Growth in the Online Gambling and Betting Market Is Attributed To the Increasing Legalization of Gambling and Betting

 

Online Gambling and Betting Market

In October 1994, the first online gambling venue opened to the general public, was ticketing for the Liechtenstein International Lottery. Online gambling, is typically betting on casino or sports type games over the Internet. This includes casinos, virtual poker, and sports betting. Operators provide gambling and betting games such as bingo, casino, poker, lottery, and sports betting through digital platform. Fantasy league gaming platforms such as Sideline Software, Inc., Fleaflicker, CBS Interactive, and NFL Enterprises LLC offer service for online betting on sports such as football, cricket, and horse riding, among others.

Over the years, the concept of online gambling and betting has not only caught on, but accounts for more than a quarter of the entire gambling market. The growth of the online gambling and betting market is majorly attributed to increasing use of internet and increasing population across the globe. According to DataReportal, around 4.72 billion people around the world use the internet in April 2021; that is more than 60% of the world’s total population. Moreover, many countries such as Ghana, Singapore, Brazil, Australia, and Argentina are relaxing laws and regulations for online gambling and betting. For example, China allows betting on only approved sites and the Chinese Sports Lottery has the monopoly on all sports betting,

Moreover, in Japan, online betting on motorboat races, motorcycle races, bicycle races, and horse races operated by the municipal bodies or Japanese government is permitted. This in turn is also expected to augment the growth of the online gambling and betting market. Furthermore, many operators offer a variety of payment options such as PayPal casinos, neteller online casinos, check online casinos, visa casinos, and others. Cryptocurrency or virtual currency is mostly preferred among online casinos. Therefore, with the increasing use of cryptocurrency or virtual currency, such as Bitcoin, the online gambling and betting market is also growing with a rapid pace, worldwide.

In January 2021, the Michigan Gaming Control Board (MGCB) authorized additional operators to launch online gaming and sports betting in the state. MGCB authorized casino operator the Little Traverse Bay Band of Odawa Indians, with its online gaming platform provider Poker Stars and its online sports betting provider FoxBet. This in turn is also expected to accelerate the growth of the online gambling and betting market in this region. Moreover, in Asia Pacific, the market is witnessing robust growth due to increase in Internet users, increasing penetration of smartphones, and the availability of gambling and betting websites in this region.

According to the India Brand Equity Foundation (IBEF), internet users in India are expected to increase from 429.23 million as of September 2017 to 829 million by 2021.


Location: India

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