2019 Gambling Market Size, Growth, Trends and Forecasts – By The Business Research Company

2019 Gambling Market Size, Growth, Trends and Forecasts - By The Business Research Company

“Gambling Market By Type (Lotteries, Casino, Sports Betting, Others) Trends And Market Size – Global Forecast To 2022”
China Sports Lottery Emerges As The Largest Company In The Gambling Market, According To TBRC’s Report
(Companies: China Sports Lottery, China Welfare Lottery, Sociedad Estatal Loterías y Apuestas del Estado S.A., Las Vegas Sands Corporation, Japan Takarakuji lottery, and Galaxy Entertainment Group Limited)

The global gambling market was valued nearly at $450 billion in 2018. Asia-Pacific was the largest market for gambling, accounting for more than 32% of the global market in 2018.

The gambling market consists of sales of gambling services and related goods by entities that operate gambling facilities, such as casinos, bingo halls, video gaming terminals, lotteries, and off-track sports betting. Gambling is the act of wagering money or something of value on an event with an uncertain outcome that is not under gambler control, with an intent of winning money. Bingo parlors, coin-operated gambling device concession operators, bookmakers, lottery ticket sales agents, and card rooms are also included in this market. The gambling market also includes sales of gambling services and related goods by entities that operate casino hotels.

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The global gambling market size is expected to grow at a growth rate of about 6% by 2022. Growth in the global gambling market resulted from the growth in the experience economy, favorable visa policies and initiatives, emerging markets growth, rapid urbanization, the rise in mobile gambling, and the increase in the number of female gamblers. Factors that negatively affected growth in the global gambling market were high tax rates on casinos, and unpredictable weather conditions, stringent government regulations on gambling, and demographic changes.

The gambling market is relatively fragmented with a large number of small entities with minor shares. Players in the market include China Sports Lottery, China Welfare Lottery, Sociedad Estatal Loterías y Apuestas del Estado S.A., Las Vegas Sands Corporation, Japan Takarakuji lottery, and Galaxy Entertainment Group Limited.

China Sports Lottery was the largest competitor in the gambling market in 2018 with almost 10% share of the gambling market. It is a Government authorized entity in China. It is involved in offering games including super lotto, football lottery, Lucky seven and others.

Casinos around the world are subject to country-specific value added tax (VAT) and sales taxes. For example, the highest gambling tax rates in 2018 were registered in Germany, France, Austria, Luxemburg and Denmark, at rates up to 90%, 80%, 80%, 80% and 75% respectively. High tax rates pushed gambling organizers to raise prices, which led to a decline in new investments in the historic period, restricting the market’s growth.

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The rise in mobile gambling positively impacted the growth of the market. Mobile is a predominant part of lifestyle and most games which feature on online casinos can be easily downloaded via an app on smartphones, and the players can get an enhanced gaming experience. Mobile gambling is fast, convenient and provides easy access to the games. As of 2017, over half of the adult population in the UK have mobile gambled at least once. These factors increased the demand for mobile gambling which drove the market during historic period.

Cryptocurrency is becoming popular in online gambling with the industry incorporating it as one of the payment methods. Cryptocurrency is a digital currency with encryption techniques that regulate the generation of units of currency. This blockchain technology provides anonymity of the users. In addition, gambling legislations do not apply to the online casinos that offer betting only with cryptocurrencies. Cryptocurrency transactions are very cheap or completely free and as there are no taxes levied on the transactions, it benefits the players with better odds and bigger payouts, driving online casinos to opt for cryptocurrency as a mode of payment

 

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