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5 Trends Affecting the Growth of The Online Gambling Market
Technavio recently released a report on which important trends will have the biggest impact on the global online gambling market from 2016 - 2020. These trends are defined as a factor that could potentially and most significantly impact the online gambling market.
"These trends can either contribute to the growth or
the decline of the market."
The lead analyst from Technavio, Ujjwal Doshi said that the global online gambling market “is expected to grow at a CAGR of over 9% during the forecast period”. This was due to the fact that more than 85 countries worldwide have legalised online gambling. About 70% of the online gambling market revenue is generated through online betting and online casinos. Online gambling has become an instant hit thanks to the variety of games on offer as well as it being extremely convenient. According to Doshi, the key revenue generating countries in the market include the UK, China, the US, France, Germany, China, and Italy. According to the research the global online gambling market is expected to exceed $60 billion by 2020.
The five top emerging trends that are driving the global online gambling market according to Technavio include: The growing number of online women gamblers, increasing usage of credit and debit cards, the change in consumer gambling habits, the use of alternative options to cash and lastly market strategies.
A Rise in Female Players
The online gambling industry has been known to be mostly dominated by the male population, however, in 2015 statistics showed that the female gambling population made significant contributions to the overall market. According to research, the US counted 40% of female gamblers and the UK had a number of 49% during 2015.
Women younger than 35 years old were the most active during 2015 and many online casinos started encouraging women to get more involved in the market. Some of the casinos focused specifically on female players including Pink Casino, Maria Casino, and 888Ladies. More and more casinos are evolving and trying to add slot games and additional features that will draw women to their casino.
Increased Usage of Credit and Debit Cards
One of the biggest online gambling market challenges is still the legal issues some countries have. Japan, Portugal, South Korea, and Norway are a few of the countries that are known to be extremely strict when it comes to online casinos. Users are still able to easily access foreign websites illegally via a proxy server and make their payments and withdrawals with international credit or debit cards. One of the big reasons governments are holding back on banning these sites is because it will result in a loss of revenue as it will stop advertisers on the websites.
Change in Consumer Gambling Habits
The increased popularity of gambling apps and social gambling is believed to be a major factor that will propel market growth during 2016 - 2020. The increase in the usage of the internet and mobile phones has inspired vendors to develop innovative social gambling games. This is mostly because many people enjoy competing with friends when participating in social gambling. The number of social gamers has grown as some online games allow them to socialise and interact through the games while participating in tournaments.
One of the biggest perks of playing at an online casino is that you don’t need to carry cash around as you would with land-based casinos. All online casinos have a variety of payment options available through cash or virtual currency transactions through a digital payment portal. This way vendors can keep track of players' spending history which can help them create customised offers that will suit the needs of the player.
One of the biggest challenges vendors have is to get through to their customers via their mobile device and social media without becoming a “spammer” or a bother. Nowadays most people skip through advertising or even install ad blockers which means that marketers need to find a way to make their content informative, entertaining, and attractive to new customers. Most online casinos contact potential gamblers via e-mail, the online market, or mobile apps.
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