the global gambling and in-game loot box market is expected to grow at a CAGR of 5.6% throughout the forecast period. The valuation of the industry is expected to reach US$32.7 million by 2032, up from US$18.9 million in 2022.
The growing desire for premium real-world sports gaming experiences around the world is driving the demand for gambling and loot boxes in games. In addition, in the near future, new trends and advancements in the sports and gaming industries are expected to boost the rise of gambling in-game markets. However, payment data security issues can stifle market share expansion for gambling and loot boxes.
The gambling market is made up of businesses (organizations, independent merchants and partnerships) that operate gaming facilities such as casinos, bingo halls, video game terminals, lotteries and off-track sportsbooks that provide gaming services and related items.
Major drivers encouraging the expansion of gambling and loot box market size in games include factors such as expansion of digital transformation among businesses and increasing usage of internet and mobile devices. mobile devices around the world.
The creation of the next generation gaming experience will be enhanced by the cloud, and the ultimate fantastic gaming experience is expected to require the use of a cloud platform.
According to the Gambling and Loot Boxes Market Research, the deployment of IoT, edge computing, 5G and real-time analytics enabled by artificial intelligence (AI ) and machine learning (ML) should improve the game in the game markets.
Consumers have increasingly turned to the Internet platform to overcome their financial, social and psychological crises during the shutdowns in the wake of the COVID-19 pandemic, which has had a beneficial impact on the market for gambling and gambling. loot boxes.
According to a study by Lund University in Sweden, consumer interest in online gambling platforms has increased due to restrictions on sporting events due to shutdowns. Additionally, many operators have gone digital in response to the closure of many gaming sites. Many players have increased their online gambling services and bingo providers have shifted their operations online which has had a beneficial impact on the market.
Online betting is expected to be the fastest growing market in the medium term. The market has been conquered by artificial intelligence and machine learning.
Over the projection period, the online gambling industry is expected to benefit from an increase in the female population in casinos, as well as the convenience of using a cashless means of payment when gambling. Additionally, the operators offer a number of exciting tournaments and promotions that newbies may find appealing. Every day new bonus programs and betting options are added to the mix.
Key points to remember
- Changing consumer gambling behaviors are expected to drive demand for gambling. The growing popularity of gaming apps and social games is expected to fuel the growth of the gambling and loot box market in the future.
- In 2020, Asia-Pacific was the largest region in the global gambling market, accounting for 38% of the total. The second largest region, North America, accounted for 29% of the global games market. In the global gaming market, the Middle East was the smallest region.
- Football betting has a substantial market share. Companies are focusing their efforts on establishing new platforms to meet a wide range of customer needs and gain competitive advantage in a crowded market.
- The mobile segment of the gaming gambling and loot box market is expected to grow at a CAGR of 4.8% during the forecast period.
The global casino games market is highly fragmented, with regional and international companies. Bet365, Entain PLC, The Flutter Entertainment PLC and Kindred Group PLC are some of the major players in the market.
To increase their presence in the global gambling and loot box market and to grow their brand portfolio to cater to the varied tastes of customers, major companies are focusing on mergers and acquisitions, collaborations and innovation. of products.
In the global online gaming market, mergers and acquisitions are the most popular approach, followed by expansion. Offers, quality of gaming hardware, user experience, brand value, personalized wins and access to many platforms are all criteria on which the major players compete.
LeoVegas Group unveiled a new AI-powered messaging layer in September 2021 to expand the group’s Safer Gambling service. Customers in the UK will be the first to receive personalized on-site messages based on their behavior and risk profile that will educate and advise them on safer gambling.
DraftKings Inc. and Golden Nugget Online Gaming Inc. signed a formal agreement in August 2021, with DraftKings acquiring Golden Nugget Online Gaming in an all-stock deal. DraftKings was able to utilize Golden Nugget’s well-known brand, iGaming product experience and combined database of over 5 million customers following the acquisition.
FanDuel Group, a subsidiary of Flutter Entertainment PLC, launched its FanDuel Casino in New Jersey and Michigan in July 2021. Customers can now play live dealer blackjack, roulette and baccarat at FanDuel Casino.