Betting and gambling of different kinds and in different forms are not new. For thousands of years people have been betting on games and events.
With the massive strides taken in technology, and the way in which it has insinuated itself into everyday life, the opportunities to place a wager are plentiful.
These highly-lucrative activities are no longer limited to vacations or trips to casinos, game parlors, bookmakers – access to online casinos and betting shops is available 24/7.
While land-based lotteries and casinos may dominate the gambling world, real money online betting and gambling is showing the greatest growth curve. The online gambling market also offers a wide variety of options – everything from casino games (such as online video slots and online blackjack), online bingo, online lottery, sports betting and online poker are available at the click of a mouse of swipe of a mobile screen.
A recent forecast by Transparency Market Research analyzed the global gambling and betting industry in term of size of user base, wallet share, growth curves and other user trends for the next 5 years.
The report takes a look at the gambling and betting market based North America, Asia Pacific, Europe as well as the rest of the world.
Technology Grows the Market
It’s to be expected that as technology advances and grows from year to year that people will incorporate that same technology into every aspect of their lives. This is definitely the case when it comes to the expansion of the online gambling industry.
The growth in the online gambling industry is largely due to consumers adapting the Internet to gamble on slots, live poker tables and more via online casinos. This also includes sports betting and many other forms of online gambling.
The increase in access to broadband internet services and the rapid expansion of the tablet and smartphone market has also played a large role in this growth. According to Transparency Market Research, consumers are also becoming more and more confident in using effective and low-cost payment mechanisms such as web wallets.
One of the most popular rising trends at the moment in the gambling and betting industry is social and mobile gambling.
The number of users with mobile devices that need their fix of gambling on-the-go is increasing exponentially and has created a development hotbed which mobile developers have been quick to take advantage of.
Social gambling, or the ability to gamble for free/fun via your favourite social media platform such as Facebook, is a huge boost to the industry as the growth of this key market segment has drawn the attention of real money gambling brands. These brands are looking to monetize social gambling through micro-transactions, which allow it to sidestep many online gambling regulations.
The growing acceptance of the popular digital currency, Bitcoin, is another trend in online gambling that we should keep an eye on.
Around the world, gambling regulations are constantly shifting and changing. This is especially apparent in Asia and North America.
Throughout most of Asia, betting and gambling is only permitted in casino resorts. The call for an increase in online betting and gambling is forcing governments to rethink their position. Societal interest means potential revenue and this has forced amendments to the laws governing gambling.
Even the United States, where online gambling is currently legal in three states, is actively revising their online betting and gambling regulations.
New Jersey, one of the three states in America that permits online gambling, generated almost $1 million during their first week of operations in November of 2013. The estimated value of earnings in 2014 was more than $10 million per month. Not to mention the millions of users that would register every month were it open to all States. The only other states in America that permit online gambling are Nevada and Delaware.
Thanks to the 2014 FIFA World Cup in Brazil, the gambling market saw a phenomenal leap in growth that had many Brazilian gamblers using offshore sports betting and gambling websites. While Argentina has the largest registered number of online gambling and betting websites in Latin America, online gambling is only permitted under special license.
The United Kingdom is facing its own set of gambling regulations problems as consumers are now being taxed for online gambling based on their place of residence. This went into effect as of December 2014. This was implemented to fight the loss of taxes on betting and gambling due to its gamblers shifting to offshore websites. However the high initial cost plus exorbitant annual revenue percentages due to the UK government has seen most online gambling companies opt to leave the region.
Growths and Mergers
One of the most highly anticipated growth markets is the Asia-Pacific region. Australia has taken point in this as it boasts the greatest overall numbers in terms of gamblers per capita in online sports betting globally.
Industry consolidations due to mergers and acquisitions are also to be expected throughout the Asia-Pacific market in coming years. An example of this is the acquisition of Rational Group (owners of Full Tilt Poker and PokerStars) by Amaya Gaming Group Inc. in June of 2014.
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