The online gambling industry has been booming in the last couple of decades and will continue to do so, according to a new report. The report estimates the market to reach almost $160 billion by 2028, with a yearly growth of 11.4% from 2021. Here is everything you need to know about the online gambling industry in 2021 and beyond.
Online gambling in 2021: Stats and numbers
Online gambling is an enormous industry. Casino games, poker, sports betting, bingo and lotteries are more accessible than ever due to more robust payment methods, smartphones and better internet structures. A new report from Fortune Business Insights shows that the global online gambling market size was over $66 billion in 2020 and is projected to grow from $74.17 billion in 2021 to $158.20 billion in 2018 – a growth of 11.4% per year.
Fortune Business Insights attributes this growth to several factors, including the growing adaptation of smartphones, increasing spending power of users, and advancements in internet technology. Additionally, new digital and mobile payment methods have made payment procedures easier for the players.
The report predicts that there will be an increasing demand for sports betting, and that betting will dominate the gaming industry in the years to come. The growth will be closely followed by casino games. By playing at online casinos, players can enjoy the best casino games from the comfort of their own home, and there are more types of slots and table games to choose from than ever before.
The future of the gambling industry
Although the online gambling market is growing rapidly, gambling companies are faced with tougher competition and stricter laws and regulations. Various countries have already banned online gambling sites due to the risk of problematic gambling behaviour, including Russia, Qatar and Poland. The Fortune Business Insights report also states that countries such as India, Japan and Singapore are likely to introduce similar bans in the future.
The European market is expected to keep dominating the market in the years to come, but new regulations can hamper expansion. Licensing bodies like MGA and the UKGC impose strict regulations in order to protect players. These regulations can be anything from weekly deposit limits to the ban of making deposits using credit cards. Failure to meet these regulations can lead to significant fines or the loss of the gambling license.
New technologies are being adopted rapidly in the online gambling market. The leading gaming companies are investing millions of dollars in new technologies for enhancing their products’ user experience. Gambling sites are adopting artificial intelligence that can accurately predict user behavior, creating a more customized user experience. AI can also be used to find players who are at risk of developing a problem.
The future of the online gambling industry is bright. Companies that are quick to embrace new technologies, meet the market demands and follow regulations will thrive in the coming years and decade.