Mobile-based gambling apps predict to boast gambling market by 11%
The increased use of gadgets like mobile phones and other devices and the availability of the internet has brought on a number of changes over the years, including a heightened interest in mobile gambling.
Several smartphone companies allow the download and operation of these gambling applications on the devices contributing to the mobile gambling wave. Other factors aiding the growth of the gaming market include increased sportsbook brand awareness, heightened smartphone penetration, increased mobile data availability, and being able to perform actions on a smartphone.
US-based sports tech entertainment firm FanDuel Group and gaming and hospitality company Boyd Gaming are examples of this. In September 2022, the companies made new leaps in their businesses when they unveiled mobile sports betting in Kansas and launched FanDuel Sportsbook at Kansas Star Casino. The FanDuel Sportsbook will enable patrons to gamble safely with secure banking, fast payouts, and 24/7 customer accessibility.
By the end of this year, the gambling market is estimated to reach $702.45 billion and will increase at a CAGR of 11.3% to $765.89 billion in 2027. Even more significant growth is expected in 2032, from $765.89 billion to $847.54 billion. The CAGR will be at 2.0%.
The legalization of a number of gambling activities will also increase the worth and size of the gambling market and, in doing so, support its growth.
In May 2022, Governor, Janet Mills, signed LD 585 into law in May 2022. This aided in the legalization of sports betting in Maine, USA. The statute also gave the Native Americans tribal rights to the gambling industry in the state and empowered the state regulator to determine what direction sports betting would take in the state.
The Asia Pacific region is known as the most prominent region in the gambling industry, and as at 2022, it was worth $146 billion. Several broadening initiatives and various markets, such as Macau, Malaysia, the Philippines, and South Korea, support it. Gambling is prevalent in the Chinese SAR because it is the only place Chinese citizens are allowed to place wagers legally.
In January 2021, Macau-based resort and casino operator Sands China Ltd concluded its responsible gambling behavior gaming workshops for its staff. The move showcased the company’s support for the Macau government-issued act, the Responsible Gambling Promotions 2020.
The China Welfare Lottery, according to gambling market research, is the highest competitor in the gambling market. The organization is a national lottery issuance and sales firm with a 12.58% market share.
Its growth strategy includes introducing new lottery products, which in the long run, would generate welfare funds. One such is a new video ticket game introduced in February 2019, which awards gifts to players depending on their points.