The increasing investments in the online gambling market can be largely credited to the rising demand for cost-effective payment mechanisms. Another crucial factor favoring investments in online gambling is the introduction of virtual and augmented reality. The market has enormous investment opportunities, influencing professional players to invest in sports betting and stocks of some of the critical online gambling companies. Various new entrants and investors are reaching out to stakeholders in the online gambling market, including operators, suppliers, regulators, and industry-focused legal/ financial advisors. The continuous technological advancements are also favoring market expansion to a great extent. Significant developments include commercial models such as virtual currency and social casinos, game formats, in-play sports wagering, and mobile geolocation. Investments are being made in AI-based facial recognition software and cryptocurrency.
Moreover, market players' growing proclivity toward Virtual Reality (VR) to provide real-life gaming experiences will positively influence the market space. For instance, in 2021, prominent sports betting and gaming entertainment company Entain launched the first-ever VR-based multi-sports entertainment. In collaboration with Verizon Media, the company has developed this new offering.
The rising popularity of online live casinos over traditional land-based casinos is becoming a prominent trend in countries where both offline and online gambling are legally permitted. This shift in consumer preference plays a crucial role in driving the market's growth. Players shifting from offline to online gambling has created lucrative growth prospects for online casino operators. Numerous professional players prefer live casinos as they help them track their moves. Besides, they also offer real-time games with live dealers, a live chat feature, and games that can be played anytime and anywhere. The emergence of live casinos based on advanced technologies is expected to fuel market growth over the forecast period. In 2021, Evolution launched its third live casino studio in Michigan as a part of its business expansion strategy amid the fast development of the U.S. iGaming industry. According to the company, the live casino studio offers a modern B2B live casino solution to multiple operators seeking to provide an enhanced live casino gaming experience to online players on smartphones, desktops, and tablets.
The promising growth prospects for the online gambling market have lured cybercriminals who use bots to target money transferred through various payment gateways, including electronic checks, wire transfers, and credit cards. As a result, the market players are taking profound steps to resolve these issues by creating awareness among users and urging them to use anti-virus software on their smartphones and PCs. Moreover, companies use third-party applications to protect websites and facilitate secure online payment transactions. Federal law restricts the usage of wire communication facilities in gambling activities or sports betting as the facility includes the internet. However, the internet enables players to keep an anonymous identity and immediate exit from gambling sites, making it challenging to trace gambling activity. Online gambling also involves the risk of app-based hacking. For instance, live casino mobile apps are easily manipulated and intercepted through shared Wi-Fi and 4G signals.
Moreover, cybercriminals can also manipulate the apps by publishing fake editions containing malware. Nowadays, several casinos use the standard 128-bit encryption and keep remote backups of their customer data. As a result, the data would be secure even if the site is challenged by a Denial-of-Service (DoS) attack.
This section will provide insights into the contents included in this online gambling market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Market drivers and restraints
Key market opportunities prioritized
Latest strategic developments
Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance
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