Online Gambling Industry To Hit Record Levels By 2027
According to new research, it is expected that the global online gambling market is set to grow massively over the next decade, and is expected to be worth over $127 billion by as soon as 2027.
That includes a CAGR of 11.5% from 2020 to 2027, as the market begins to gain traction as the online age continues to dominate. The popularity is only set to increase, as betting across the globe continues to grow with the USA now allowing sports betting in several different states.
As a more current figure, the gambling industry sits at $59 billion globally and is expected to nearly double by 2023 by hitting figures of $93 billion.
(Market size in U.S. Dollars)
2019 – $59.9 Billion
2020 – $66.7 Billion
2023 – $92.9 Billion
2027 – $127 Billion
2030 – $160+ Billion
What Is Online Gambling?
Online gambling is exactly the same as the gambling that we can do in land-based casinos or betting shops. Both have been popular for centuries across the United Kingdom and the United States, but the interest in online gambling could be bigger than anything we have seen before.
It consists of placing bets online on casino games, poker, bingo, lotto, sports, and a whole host of other products such as online slots.
Not only do Bookmakers have websites to place their betting markets and opportunities, but most have apps for mobiles and tablets as well, meaning that betting options are literally at the consumer’s fingertips.
No longer do you have to make a trip to a casino or betting shop to place a bet, there are thousands of betting opportunities to choose from online.
Why Is The Industry Growing So Much?
For an industry that has only been alive since around the turn of the Millennium, it is rather eye-watering how much it has grown in such a small amount of time. In terms of modern industries, it is one of the biggest success stories of its generation and continues to go from strength to strength as we advance into an ever-increasing digital age.
With more people now having access to smartphones and tablets more than ever before, we are a generation of people that are constantly online. From mobile phones to laptops and even voice-activated devices such as Amazon Alexa, we are almost physically connected to the internet.
As a result of this, the online gambling industry is profiting at an ever-increasing rate, as it’s effectively making betting apps and websites easier to access than any other point in human history.
Sports Betting in the United States
That is a factor that is expected to contribute to the industry more than others, with America seeing the most growth thanks to new legislation changes. With sports betting made legal in the United States by the Supreme Court in 2018, online companies are able to have a bigger footprint in the country, and significantly increase the size of the market.
In the United States alone, there are already close to 3,000 sites and apps currently available to gamble on bingo, poker, and lottery, plus a whole host of licensed online sportsbooks. This adds to the thousands that are already available across Europe.
The likes of Paddy Power, Betfair, Ladbrokes, Coral, William Hill, 888 Holdings, and Betfred have quickly penetrated the market, and are fast becoming big players in America’s sports betting scene.
Although many industries have struggled because of the current situation with COVID19, the gambling industry has revealed, because around the world, the demand for online gambling has only heightened, with many of the global online betting firms announcing record figures throughout 2020 and into 2021.
Another factor that is contributing to growth is secure online payment methods. Along with an increase in digital technology, the new payment options are matching the rise of digital currency, which will only future proof of the industry going forward.
In a nutshell, it is an industry that is here to stay and for as long as we continue our dependence on the internet and the online world, then the online gambling industry will only continue to keep getting bigger.