Smartphones and other gadgets have reshaped the community during the last few years, and different industries needed to change to fulfill new technological requirements. The gambling industry is not an exception. Smartphone companies allowed downloading of various gambling apps from their app stores, and it increased the amount of mobile gambling.
Other factors that benefited the mobile gambling industry are the ability of mobile data and easy transactions from a smartphone.
What happens in the U.S.:
FanDuel Group, a US-based sports-tech entertainment company, and Boyd Gaming, a gaming and hospitality company from the U.S., made an important step toward the changes in September 2022. The companies launched mobile sports betting in Kansas and announced the opening of the FanDuel Sportsbook at Kansas Star Casino. This sportsbook enables customers to gamble safely, providing them with safe and secure banking, fast payouts, and the ability to reach customer support 24/7.
During this year, the global gambling market is expected to be worth $702.45 billion. By the end of 2027, the estimated growth is huge: the market’s value is expected to increase to $765.89 billion. The CAGR will be 11.3%. By 2032, its estimated worth is expected to be $847.54 billion, with a CAGR of 2%.
Additionally, the worth of the gambling market will be increased by the legalization of various gambling activities, which will enhance the number of gamblers all around the world.
Governor, Janet Mills, signed LD 585 into law in May 2022, which allowed legalizing sports betting in Maine. This law granted the Native Americans exclusivity to the gambling industry and gave the power to the state regulator, so they will be the ones who will decide upon the direction sports betting will take in Maine.
On the other hand, Asia Pacific has been famous as the largest region in the gambling industry. Its worth in 2022 was $146 billion. The market started initiatives in various markets, such as Macau, the Philippines, Malaysia, and South Korea, where gambling is the most popular activity. It is especially popular in Macau since Chinese citizens can legally bet there. A Macau-based leading developer, owner, and operator of resorts and casinos, Sands China Ltd January 2021, finished its gaming workshops, where the staff learned a lot about responsible gambling. It was a step that showed the support of the Responsible Gambling Promotions 2020, the act that the Macau government issued.
The largest competitor in the whole gambling market in 2021 was China Welfare Lottery. This national legal lottery issuance and sales organization has a 12.58% share of the market. Its strategy is to release new lottery products, such as a new video ticket that awarded winning points and gifts, that was released in February 2019.