The global in-game gambling and loot boxes market is expected to grow at a CAGR of 5.6% throughout the forecast period. The valuation of the industry is projected to reach US$ 32.7 Mn by 2032, from US$ 18.9 Mn in 2022.
The growing desire for high-end real-life sports gaming experiences around the globe is driving the demand for in-game gambling and loot boxes. Furthermore, in the near future, new trends and advancements in the sports and gaming industries are projected to stimulate the rise of the in-game gambling markets. However, payment data security concerns may stifle the in-game gambling and loot boxes market share expansion.
The gambling market is made up of firms (organizations, sole traders, and partnerships) that run gambling facilities such as casinos, bingo halls, video gaming terminals, lotteries, and off-track sports betting that provide gambling services and related items.
The major drivers encouraging in-game gambling and loot boxes market size expansion include factors such as expanding digital transformation among businesses and rising internet and mobile device usage around the world.
The creation of the next-generation gaming experience will be cloud-enhanced, and an ultimate fantasy gaming experience is expected to necessitate the use of a cloud platform.
As per the in-game gambling and loot boxes market study, the deployment of IoT, edge computing, 5G, and real-time analytics enabled by Artificial Intelligence (AI) and Machine Learning (ML) is expected to improve the in-game gambling markets.
Consumers went more to the internet platform to bridge their financial, social, and psychological crises during lockdowns as a result of the COVID-19 pandemic, which had a beneficial impact on the in-game gambling and loot boxes market.
Consumer interest in online gambling platforms has increased as a result of restrictions in sporting events owing to lockdowns, according to a study done by Lund University in Sweden. In addition, numerous operators turned digital in response to the closing of many gaming venues. Many players increased their online gambling services, and bingo providers transferred their operations online, resulting in a beneficial market impact.
Online betting is likely to be the fastest-growing market in the medium term. The market has been taken over by artificial intelligence and machine learning.
During 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 gaming. In addition, operators are providing a number of exciting tournaments and promos that newbies may find appealing. Every day, fresh bonus programmes and betting options are added to the mix.
Key Takeaways
The changing gaming behaviours of consumers are projected to drive demand for gambling. The rising popularity of gambling applications and social gaming is projected to fuel the in-game gambling and loot boxes market’s growth in the future.
In 2020, Asia Pacific was the largest region in the worldwide gambling market, accounting for 38% of the total. The second largest region, North America, accounted for 29% of the worldwide gaming market. In the worldwide gaming market, the Middle East was the tiniest region.
Football betting has a substantial market share. Companies are concentrating their efforts on establishing novel platforms to meet a wide range of client needs and gain a competitive advantage in a crowded market.
The mobile segment of the in-game gambling and loot boxes market is projected to grow at a CAGR of 4.8% during the forecast period.
The worldwide casino gambling market is highly fragmented, with regional and international companies. Bet365, Entain PLC, The Flutter Entertainment PLC, and Kindred Group PLC are among the market’s major participants.
To increase their presence in the worldwide in-game gambling and loot boxes market and to develop their brand portfolio to cater to varied customer tastes, major firms are focusing on mergers and acquisitions, collaborations, and product innovation.
In the global online gaming market, mergers and acquisitions are the most popular approach, followed by expansion. Offerings, quality of gambling material, user experience, brand equity, customized payoffs, and access to numerous platforms are all criteria that key players compete on.
Recent Developments
LeoVegas Group unveiled a new layer of AI-powered messaging in September 2021 to expand the Group’s Safer Gambling service. Customers in the United Kingdom will be the first to get personalized onsite messages based on their behaviour and risk profile that educate and advise them about safer gaming.
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 make use of Golden Nugget’s well-known brand, iGaming product experience, and combined database of more than 5 million customers as a result of the acquisition.
FanDuel Group, a subsidiary of Flutter Entertainment PLC, debuted its FanDuel Casino in New Jersey and Michigan in July 2021. Customers may now play live dealer blackjack, roulette, and baccarat at FanDuel Casino.
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