The growth of the gambling industry has seen a meteoric rise in recent years, thanks to the digitization of casino games and other forms of betting. As immense as the growth has been lately, the gaming industry saw an even bigger push during the peak of COVID-19 when there was a global lockdown. This increase is the result of people playing more online gaming to pass the time and passively earn money while continuing their regular work remotely.
Before the pandemic, the market share of software vendors was less than $66 billion, but between then and 2021, the market has seen massive growth of around 11.2%, bringing the market size to over $66 billion. $74 billion. This significant increase comes from people who are bored at home during confinement and find a way to be entertained on the Internet. You can visit this site to understand the kind of games people were playing at that time. Many people who fell in love with these games back then are still very actively involved in these games to this day.
Consequently, the software vendor market share is expected to experience greater growth in the coming years. The analysis suggests that the market share could witness a growth of around 11.4% between 2021 and 2028. If this materializes, it will bring the market size to a total of around $158 billion by 2028 .
How Online Gambling Software Provider Market Share is Measured
- Based on type: When measuring the growth of the software provider’s market size, one of the important facts considered by the CAGR is the type of bets. The subdivisions are casinos, sports betting, poker, bingo, etc.
Before the pandemic, sports betting occupied the most important ground due to the rise of the digitalization of platforms in the world. Recently, online poker has risen to prominence, and it’s at an all-time high. The rapid growth of online poker and other casino games is associated with the convenience of play and the wide range of options available.
- Device Based: The extraordinary increase in the growth of the gaming industry comes from the introduction of mobile games that people can play anywhere and anytime. Many people who had no desire to play such games before may end up being convinced when they finally try the mobile version.
However, the desktop segment in 2019 still dominated the software market share and has not declined much since then. Many people prefer to play games on the desktop as it gives them the flexibility to adjust certain features to their liking. These features may include graphics, image quality, sound quality, and other game details.
Mobile devices are closely following the desktop segment and promise to overtake it in the coming years. The mobile versions still offer incentives such as loyalty bonuses, free tours, first time double deposits, etc.
- Based on region: When it comes to regional information, Europe undoubtedly dominates the market in the 2019 survey, and this may be due to the legal status in most European countries. At the end of the survey, gambling was banned in most Asian countries and legalized in European countries such as France, Germany, Malta, Italy and Spain.
Also, most gambling sites in Europe are allowed to advertise on their gambling sites, which is not the case in other regions.
Another major factor that has held back the growth of online gambling in other regions is the scarcity of internet services and smartphones. Now that there is an increase in the development of internet services in places like Asia-Pacific, the gambling market is expected to experience greater overall growth in the coming years.
Online software providers are the main pillars of online gambling success, and it is paramount that they continue to experience growth in the gambling industry. Without continuous development, many of them may cease to exist after a while, and this is by no means good news for people who enjoy playing these online casino games.
Fortunately, the growth of the industry is applauded and encouraging enough for software vendors as the market share is expected to grow further in the coming years.