DUBLIN, Aug. 23, 2023 /PRNewswire/ –The “Europe Online Gambling Market – Growth, Trends, and Forecasts (2023-2028)” report has been added to ResearchAndMarkets.com’s offering.
The European online gambling market is projected to register a CAGR of 9.20% during the next five years.
Casino gambling has been one of the rapidly growing gambling categories due to its convenience and optimal user experience. With the advent of technology, virtual reality, blockchain, and mobile platforms are becoming popular in the gambling industry across Europ
Owing to this factor, the vendors are utilizing software suppliers, such as NetEntand Evolution Gaming, to integrate and develop the gaming experience of the consumers.
This migration from offline to online gambling was inevitably accompanied by increased revenue associated with online gambling. Growing hardware and software innovations, the rising popularity of casino and sports betting gambling, and enhanced internet penetration are expected to drive the growth of the European online gambling market.
The dominating players have focused on mergers over the past few years to increase their market stake and improve profit margins. For instance, Paddy Power PLC and Bet fair PLC merged to form Paddy Power Betfair PLC. Companies are developing innovative regional offerings to gain a competitive advantage and compete with established players. For instance, one of the United Kingdom’s leading casino companies, 888 Holdings, signed up a new gaming partnership with software maker Microgaming.
Blockchain, IoT, and VR are changing the field of online gambling. Virtual reality and VR headsets have gained much popularity recently and are revolutionary addition to online gambling.
Europe Online Gambling Market Trends
Improved Internet Connections and Streaming Technology
There has been a rise in the popularity of draw-based and scratch-off instant games, especially across European countries, which may positively impact the growth of the market studied. The popularity of online gambling has increased globally, driven by innovation, deregulation in important nations, and the pandemic.
In Europe, attitudes about gambling have stiffened. However, in Europe, internet gambling is considered a regulated industry. While there are still many limits on internet gaming in France, which may account for the 13% of people who think the laws are too strict, fewer people in Great Britain and Italy would agree with that conception.
However, according to the International Gambling Report 2021, 63% of gamblers worldwide now prefer online gambling over offline gambling. This preference is mostly driven by lottery and sports betting among those who have engaged in online gambling in the last 12 months (17% of respondents globally).
Countries like Great Britain and Italy, where there appears to be a higher acceptance of online gambling as a leisure pastime, are driving the market.
United Kingdom Leading the Market
Sports bettings in the United Kingdom are provided by the private sector and are conducted within a competitive market. Online gambling is legal and regulated in the country by the Gambling Commission, formed by the Gambling Act of 2005. Online poker, sports betting, casino games, bingo, and lottery-style games all are under the purview of the Gambling Commission.
According to the data published by Ofcom in 2021 (The Office of Communications, United Kingdom), 6% of the users aged between 25-34 and 45-54 year engaged in online gambling at least once every three months. The second highest age group was between 16 and 24 years, which accounted for 4%. Rizk Casino, 888 Holdings, Casumo Casino, bet365, and LeoVegas are some prominent players operating in the UK online gambling market.
Europe Online Gambling Market Competitor Analysis
Some major players in the Europe online gambling market are Bet365, 888 Holdings PLC, GVC Holdings PLC, Kindred Group PLC, Entain PLC (William Hill PLC), and Betsson AB. Many online gambling companies rely on third-party providers, such as Playtech, for software solutions.
However, some companies choose to backward integrate with technology providers. For instance, 888poker heavily invested in developing its software and online gaming technology, primarily not relying on suppliers. Similarly, William Hill, a bookmaker in the United Kingdom, focused on backward integration and thus acquired Grand Parade, a software development company. The market is highly fragmented, and new players are entering the market owing to high opportunities in the upcoming years.
A selection of companies mentioned in this report includes
For more information about this report visit https://www.researchandmarkets.com/r/i74ssa
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SOURCE Research and Markets