The rise in the need for smartphones development in internet technology is one of the significant reasons why digital gambling has been growing very well over the last couple of years. As of 2020, the market size for the betting software market was $66.72 billion. Due to the impact of COVID-19, there was a phenomenal and massive growth of about 11.2% in online betting. This growth resulted from people engaging the top betting sites more, as they had no choice but to remain indoors during the pandemic. The market, which currently stands at $74.17 billion, is expected to project to $158.20 billion by 2028 at a CAGR of 11.4% between 2021 and 2028.
Impact Of Covid-19 on Software Providers Market
Coronavirus peaked in 2020, and as a result, many institutions had to shut down for months during the pandemic lockdown. This development served as a huge stumbling block for land-based casinos. The embargo on public gatherings significantly impacted the offline gaming industry because people couldn’t visit casinos to play their favourite games.
Most people tend to hit the casino whenever they feel bored or have a reason to clear their heads. The unavailability of land-based casinos had people losing their minds from staying at home all day long. The work-from-home policies and shutting down of non-essential services were also in place during the lockdown period, which is why online betting became one of the few escapes that people could indulge in; hence, there was tremendous growth in the online gambling market during that period.
Other Factors That Aids The Growth Of Betting Software Market
- Easy Payment Option: This is one of the underlying factors that make online betting sites appeal to people. You can swiftly make transactions from your visa or master cards with absolute ease without having to go out of your comfort zones in any way.
You can also make use of the PayPal and Neteller options, as they offer E-wallets services for online betting sites. Also, Neteller offers you the opportunity to make transactions in 26 currencies without having to pay extra transaction fees.
Presently, some betting sites also offer you the chance to make deposits and withdrawals with popular cryptocurrencies, such as Bitcoins, Ethereum, etc. The availability of these payment options is one of the primary reasons people are trooping into the online gambling market.
- Socialising remotely: Some people loathe going out of their comfort zones, and at the same time, love meeting new people. At the realisation that they could do this on a betting site that has a large software provider where there can socialise with lots of people from the comfort of their homes, they always jump on the opportunity.
Likewise, some people love to meet new people but don’t want to compromise their identity. When many of them find out that this is possible when they use online betting sites where they can have conversations with random people anonymously, it excites them and makes them hop on board.
Betting Software Market Segmentation
For the easy study of growth, the betting software market is sub-divided into categories. By type, it divides into sports betting, casinos, bingo, lottery, poker, etc. The categories for end-user devices are desktop, mobile, tablets and iPads. There is also a section that consists of the regional analysis, which sums up North America, Europe, Asia, Rest of the World.
Online betting is a field that keeps growing, and it is only normal to expect the software providers market to grow alongside. The market has already witnessed immense growth between 2020 and 2021, but the prospect for it to rise even more is high