Gambling Industry Billion
A report on gambling and betting in Nigeria.
The gambling industry has been having a strong run of late. In 2015 the online gaming market alone was worth $37.91 billion and is forecast to be worth almost $60 billion by 2020. This fast-growing market has more than doubled in size since 2009 – a time when most of the global economy has been stagnating. The other gambling market components include lottery, casino, and poker. In 2016, the gambling industry made a total gross profit of 450 billion US dollars which was higher than Nigeria's GDP in the same period. In summary, gambling is a big deal worldwide, and betting makes a significant chunk of it. Sports gambling is set to enjoy growth of 11.5% through 2025 to a $103 billion industry. Penn's Barstool Partnership and ideal casino footprint provide significant upside for patient shareholders. Nevertheless, the industry makes a total contribution of around 137.5 billion U.S. Dollars to the U.S. Economy annually and directly employs more than 730 thousand people. Worldwide, the gross.
There are multiple definitions of betting, many of which refer to betting as the act of placing a wager on a predicted outcome of an event. Betting operates on the theory of probability and can be said to have taken place when one stakes a sum of money on an upcoming event they feel strongly about.
Gambling Industry Revenue
The Oxford dictionary defines gambling as “taking a risky action in the hope of a desired result.” On the back of this definition, a subtle, yet distinguishing factor between gambling and betting is that gambling can simply connote ‘risk-taking’ that is as benign as moving your car from under a scorching sun to the other side of a parking lot in a mall – knowing fully well that the space in the shade might be occupied before you get there, on top of losing that earlier spot too. Therefore, even though gambling may or may not involve cash stakes, betting is a form of gambling that always involves wagers; mostly in form of cash stakes. For the purpose of this piece, we will assume they can be used interchangeably.
From friends betting on how many bottles of beer they can finish to classmates betting on who will score lowest in a test, betting has always been a part of human nature. Now, just like many other activities that humans casually engage in, a capitalist society has monetized, regulated and industrialized the betting industry in Nigeria such that a range of events – mostly but not necessarily sporting, are predicted by bookmakers who offer odds for gamblers to stake wagers on.
Gambling can be defined as any activity (e.g. a game of chance or skill) where an item of value is placed at risk in an attempt to gain something of greater value.
Studies have revealed that online gambling will continue to grow tremendously as an industry, and there is nothing stopping this train! Going by the conservative figures, excluding countries where gambling is not entirely legally yet, it has been estimated that the online gambling market place could very well reach the $94.4 billion figure within the next 5 years, a significant rise from the earlier $45.8 billion estimate projected only 2 years ago. The new estimate represents a CAGR (Compound Annual Growth Rate) of close to 10.9%, from 2018 till 2024.
A study by Zion Market Research
This forecast has been submitted by a reputed company known as Zion Market Research, which released a report on the subject, encompassing all the gambling forms including horse racing, sports betting and gambling at popular online casino platforms such as Betway mobile and others. If looked at closely, this report provides a transparent view of the present sports betting and online gambling market across the world. They have taken into account a highly competitive scenario as well as the portfolios of leading businesses operating in the sports betting and online gambling space.
Gambling Industry News
In order to better understand thecompetitive nature of this landscape, Zion Market Research carried out ananalysis of the Porter’s 5 Forces Model with respect to the online sportsbetting and gambling market. This particular study factors in the marketattractiveness analysis, covering regional segments and the game formcomponent, benchmarking them on aspects like general attractiveness, growthrate and overall market size.
Gambling Industry Billion
Majority of the growth expected in thespace will be because of regional markets throughout Europe, includingcountries like Czech Republic, Malta, France, Poland and many more, as well asseveral countries in the Asia-Pacific region. It has been noted that asignificant increase in the internet access throughout the world is alsofacilitating growth in the online gaming industry. Close to 47% of the entire world populationhad access to the World Wide Web in the year 2016, 2.5% more than the yearbefore that.
Cryptocurrencies and legalization of gambling contributing to the growth
This major boost in online gambling industry is also expected to be driven by adoption of cryptocurrencies across the world. The market research company highlighted and emphasized the fact that the total value of cryptocurrencies was close to $17.7 billion at the start of 2017, and will rise consistently in the future. Resultantly, it’s only natural to expect more cryptocurrency usage in the online gambling space, during this timeframe.
Furthermore, as per this report, Europe constitutes the biggest growth segment for the online gaming industry, thanks to the way in which online gambling is being legalized throughout the continent. Italy, France, Spain and many more countries have either joined or are in the process of joining this space, bringing a big pool of gamblers with them. Latin America and Asia-Pacific are also not far behind. It’s worth noting here that this Zion study has not taken into account the US market and how the country might contribute to the global gambling growth in the future. Although several US states have either legalized or are in the process of legalizing online gambling, there are many issues that still need to be resolved before this industry takes a good hold in that part of the world.
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Gaming Industry Billion
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