Casino Market Driven By Demand Surge to Grow Exceptionally


Posted October 1, 2020 by Techfuture

Casino Market Driven By Demand Surge to Grow Exceptionally
 
Market Overview

Global Casino Market is expected to register a high growth rate of 7.6% and reach USD 476.27 Billion in 2025.

According to MRFR analysis, the increasing popularity of mobile gaming among the young population and the legalization of online gambling in many countries are some of the factors responsible for the growth of the market during the forecast period. Along with this, the increasing per capita disposable income of the masses in developing countries is another reason fueling the growth of the offline and online casino markets. However, security risks such as cyberattacks and local licensing and regulatory hurdles are major challenges for gamblers and operators.

The gambling segment is large, and with the growing accessibility of the Internet and rapidly increasing smartphone ownership, the global casino market has also gained momentum. Due to the lucrative growth opportunities, a number of blockchain technology providers are trying to enter the global casino market. One such company is Bitbook.ag, a provider of blockchain-based gambling and betting platform founded in 2018. The company believes that blockchain can disrupt the market by creating security and authenticity in the entire process of gambling. Gamblers often avoid betting on online games since they do not entirely trust the betting process. There have been instances where people have unfairly lost money, or the online betting company blocked the winner from using the site again. Such instances have resulted in the loss of trust of people in various mobile casino gaming sites. In a typical gaming site, all operational matters about bets, payments, and games are between the betting sites and software providers; players often do not have the option of verifying their bets. Therefore, gamblers are often afraid of being cheated due to the nature of how such gaming sites work. Few third-party authorities monitor the operation of mobile casino sites/apps, including Gaming Laboratories International, eCOGRA, and iTech Labs. However, irrespective of the presence of these third-party providers, gamblers are refraining from betting on online games.

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Blockchain technology is a kind of distributed ledger which stores data/information in a network of blocks, and anyone linked to that network can easily access it but cannot tamper the data stored in it, which enables it to act as an authentic means of storing and sharing information. In a mobile casino, blockchain technology can store all the data related to bets, the results of the game, and payment details, and all the players linked to this block can easily verify it any time, which makes this technology reliable. Another key advantage of blockchain technology is that it provides ease of transaction with the help of cryptocurrency with no mediators such as third-party financial institutions or banks.

Competitive Analysis

The Key Players of the Global Casino Market are Microgaming (Isle of Man), Evolution Gaming (Latvia), Chetu, Inc. (US), Creatiosoft (India), Elaunch Solution Pvt. Ltd (India), Playson (Malta), Betsoft (Malta), Betsson AB (Sweden), Kindred Group PLC (UK), NetEnt AB (Sweden), Paddy Power Betfair PLC (Ireland), The 888 Group (Europort), Scientific Games (US), Ladbrokes (UK), and Addison Global Limited (UK). The global casino ecosystem consists of various regional and local players that are evolving to enhance their market positions. Moreover, the intense rivalry and rapid advancements in technology to cope with security concerns are key factors that aid market growth. The service providers compete based on cost, efficiency, security, and reliability to sustain in the market.

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Categories Research , Science , Technology
Tags casino , casino market , casinos
Last Updated October 1, 2020