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Online Gambling Market Size Predicted to Reach $158.2 Billion by 2028
The world’s gambling market is forever growing, and if you ever had any doubt about this, then recent reports should serve to prove a point. According to Fortune Business Insights, the worldwide gambling market size is predicted to become worth a massive $158.20 billion (£114.1 billion) by 2028. This marks a compound annual growth rate (CAGR) of 11.4% throughout the noted period. That report also notes that the market stood at $66.72 billion (£48.1 billion) in 2020, pretty much displaying how effectively it is likely to grow in the coming years.
So, how is it possible that it can be expected to expand so much? What will be changing in those years and what is contributing to the online gambling scene today?
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COVID-19 Boosts the Appeal of Online Gambling
We’re not saying that pre-coronavirus the online scene wasn’t appealing to gamers. That would be far from the truth. In fact, it regularly used to bring in large amounts of money for many countries’ economies. However, the impact of the pandemic experienced in 2020 saw more people look towards the online gambling scene than ever before.
Governments in countries around the world were forced into imposing lockdowns and social distancing measures on people. This meant that many companies had to close their doors for periods of time, and this included many worldwide casinos and sports betting outlets. Without a venue to visit to engage in casino gameplay, players had to turn to the online sector as an alternative. Then again, with many people also having to work from home as well, it became a much simpler process to engage in online gaming alongside. Some of the world’s largest online casinos grew even more so thanks to this being the case.
With that shift to virtual platforms, the online gambling market has grown in various areas as well. You can look at an article that the New York University published, which displayed information surrounding online gambling platforms in Canada. Following the restrictions being imposed due to coronavirus, those sites gained quite the swift momentum. This was backed up by reports from Concordia University in Australia, which declared that spending at online casinos in Canada had risen by a vast 67% in April of 2020.
In fact, the situation enabled the scene to record a very healthy CAGR of 11.2%, reaching an overall value of $74.17 billion (£53.8 billion) in 2021.
Figures also show that Australia witnessed its own 67% increase in online betting in April 2020, while Great Britain's online gambling market recorded data showing a rise of 17.5% experienced in the same time period. Just generally speaking, since 2017, the online gambling market has witnessed a consecutive rise in its size. This is labelled as one of the reasons that the scene is predicted to hit around $158.2 billion by 2028.
Factors Shaping Online Gambling Growth
While the pandemic has been noted as a significant factor when it comes to the increase in online gambling recently, various other factors will shape its growth in the future. Within the report, these factors are analysed, as are the potential disruptions that could stunt that growth. It’s also the case that the report has its own study of the regional and competitive dynamics which have their own influence on the market. To obtain these insights, primary, secondary and tertiary sources were used for research purposes.
Markets around the world for gambling have been divided into several categories – sports betting, casino gaming, poker, bingo, lottery and others. The lottery segment is actually divided into two as well, with the worldwide segment possessing a share of 15.1%, while the UK market has a share of 15.4% in 2020.
The devices have also been separated into desktop, mobile and others. Different regions have been split up into their respective continents too, resulting in categories for North America, Europe, South America, the Middle East & Africa, and the Asia Pacific.
One other driving force that has been noted by the report is the introduction of high-quality, modern technologies. These add more fuel to the market and surround areas like artificial intelligence and blockchain technology. The latter of these is associated with digital currencies like Bitcoin and Ethereum, and it is already clear to see that more and more platforms are incorporating the possibility of depositing and withdrawing through cryptocurrencies, catering to players even more.
Spearheading the way for the trend of novel technologies are those startups that are both developing and providing innovative gambling platforms, which are powered by impressive smart technologies. Take a look at the Edgeless brand, which was introduced in 2018, becoming the very first Ethereum-based virtual casino platform. Tombola operates in a similar setup, providing gambling games and lotteries that are driven by cryptocurrencies and blockchain technology.
Europe Set to Be at the Forefront of the Global Market
Europe has always been quite the forward-thinking continent when it comes to gambling. The United Kingdom has had a liberal gambling market for some time now, while various countries within the European Union offer differing degrees of gambling options, too. It is for this reason that the continent is expected to be the headliner when it comes to the future of online gambling.
Heavy investments are already being made in the sports betting field by those who are enthusiastic about sporting events. It is also predicted that with a healthy betting culture throughout Europe, the prospects of the region will be heavily boosted. A figure of $30.92 billion (£22.26 billion) was reported as the size of the gambling market in Europe for 2020.
It is likely that North America won’t be far behind in this respect, though. With a secure connectivity infrastructure as well as strong gambling regulations, it is expected that the continent will stand in second place where the generation of revenue is concerned. At the same time, the growth in the number of investments being made in online gambling in South America, thanks to regulations in Colombia and Argentina, are expected to bolster the market growth in this area.
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