The global online gambling industry is projected to grow to $90.34 billion by 2024, with a compound annual growth rate of 11.50 percent.
The fast increase of internet and smartphone users, economic growth, demand for sports, and blockchain technology would contribute to the industry’s growth.
Online gambling has infiltrated in many countries worldwide. Countries started accepting the industry because of its high potential for boosting the growth of the economy. Experts revealed that the industry would experience many trends as it grows during the period, including the increase of demand for smartwatch devices, rising adoption of virtual reality, and increasing digitalization.
Analysts warned against the challenges brought by online gambling, including the physical and psychological effects of online gambling, addiction, and internet-related crimes like fraud. Many countries around the globe will open doors to online gambling during the period.
Sports betting, casinos, poker, bingo leads the industry
The demand for sports betting, casinos, poker, and bingo will surge in the coming years because of the rapid development in technology. Last year, sports betting, casinos, poker, and bingo were top contributors to the global online gambling market. Mobile, desktop, and tab were the top devices used by the gamblers in 2019.
Europe was the leader of the global online gambling market last year, followed by Asia Pacific, North America, and the Middle East. The rise of smartphone users and increasing digitalization contributed to the growth of the online gambling industry in Europe.
Mobile gambling continues to grow
Bricks and mortar casinos suffered the biggest hit during the novel coronavirus pandemic. Many countries considered the industry non-essential, placing them at the bottom of the list of sectors to reopen when time permits. In the absence of land-based casinos, online gaming saw unprecedented growth. The demand for online gambling increased because of government-imposed travel and business restrictions.
Mobile betting saw massive amounts of revenue during the lockdowns. People stayed in their homes with internet-related as their only source of entertainment. The development in mobile gambling and the increasing number of smartphone users boosted the online gambling industry.
Fantasy Sports and Gaming Association revealed that 825 percent of the total revenue for sports betting in New Jersey was contributed by mobile and online sports betting.
Experts claimed that sports betting would dominate the online gambling industry, estimated to reach $90 billion in 2025. The pandemic showed the potential growth of the industry. As technology develops, mobile gambling had cemented its influence in many countries—almost every type of gambling developed into mobile gambling.
The resume of major sports events will contribute to mobile gambling’s growth as people rely on their mobile devices for almost everything.
The gambling industry is on the race to develop their online apps to cope with the transformation of gambling to digitalization.
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