Global Online Gambling Industry
The global online gambling industry has been backed by several factors including high internet penetration coupled with the increasing use of mobile phones. Moreover, ease of access to online gambling, legalization & cultural approval, corporate sponsorships, and celebrity endorsements are further fueling the growth of the market. Apart from this, the growing availability of cost-effective online gambling mobile applications across the globe is also driving the market growth. The recent COVID-10 outbreak, which prompted several governments to prohibit social gatherings and announce full lockdown, has impacted a segmental performance of the industry.
Online sports betting industry is weakening due to COVID-19 outbreak
With several huge events lined up, several online betting companies predicted 2020 to be one of the best years in history. However, the recent outbreak of deadliest COVID-19 has hit a very hard brake in the industry. The spread of the deadliest virus has forced the government of several nations to lock down streets, cities, and states of the country. Moreover, cinema halls, restaurants, cafeterias, pubs, bars, and other entertainment places have been shut down, and hanging out becomes a non-option owing to social distancing requirements. This has prompted several authorities to suspend or postpone the tournaments and upcoming events which were scheduled in 2020.
Starting with the ICC Women’s T20 World Cup which was scheduled over February and March 2020, however, got completed. Another was Indian Premier League (IPL) 13 which would have started at the end of March 2020, but now due to the COVID-19 outbreak, it has been postponed until further notice from BCCI. Moreover, UEFA Euro Cup 2020 which was scheduled to be started in June 2020, but now has been postponed to 2021. Further, authorities are also concerning about the conductance of the Summer Olympics 2020 in Japan amid the virus spread.
Sports events such as Olympics, UEFA, and Eurovision Song Content attract people ranging from amateur to professional bettors. Since these events along with several other events are postponed or canceled, neither these potential new bettors or the professionals will make it to the betting sites. Some brands have witnessed a decline of 60% in their active sports bettors in the first week of Italy’s lockdown. However, professional bettors will find other things to bet on, so overall the online gambling industry will keep running during these hard times. As an instance, people are shifting from sports betting to other online gambling such as pokers and casinos amid this lockdown.
OMR Global Recently Published Report on: https://www.omrglobal.com/industry-reports/online-gambling-market
The Report Covers
- Comprehensive research methodology of the global online gambling industry.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the global online gambling industry.
- Insights about market determinants that are stimulating the global online gambling industry.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
Market Segmentation
Type
- Sports Betting
- Casinos
- Poker
- Bingo
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