moreover, rising disposable income of consumers and adoption of Internet-based devices are increasing revenues of the online gambling market worldwide. However, certain regions are likely to record sluggish growth due to strict government regulations, thus affecting overall revenue generation.

Europe dominated the market in 2016, valuing USD 16.42 billion in the market. This is due to the fact that online gambling is legal in a large number of countries such as France, Germany, and Italy. Countries such as U.K. and Germany have well-developed technology and infrastructure. Moreover, they have witnessed increased usage of smartphones and tablets for playing online gambling games on applications provided by companies such as Betsson AB and Bet365 Group Ltd.

The global online gambling industry is highly fragmented in nature and is marked by presence of several players operating across the world. Companies are focused on expanding their presence in the market through various strategic alliances such as diversification in online services.

For instance, in August 2015, Paddy Power announced a merger with Betfair for Euro 5 billion in order to increase its penetration in the online market and overcome regulatory hurdles. Key companies in the online gambling market include William Hill plc.; Bet365 Group Ltd.; Paddy Power Betfair plc.; Betsson AB; Ladbrokes Coral Group plc.; Amaya Inc.; 888 Holdings plc.; Sky Betting & Gaming; Kindred Group; and GVC Holdings plc.

Hexa Research has segmented the online gambling market report based on type and region:-

  • Segmentation by Type
    • Sports Betting
    • Casinos
    • Poker
    • Bingo
    • Others
  • Segmentation by Region
    North America
    • U.S.
    Europe
    • U.K.
    Asia Pacific
    Australia
    • Central & South America
    Africa
  • Key Players Analyzed:
    William Hill plc.
    • Bet365 Group Ltd.
    • Paddy Power Betfair plc.
    • Betsson AB
    • Ladbrokes Coral Group plc.
    • Amaya Inc.
    • 888 Holdings plc.
    • Sky Betting & Gaming
    • Kindred Group
    • GVC Holdings plc.

 

About Hexa Research:

Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.


Source: European Gaming Media

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Ieva Andersone (Sorainen Latvia) will add her insights about the Latvian gambling industry at MARE BALTICUM Gaming Summit 2019

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The online and land-based gambling industry is well connected in the Baltics and it has been just lately that region has been quoted in several industry media outlets. Especially given the fact that the City Council of Riga, Latvia’s capital, is going to close down all gaming venues in the city, including the downtown and neighborhoods.

A decree had been ordered by Nils Usakovs from the municipality’s Legal Affairs Department and Urban Development Department and the plan is to revoke all gaming venues’ licenses in Riga, except for those given to four- and five-star hotels.

According to the Law on Gambling in Latvia, if the operation of gambling on the particular premises creates a substantial impairment to the interests of the State and the residents of the respective administrative area, the city or the local government council is entitled to terminate the permit to establish a casino, a gambling hall, a bingo hall, a betting or a wagering shop and to operate the respective type of gambling on the particular premises, by means of a reasoned decision.

During the second edition of MARE BALTICUM Gaming Summit, which will take place on the 9th of May at Radisson Blu Royal Astorija Hotel, experts of the industry and regulators will debate the recent actions and will also brief the attending delegates about the regulations in Latvia, Lithuania, Estonia, Sweden, Denmark and the DACH region.

Register here or View the Agenda!

Ieva Andersone, Commercial & Regulatory Practice Group partner at Sorainen Latvia, will join the “Focus on the Latvian and Estonian gambling industry” compliance panel discussion, which is consisted by 2 regulators (Signe Birne – Lotteries and Gambling Supervisory Inspection of the Republic of Latvia, Taivo Põrk – Ministry of Finance, Estonia) and industry representatives from the region.

About Ieva Andersone

Ieva Andersone is a partner at Sorainen, responsible for Commercial & Regulatory practice group in Latvia, including trade regulation, intellectual property & IT law, privacy and data protection, consumer law, competition law, and energy. During her practice, Ieva has made a special focus to clients from Pharmaceutical & Life sciences, and well as Technology & Media sectors, including the gaming industry.

Ieva is a frequent speaker on data protection, privacy, regulatory and compliance matters, and she also regularly provides pro bono assistance for companies in creative industries and for creative personalities.

