The report segments the global gambling market by type (lottery, betting, and casino) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global gambling market, according to Technavio media and entertainment researchers:
- Contribution towards economy: a major market driver
- In 2017, the lottery segment dominated the market by occupying almost 39% share
- The Americas dominated the global gambling market with more than 40% share in 2017
- 888 Holdings, Camelot Group, Galaxy Entertainment Group, INTRALOT, MGM Resorts, New York State Lottery, Paddy Power Betfair, and William Hill are some of the players in the market
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Contribution towards economy: a major market driver
Contribution towards economy is one of the major factors driving the global gambling market. Gambling industry plays an essential role in contributing towards the economy. For instance, the US alone accounted for approximately 0.91% of the US GDP in 2017. The lottery market alone has a considerable potential to create job opportunities. In addition, legalizing more number of the online and offline gambling will further fetch higher jobs to the seekers. Furthermore, the industry is amongst the most diverse sector and attracts high foreign investments.
According to a senior analyst at Technavio for research on gaming, “Every country follows different tax brackets on winning prize money from gambling. For instance, in the US, lottery winners must pay a minimum of almost 39% tax if the winning amount is taken on lump-sum and a total of 25% on an installment basis. Whereas, an average American pays 10%, showing the vast leverage, the government has been encouraging gambling in the form of lottery. Thus, by imposing a higher tax, the governments use the fund for the development of nation's infrastructure and towards societal welfare.”
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Global market opportunities: Americas dominates the gambling market
In 2017, the global gambling market was dominated by the Americas with a revenue share of more than 40% of the overall market. It was followed by the APAC and EMEA regions. In 2017, North America alone contributed for more than 91% of the total revenue in the Americas. But during the forecast period, Technavio expects the share of North America to decline and South America to increase because of the increasing reach of gambling, particularly those from the lottery market in the South American countries as the market in this region is still at its nascent stage with high opportunities.
Introduction of Bitcoin gambling: emerging market trend
Bitcoin is a type of cryptocurrency that allows peer-to-peer payments to take place on the internet. With the increasing popularity of bitcoins, several gambling vendors are providing gambling using bitcoins. This is because of the advantages that the cryptocurrency has over regular currency. One of the key benefits is that of cross-border transactions. Usually, the fee involved with regular currency is higher than cryptocurrency. With bitcoins, deposits and withdrawals are practically free. However, Bitcoin gambling might require a nominal processing fee that is very low when compared with the fee charged by major banks and credit card companies. In addition, bitcoin transactions are secure and much faster than the regular currency.
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