In 2021, the total size of the online gambling industry worldwide was estimated to be $57 billion. By 2030, it is expected to have reached USD 153 billion, expanding at a CAGR of 11.7% over the projection period (2022–2030).
There is a good chance that the increasing availability of the internet will also increase the popularity of online gambling sites worldwide. Because of this, more money is being put into online gambling sites, and more brick-and-mortar casinos are opening up worldwide.
Factors that Encourage Online Gambling Around the World
Investments in Online Gambling Have Increased
More and more people are looking for convenient and low-cost ways to make online gaming deposits and withdrawals, which drives investment in the industry.
Many high-stakes gamblers have been enticed by the prospect of a handsome financial return by purchasing shares of publicly traded online gambling giants like BetOnline and DraftKings.
The market is growing thanks mainly to the constant improvements in technology. Innovations in business structures, game styles, in-play sports betting, and smartphone geolocation are all noteworthy. Facial recognition software powered by artificial intelligence and bitcoin is the target of these investments. The increasing interest of industry participants in using VR to deliver realistic gaming environments will also have a favorable impact.
The Worldwide Trend of Live Casinos Continues to Expand
Customers are bolstering market expansion in nations that allow offline and online gambling. They are increasingly selecting online live casino websites over traditional land-based ones.
As more and more gamblers transition from land-based to virtual casinos, business owners in the online gambling industry stand to gain significantly from this trend. For this reason, many high-stakes gamblers like playing in a live casino USA. They also include games with live dealers, a chat option, and the flexibility to play whenever and wherever you want.
Over the projection period, the market should benefit from the proliferation of live casinos powered by cutting-edge technologies. When the iGaming market in the United States was booming, Evolution decided to expand its operations by opening a third live casino studio in Michigan. The company claims its live casino studio is the way to go to improve the live casino gaming experience for online players using mobile devices, desktop computers, and tablets.
Live casinos are also gaining popularity, especially among first-timers, because they don’t require real money to play. Due to these advantages, land-based casinos are rising, which bodes well for online gaming in the coming years.
Restriction in the Worldwide Online Gambling Industry
The Shocking Increase in Cybercrime
Due to the industry’s predicted explosive growth, online gambling has become a prime target for automated cybercriminal attacks on the many different ways that players can deposit and withdraw funds.
Market participants are, therefore, making significant efforts to address these problems by raising customers’ knowledge and encouraging them to install anti-virus software on their mobile devices and personal computers.
In addition, businesses employ external programs to safeguard their websites and ensure the safety of online payments. Since the internet is considered a wire communication facility, its use in gambling or sports betting is prohibited by federal law. Unfortunately, it is notoriously tricky to track gambling activity online since gamblers can hide their identities and instantly log out of gambling sites.
There is also the possibility of app-based hacking when gambling online. Live casino mobile apps, for instance, are vulnerable to manipulation and interception via shared Wi-Fi and 4G signals.
Furthermore, fraudsters can control the apps by disseminating malware-infested phony versions. Multiple modern gambling establishments store customer information offsite and protect it with industry-standard 128-bit encryption and periodic backups. This means that the data would still be safe even if the site were to be attacked.
Possibilities in the Worldwide Online Gambling Industry
Support from Sponsors and Easily Accessible Financing
Payments made via the Internet are very safe and secure, which is why online gaming businesses widely accept this technique.
Many online sportsbooks promote themselves by becoming corporate sponsors of other teams, which often involves purchasing or merging other enterprises.
DraftKings was able to benefit from Golden Nugget’s well-known brand (iGaming) and customer database of more than 5 million individuals by acquiring it. The potential for market expansion in such situations is enormous.
Analysis by Segments
The market for online gambling can be broken down into numerous subsets based on game type, platform, and geographical location.
Based on the Type
Sports betting, casinos, poker, bingo, and others make up a portion of the global online gambling sector.
The Sports Betting industry subsector is projected to expand at a CAGR of 12.5% during the study period. The expansion of the sports betting market is mainly attributable to the ease with which bets may be placed via mobile devices and personal computers.
Over the projected time frame, the category is likely to develop due to the increasing number of advertisements for sports betting around the world. Machine learning, Artificial Intelligence (AI), virtual reality (VR), and blockchain are just some of the technologies that are increasingly being used by sports betting companies.
As a result of its proven effectiveness in enhancing betting prediction and, by extension, betting efficiency, machine learning has quickly become the most widely utilized technology in the sports betting sector.
The gambling industry is the second largest sector. The increased interest in social gambling and mobile gambling applications drives the segment. Furthermore, the worldwide popularity of mobile devices motivates suppliers to prioritize creating social gambling games. The segment expansion is also attributable to the rising purchasing power of gamblers worldwide. The increasing demand for smartphones worldwide inspires businesses to provide casino games via digital mediums.
On the Basis Device
Over the forecast period, the market share held by desktop computers is expected to increase at a CAGR of 11.4%. People who wager online tend to utilize desktop computers since casino software is easier to set up and download on those devices. This is expected to increase demand for desktop computers. Gamblers are also swayed to utilize a desktop by the convenience of its large display, intuitive interface, and seamless game switching.
After the Internet, the mobile market is the largest market category. Due to the widespread use of mobile devices, businesses in the software and telecommunications industries place a premium on developing and releasing user interfaces and applications optimized for use on handheld devices. Better functionality at reduced prices is what mobile devices provide.
Regarding mobile gambling sites, gamers have the luxury of playing whenever and anywhere they like.
In addition, the swift development of mobile technology is anticipated to provide enhanced gaming experiences for players. The increasing number of people with access to the internet and smartphones is fueling the expansion of the mobile device subsegment of the online gambling business. With the proliferation of smartphones across the globe, especially in the Asia-Pacific, North America, and Europe, the potential for mobile online gambling has increased.