Online gambling is a multi-billion dollar industry, which is expected to expand healthily over the next couple of years. It is projected that the global market for online gambling will grow to USD XX by 2025 up from USD XX in 2018, expanding at 9.55% CAGR. Increased internet penetration is one of the forces behind the rise in online gambling. Online gambling portals have mushroomed over time. These portals offer virtual gambling sets (virtual poker, virtual casinos etc.) These portals give real-life experience as users can play conventional gambling games such as roulette, blackjack among others. Some of the more contemporary sports bingo, sports betting and lottery are also incorporated online gambling. Virtual casinos and sports batting are among the high-growth segments.
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Increased smartphone users around the world is also contributing to the growth of global online gambling market. However, regulatory restrictions on online gambling in various countries remains a major market impediment. Europe is a highly attractive market for online gambling as the industry has been legalized in most of the EU countries. This characterises the leading position of the Europe in the global online gambling market. Many European countries are developing regulatory frameworks to facilitate online gambling. Such factors market Europe a highly attractive online gaming gambling market.
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In specific parts of the world, online gambling is expected to slander growth during the forecast period owing to a negative perspective towards gambler. In many counties, running gambling business can be punishable act. Illegal gambling holds high risk not only for the business owner but also customers. Engaging in any sort of illegal gambling activity may attractive legal action. These factors continue to discourage the industry expansion ambitions. For the time being, online gambling is expected to remain concentrated in countries in the West. However, the attractive revenue output of the industry is likely to prompt countries in others region to regularize the industry. Besides online mode of gambling is becoming more secure, reducing the risk of fraudulent. The high degree of transparency in the online gambling is driving the trust factors. The market prospect remain bright for online gambling.
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