The global online gambling and gaming market is expected to be worth somewhere around 87.5 billion USD by the end of 2024. This is with a CAGR of 8.77 percent. The improvement of the industries in aspects like security, gaming experience, and convenience could be the factors that could boost the online gambling market.
The online gambling market has different game types like betting, bingo, casinos, lottery, etc. However, both online casinos and sports betting are becoming more and more popular these days. This is mainly thanks to how many states in the US and countries are becoming more welcoming when it comes to the two.
In the US alone, even if online casinos and sportsbooks are not yet completely legal in the country, there are still loopholes in the law that enables many players to place their bets on casinos or bookies that are based off-shore.
With this, many local governments in the US are starting to learn how much they’re actually losing by not allowing these forms of gambling within their territories. Despite this, the market is still expected to skyrocket because of the laws in place regarding this.
Generally, the global casino market is particularly inflamed in North and Latin America, Europe, and Asian countries like China, India, and Japan. Because of the continuous growth of the online gambling industry, there are now many online casinos India, USA, Australia, and many other countries in the world that can choose from.
The online casino industry is dominated by many software developers and providers like Playtech and other industry leaders like Cryptologic and Microgaming. Indeed, many online casinos are now available to many countries but it will always boil down to the casino’s catalogs and jackpots for these casinos to gain popularity and reputation.
Variety is now becoming the trend when it comes to the traditional casino games. For example, the game of slots is most likely now available in over a hundred varieties. Visiting just one online casino can already let you have access to different slots games. This makes it hard to get sick of the game easily.
The growth of the global online gambling industry can also be thanks to how many players are now becoming more adapted to playing online games. The use of smartphones and other technologies that are becoming more available to the masses could be why many people are becoming players in the industry.
The online casino market alone is also expected to be worth at least half of the projected value of the online gambling industry by 2024. Online gambling could grow up to 45.8 billion US dollars by that year.
Another sector of the online gambling industry that is pushing for its growth is online sports betting. This is now becoming more accepted in countries like Australia, India, and the United States. In fact, the majority of the states in the US are now moving towards regulating sports betting within their borders.
States like Nevada, New Jersey, New York, Pennsylvania, Iowa, West Virginia, Rhode Island, and Indiana now allow their citizens to wager on sports like basketball, football, rugby, cricket, and many other more. Some states are still not open to collegiate sports betting as of this moment. Still, it is expected that more states are to be added on this list.
The move of sports betting in the US mainly happened after the Supreme Court repealed the Professional and Amateur Sports Protection Act of 1992. This made sports betting federally legal, but the regulation will be mainly up to each local government.
The growth of the online gambling industry is also tapping other casino industries like the casino management system market. The demand for secure online casino and betting platforms is becoming bigger than ever.
Technological advancements are also applied to online gaming and gambling too. The rise of VR and AR technologies makes a lot of people predict and see these as the future of online casinos. It’s not just the online gambling industry that could benefit from these.
Land-based casinos are also looking to apply these technologies eventually. They see the potential use of these technologies for their customers who are just starting out and even for their VIP players.
Aside from the VR and AR technologies, the blockchain tech has also penetrated gambling. There are now many online casinos that accept cryptocurrencies. Players are now more motivated to use cryptos for secure and anonymous transactions.
The global online gambling market has sure come a long way, but despite how convenient it is to now play casino games and place bets online, gaming and gambling companies are still looking for innovations that could be the next trend in this industry.