Make sure you take advantage of this unique opportunity of learning and networking with the gambling industry in the Baltic and Scandinavian region via the MARE BALTICUM Gaming platform which has been launched in 2018 and is committed to bringing together industry shareholders and government officials from the Baltic and Scandinavian region on a yearly base.

Register here or View the Agenda!


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Ieva Andersone (Sorainen Latvia) will add her insights about the Latvian gambling industry at MARE BALTICUM Gaming Summit 2019

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Red Tiger signs SuprNation deal

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Games portfolio now available across operator’s brands

 

Award-winning supplier Red Tiger has signed a deal with SuprNation to integrate its games with the Nordic operator’s casino brands, including Duelz.

Red Tiger’s portfolio, including hit titles Thor’s Lightning and Pirates’ Plenty, will be made available to players of the gamification-focused website.

Gavin Hamilton, CEO of Red Tiger, said: “We are delighted to be partnering with SuprNation, which operate a number of stellar casino brands.

“Their commitment to innovative features and gamification in particular is something that is very close to our own ethos, and we are looking forward to working with them.”

Henric Andersson, COO and Co-founder of SuprNation, said “Red Tiger offers some of the best products available, and we are delighted to be able to add them to our burgeoning offering.

“We are super excited to be welcoming them across our brands and to roll out their exciting games over a long and fruitful partnership.”

 

 

About Red Tiger:

Red Tiger is a young and dynamic casino games supplier that creates top-performing HTML5 slots and table games. It also offers a bespoke progressive jackpot system, a Smart Spins bonus management application, and its own Tournaments gamification feature to enhance the user experience. Founded in late 2014 by a group of industry veterans from major B2B and B2C gaming brands, the company is growing fast and is now served by over 200 full time staff including mathematicians, graphic designers, software developers, audio engineers, gambling experts, QAs, account managers and secret magicians; all entirely dedicated to continuously improving the slots player experience. Learn more at: www.redtiger.com


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Red Tiger signs SuprNation deal

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Patagonia Entertainment and Iforium sign content partnership

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Patagonia Entertainment has signed a content agreement with Iforium, a leading eGaming software development company focused on providing the next generation of flexible gaming solutions.

The deal will see Patagonia Entertainment integrate its library of proprietary casino content which has been recently certified by international game-testing laboratory, BMM Testlabs. Among the games being added to Iforium’s platform are the hugely popular Super Pachinko and Super Flex Bingo. Patagonia is currently certified for Colombia, Mexico and the Philippines market and is currently working on certifying its games portfolio for the regulated Spanish, Portuguese& UK e-Gaming markets between others.

Patagonia’s content will join Iforium’s innovative Gameflex™ casino aggregation platform, which combines over 8,000+ desktop and mobile gaming titles from all the leading content providers

Patagonia Entertainment’s Global Business Development Manager Victor Arias said: “Iforium is an award-winning eGaming company with cracking casino content. We’re proud to call them a partner and we’re excited about working together as we continue to grow our businesses.”

Phil Parry, Iforium CEO, said: “I am delighted to confirm Iforium’s partnership with Patagonia Entertainment. The addition of Patagonia is another important content differentiator for our Gameflex platform and one which will support our expansion into new markets. I look forward to building our partnership with the excellent team at Patagonia and exploring new opportunities together.”

 

About Patagonia Entertainment:

Patagonia Entertainment is an innovative technology developing company with an Omni-Channel platform and a rich history in producing outstanding Video Bingo games for the e-gaming industry. Video Bingo is a hybrid between Bingo and Slot games. The company has managed to become one of the most popular game developers in the Latin American market and are rapidly growing into other markets. More information about Patagonia Entertainment can be found at www.patagonia-e.com.

About Iforium:

Founded in 2006 and based in the Isle of Man, Iforium is a multi-award winning B2B software development company focused on providing next generation gaming solutions.

Gameflex™ is Iforium’s innovative casino aggregation and seamless bonusing platform. It combines over 8,000 games from 100+ gaming vendors and is available to multi-channel operators via a single and seamless API integration. Iforium are the proud recipient of the EGR B2B IT Supplier of the Year Award and CEEGC Awards 2017 & 2018. Iforium are licenced and regulated by the UK Gambling Commission and by ONJN in Romania. For more information please visit www.iforium.com


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Patagonia Entertainment and Iforium sign content partnership

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