The worldwide gambling and betting market is going to surpass $94.4 billion by the year 2024. When you look at the report that has been released, you will see that it’s going to grow at a CAGR of around 10.9% between now and 2024. Online gambling and betting is now taking many forms and it is safe to say that it has come a very long way. Online gambling and betting games can be accessed from a huge range of different devices. This can include a computer, mobile, tablet or even a desktop PC. Online gambling games can really be accessed from anywhere, and this is one of the many reasons why it has become such a popular industry. All you need to do is a quick search to find plenty of online casinos to sign up with. You can even search strategies too, such as how to win at craps, blackjack and even poker.
The New Report
The new report has been released for the betting market and this is being done on a global scale. The study offers past data from 2015 and 2017. It also takes into account the various marketing dynamics too. Additionally, the report also includes the study of opportunities that are available in the current market and this really does help to take things to that next level when it comes to the predictions that it is able to make. At the end of the day, it’s important to take note that the betting market is expected to propel in the near future and a lot of this comes from the fact that it is legalised in the UK, US, Poland, France, Italy and other EU nations. Proposals are also being raised in Germany, Russia, the Netherlands and even Asia Pacific countries too. They are working hard to legalise gambling, but some of them have a long way to go. Around 46% of the global population have access to the internet right now and this is expected to grow even more. The main reason for this is because the Asia Pacific region is going to be digitalised, and the online gambling/betting market is becoming more evident than ever before. The rise of cryptocurrency is projected to fuel the growth of various benefits and they are also looking into even more traditional funding methods too. Gambling with cryptocurrency does not require the same legalisation that real money does, and this could bring about an interesting point.
At the end of the day, Bitcoin was the first currency to be used for payments online and at the start of 2017, the total value was around 17.7 billion USD. It is also projected to rise over the next few years too. The usage of cryptocurrency in online gambling is also expected to rise and this could mean very exciting things for the future. The adoption of VR and headsets within the online gambling industry is also expected to drive the betting market too. VR headsets are able to enhance the online gambling experience. Games that are available include blackjack and even roulette. The global AR/VR shipment in the second quarter witnessed a growth of around 25% and this could actually end up surpassing the projected forecast period.
The global online gambling and betting market is divided into hardware, software and service. Software is set to dominate the betting market during the set timeframe. The share is due to the availability of the various payment options that are available. On top of this, the online gambling and betting market is then divided into poker, sports betting, casino, bingo, horse racing and lottery. Out of all these, poker is expected to hold a very notable share overall and again, this could be very interesting with how much VR has advanced the current market.
Europe is anticipated to hold a very large share in the global gambling industry. The share actually comes down to the legalisation of online gambling. The UK was one of the very first countries to legalise online gambling and in 2015, it accounted for over 33% of total gambles made. The number is expected to rise even more and a lot of this comes down to the new gambling sites that are surfacing right now. The revenue generated by online gambling sites was 10% more in 2017 than it was in the year 2016 and this could fuel online gambling even more. Of course, it’s also important to know that the Asia Pacific are expected to experience a huge growth in the global and betting market. Online gambling in China is actually permitted. 34% of betting in Australia was done through the internet, and this is especially interesting when you compare it to the 15.7% in 2012. 22% of betters in Australia choose to use their smartphones too. In the year 2012, this was only 5.5% and this is shocking to say the least. With all of this information in mind, it’s anticipated that Asia Pacific will experience another significant growth in the online betting market.
Latin America is going to contribute to the global market significantly. There is no law in Argentina right now that states that gambling should be governed. The African region is expected to have a very large significant share in the online gambling and betting market, not to mention that online sports are really taking off too. Online sports betting in Nigeria, Ghana and even South Africa are going to boost the local market and it will also contribute to the payment systems that are being set up by local firms. Some of the key players that are going to be helping the market to take off include Bet365, Paddy Power, William Hill and more. Their data is also being used to track online betting trends too, which is going to further empower the industry while also paving the way for new and innovative ways to bet.
