The global mobile gambling market to grow at a CAGR of 18.84% during the period 2017-2021.
Global Mobile Gambling Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. To calculate the market size, the report considers the revenue generated from the sales of mobile gambling.
According to the report, one of the major drivers for this market is Increased interest among the younger population. Mobile gambling attracts the younger population, which is something that traditional brick-and-mortar casinos have failed to do. Mobile gambling increases the reach of gambling to sections of the population that do not visit casinos or betting bars.
The average age of a casino visitor is 48 years, whereas the average age of an online gambler is 34.5 years and mobile gambler is 32 years. This further indicates a paradigm shift in the state of gambling from brick-and-mortar casinos to mobile gambling. In the current market scenario, it is essential for businesses to attract the millennial generation to prosper in the future. Mobile gambling is successfully attracting the younger population, which is a factor that will drive the market growth.
The latest trend gaining momentum in the market is Vendors accepting cash alternative. In the global mobile gambling market, rewards are given in the form of coupons or monetary benefits. A major trend in the market is the acceptance of cash alternatives, such as virtual money or cryptocurrency, by vendors.
Further, the report states that one of the major factors hindering the growth of this market is Mobile gambling invoking addictive behavior among low-income population. Mobile gambling is not legalized in many countries because it invokes addictive behavior among players. Gamblers become prone to impulse control disorder, which can be either because they want to recover losses or are greedy to win more. Such players are willing to gamble more regularly for higher stakes. Governments of countries are trying to control the reach of mobile gambling among the low-income population that may not be able to afford the losses.