LONDON--(BUSINESS WIRE)--The online gambling market is expected to grow by USD 114.21 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Consumers are increasingly using the freemium business model as it allows them to try the product with free or limited features for a specific duration before making the purchase. Under this model, vendors offer consumers free coins when they first join the game. Once the coins are exhausted, users can choose to buy more coins to continue playing the game, try other games or exit. This flexibility helps vendors to attract new users. These factors will propel the online gambling market growth during the forecast period.
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As per Technavio, the introduction of bitcoin gambling will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Online Gambling Market: Introduction Of Bitcoin Gambling
Peer-to-peer payments on the Internet are encouraged by bitcoin, a cryptocurrency. Bitcoins are also increasingly being used as currency in online gambling businesses due to the advantages offered by cryptocurrency over normal currency. They can be used for cross-border transactions since the fee involved is comparatively lower. Furthermore, bitcoin transactions are also secure and much faster. Vendors like Bitcasino.io, Slots.lv, Ignition and Bovada are offering bitcoin gambling, which is expected to boost the online gambling market growth during the forecast period.
"The increasing use of artificial intelligence (AI) in online gambling and the emergence of virtual reality (VR) as a cure for gambling addiction will have a positive impact on the growth of the online gambling market value during the forecast period," says a senior analyst at Technavio.
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Online Gambling Market: Segmentation Analysis
This market research report segments the online gambling market by type (lottery, betting, and casino), device (desktop and mobile), and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the online gambling market in 2019, followed by APAC, Europe, South America, and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to the launch of new casinos as well as lottery events and the amendment of the existing laws to include online gambling.
Technavio's sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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