Besides the global economy going through different dark moments this year, the online casino industries have continued stronger by the day. According to statistics, more people are embracing the online gambling industry as the betting platform becomes more accessible to the customers. Today, betting enthusiasts can enjoy table games, video poker, and slots with JackpotCity online casino from the comfort of their home. Nonetheless, this growth didn’t just happen overnight.
How the Online Casino Industry Exploded in Popularity
Thanks to advancements in mobile technology and internet penetration, punters can place wagers from anywhere, and that has been a game changer in market revenue. Today, there are over 1.5 billion gamblers globally, with the market estimated to be worth about $59 billion. This growth results from the legalization of gambling activities in different countries like Germany, Spain, Italy, Malta, and France.
The increased smartphone usage has also contributed to the rise of online casinos, as more people are inclined to place wagers and enjoy games through handheld devices. For most smartphone users, playing casino games offer the same entertainment as regular gaming apps. That has influenced casino operators to invest in mobile app development to offer an immersive experience through all devices.
Technologies like AR and VR are also presenting better immersive opportunities for online casino enthusiasts. These technologies are sure to impress people who still crave an authentic casino experience similar to being in a traditional casino. That shows the industry will continue with the upward trajectory in popularity and revenue generated, with industry experts estimating the industry will be worth over $127 billion by 2027.
In 2020, the global lockdown increased the demand for online casinos, as people continued looking for interesting ways to stay entertained without live sports action. Additionally, the increasing digitization paired with secure digital payment options has also contributed to the growth, with the market expected to proliferate in the next decade.
Online Gambling Market Highlights
- The ease of sports betting through smartphones and computers paired with the rise in the number of sports betting ads worldwide will propel growth over the next five years.
- Online casino operators can enter agreements with individual customers to offer betting services for cash, attracting more gamers in the process.
- Most players are using smartphones to bet, as installing casino software has been made easy. That’s propelling growth in the market.
- Online networks, agencies, and third-party ad servers are advertising gambling sites run by various companies.
- Europe will continue dominating the online casino market in the next five years after online gambling became legal.
- The Asia-Pacific market will record the highest growth rate thanks to the increased adoption of smartphones. The legalization of betting activities in the region and an increase in disposable income will also drive market growth.
The online casino market is witnessing growth in different regions worldwide, with Asia-Pacific being the fastest-growing region. This market growth is attributable to the legalisation of gambling activities, internet penetration, and affordable smartphones.
Please gamble responsibly.