Follow usIn the last 12 months the world economic had to deal with numerous challenges. Just when everyone was expecting COVID-19 pandemic to go away and businesses to come back on their feet the war between Russian and Ukraine brought everyone on the starting blocks. At least in the short term. Multiple countries had to invoke sanctions causing inflation across goods and services affecting many markets across the globe. Area that didn’t get his as bad is the online gambling. The market is expected to grow to $125.6 billion in 2027 at a CAGR of 9.1%. Last year, between 2022 and 2023, the market grew from $81.08 billion to $88.65 billion.
Image: Research and Markets
This includes revenues be entities that provide services like online betting using desktop or mobile devices. People are using these platforms betting on sports events, playing online casino, bingo, lotteries, poker games and many others. The overall market value is also taking into an account the value of related goods sold by the service provider or included in the service offering.
The Online Gambling is attracting more and more attention as it is one of the easiest ways to multiply a certain amount of money using your sports knowledge (in the case of sports betting) or your luck and skills with the online casino. In 2022 the largest region in Online Gambling was Asia Pacific, but Eastern Europe is expected to grow the fastest in the short-term forecast period. The online gambling is covered in 99% of the world in Asia-Pacific, Western and Eastern Europe, North and South America, the Middle East and Africa. But who knows, maybe even Antarctica can be part of the puzzle someday.
One of the main reasons for the uprising of online gambling is the increasing usage of smartphones and mobile devices in general. The ever-evolving internet connection makes it easier than ever to be part of the sports or casino betting at any point of the world. According to a study published by the Gambling Commission, in 2020, the most common way of accessing online gambling remained mobile phones, especially among young people. The European Online Gambling Edition revealed in 2021 that online gambling revenue is expected to reach €36.4 billion (41.7% of total gambling) gross gaming revenue in Europe, an increase of 19% compared to 2020. Cisco also adds that the total number of Internet users in global scale is projected to grow to 5.3 billion by 2023 at a CAGR of 6 percent, and smartphones will grow at a 7% CAGR. Logically, this is expected to drive the online gambling market forward.
Image: Grand View Research
One of the trickiest parts is the law in every country relating to online gambling. USA, for example, has very complex regulatory system while India put the whole gambling business under strict control. It all varies from country to country, but regardless where gambling businesses are operating, they have to comply with any laws that they are subject to, to ensure gambling sites are operated lawfully, ethically, and are safe.
The online gambling is affected even by new technologies like Blockchain, IoT and even VR. The latest is adding a revolutionary element in the business. For instance, one can enter a virtual casino and play all the games without leaving their home and can be part of the experience from everywhere in the world. Blockchain, on the other hand, can be a guarantee of fair playing experience. Back in the days fraud and cheating were majorly concerning the users of online gambling. A lot of casinos and online gambling sites have been accused of not being transparent and having fraudulent methods for their dealings. With blockchain technology, everyone will be able to see exactly what is going on behind the scenes and the confidence in the business is getting more and more serious.
One of the biggest examples of online gambling rising popularity is the fact that one of the biggest conglomerates MGM Resorts International acquired gaming and online sports betting company LeoVegas in 2022 for $604 million. Following the acquisition of LeoVegas, MGM Resorts International is expected to create a scaled global online gaming business.
The increasing popularity of online betting worldwide is a sufficient example that in times of crisis and military conflicts, it is one of the most sustainable businesses. Constantly developing technologies are a prerequisite that online betting will become easier and faster for customers and the best days for the field are yet to come.
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