The global online gambling and betting market is predicted to double to $94.4bn (£77.8bn) by 2024, according to a recent report.
The analysts expect the market to grow at an compound annual growth rate of around 10.9% between 2018 and 2024 thanks to legalisation in the US, UK, France, and other European nations, and discussions on legalisation already under discussion in Germany, Russia, the Netherlands, and a number of countries across the Asia Pacific region.
The explosion of global connectivity is also expected to have an impact on the growth of the industry. Only 16% of the world’s population had internet access in 2005, with that figure now at around 50%, and more people coming online every day – and each one a potential customer for online gambling sites. Whilst many people gamble on their desktops or laptops, mobile gaming is a particular area of growth, especially in developing nations where access to computers remains relatively low, but cheap Android smartphones are already very common and with them an internet connection and the ability to play games.
Beyond internet penetration and legislation, new technologies are also expected to play a role in the global growth of the sector. The rise of cryptocurrencies such as Bitcoin and Ethereum in recent years has resulted in a growing number of online gambling firms accepting such currencies for deposits, and this trend is expected to continue as more people become aware of the benefits of cryptocurrencies and new exchanges and wallets simplify their use for the average consumer.
Virtual reality (VR), whilst still in its relative infancy, is another area that could provide significant growth opportunities for online gaming firms. Currently, players will play against the house or other players on their screens, but VR could mean online properties like Galaspins Casino could attract new players with a full live casino experience via a connected VR headset – adding a new sense of immersion to the games. There are already firms that offer some traditional games like blackjack and roulette, but with shipments of VR and AR (augmented reality) tech growing at 25 per cent per quarter, the technologies will soon become sufficiently commonplace for a much larger and more competitive landscape.
As countries around the world continue to legalise online gambling and internet penetration continues to increase, the world is becoming ever smaller and if gaming firms can dominate the market now, they could be setup in a commanding position for years to come when the whole world finally comes online.
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