Analysts Predict Rise of Online Casino Market

The online gaming industry demand grows as its potential as other sectors realize a growth stimulus. Analysts projected the market capitalization of the online gambling industry to rise in the future. 

Global trend shows that the industry will continue to grow since it is now adopted mainstream. Online betting and casinos are gaining popularity, especially now that people are trapped inside their houses because of the covid-19 pandemic.  The benefits of online casinos are now seen in both the environment and the economy.

The environmental benefit of Online Casino

The benefit of online casinos is not limited to the economic advantage it brings. The industry is also beneficial to the environment.  It is common knowledge that human activities drive global warming since it increases greenhouse gasses present in the atmosphere.  Scientists believe that carbon dioxide, methane, and nitrous oxide in the air traps heat and causes climate change.

Actual casinos require players to travel to the actual building to play their favorite games. Thus, it contributes a percentage to the greenhouse gasses present in the atmosphere.  Playing at home in online casinos omits gas emission from the equation since there was no transportation involved.

Actual casinos are usually built in places that attract tourism like resorts and beaches.  Agricultural lands are developed into hotels and casinos.

Online casinos do not require actual buildings to operate. It leaves no damage to the environment.

Economic advantages of the industry

If legalized, online gambling will provide lots of revenue to the government.  According to reports, Americans spend more or less $5 billion during Super Bowl 52. Three percent of the income came from legal gambling, while the remaining 97% came from online betting platforms.  Legalizing online casinos will significantly help the economy of the US.  According to analysts, the industry can add $2.9 billion to the annual casino profit of the country if it is regulated and legalized.

The study conducted at the Oxford University in 2017, concluded that profits between $11.6 billion to $14.2 billion would be added to the country’s GDP is sports betting is legalized.

The industry also promises 125,000 to 152,000 jobs, with estimated total wages between $6 billion and $7 billion.

Given that technology is advancing, the potential of online gaming platforms as economic stimulus becomes more powerful.

The global rise of online Casinos

Statista expected the growth of the online gaming industry to $94.4 billion by 2024.  The report said that online casinos generate $50 every year.

The analysis said that the growth of online casino gambling is due to the rise in per capita income and dual-income households.

Online casinos are gaining popularity globally. In Australia, the Interactive Gambling Act in 2001 was passed when online gaming gained popularity to restrict gaming advertisements in television and radio.  The Interactive Gambling Bill I 2016 was born so that the government gains control of the operations of the online casinos.

In the UK, the Gambling Act of 2005 was passed to legalize online gambling.  Other countries, including Nigeria, Canada, and parts of Southeast Asia, considered legalizing online gaming to gain control and to collect revenue.

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