Online gambling is more accessible than ever. The rapid advancements in technology, game development, and internet access are vital. They place this industry on a historical growth trajectory. Grand View Research, Inc. has projected that the global online gambling market to reach $102 billion by 2025.
This report covers growth between 2019 and 2025. Online gambling and crypto gambling are fast gaining traction globally.
An industry that was once the preserve of a few who frequented physical casinos is now accessible pretty much anywhere with fast internet and positive regulations. Such is the transformation of this industry in only two decades of historic internet and technological advancement.
Blockchain technology has taken online gambling platforms like BC Game to the next level. Crypto gambling has introduced features like provably fair algorithms and efficient payment processing.
These, among others, are valuable additions to a booming industry.
The blockchain has provided decentralization of gaming control from both a development and monetization standpoint.
Read on to know why it is projected for the global online gambling market to reach $102 billion by 2025!
Reasons for the High Growth Rate
The report estimates that the industry will register an average Compound Annual Growth Rate (CAGR) of 11.25 percent to 2025. This rate is impressive for any industry. Certain factors fuel the rapid ascension.
The widespread adoption of smartphones comes to the fore. Fifteen years ago, there was no iPhone. Internet access was primarily the preserve of those with desktop computers.
Slightly over a decade later, you have endless possibilities on your palm. Couple this with the rapid expansion of internet connectivity, and you understand why all internet services are on a roll.
People are engaging in various types of online gambling at record rates. Online gambling operations are available from any corner of the globe, subject to regulations. Mobile gambling is cost-effective. Gamers can access various convenient mobile gambling applications to play multiple online gambling games at home.
One of the drivers of online gambling growth is the rise of sports betting. Sports gambling is relatively easy and convenient for smartphone users. The availability of fast internet has made live betting and other forms of gambling on major sports a lucrative affair. Sports betting is growing, with some U.S. states loosening regulations to draw more tax revenue from this sector potentially.
Betting is attracting people to other forms of online gambling. The underlying concept is pretty similar, only that classic gambling games may require more strategy and skill.
Accordingly, sports betting will continue to impact the overall market positively during the forecast period. Online agencies and servers that advertise various gambling games are in for a great run.
The regulatory development is also positive. New York is a landmark jurisdiction in terms of financial regulation.
The state’s move to legalized sports betting could be a pivotal domino in the regulatory landscape. More states and countries can follow this model to realize the positive effects of a booming industry.
Europe is a crucial market in the forecast period. This region is vital for growth in both industry size and regulatory developments.
A review of online gambling legislation in the UK to modernize gambling legislation will be fundamental in this era.
The Asia-Pacific region will likely register the highest growth rates. This growth is natural for an area with more than half of the global population.
Additionally, it will record the highest growth in smartphone adoption. Further relaxation of gambling legislation in these countries is pivotal with the vast young demographic and other bull factors.
The Acceleration of Growth during the Pandemic
Covid-19 lockdowns were devastating for most sectors of the economy. However, there might be a silver lining for the online gambling industry. This sector saw historic increases in revenue during this period.
The closure of physical casinos provided a unique window of opportunity for online gambling platforms. Besides, many people had to stay at home for social distancing purposes.
These people needed distractions and found online gambling as a suitable pastime. Search interest in online casinos hit an all-time high during the lockdowns.
Something positive came out of this pandemic after all, at least from the perspective of online gambling platform operators.
This popularity was in line with general appreciation in internet platforms. Zoom was the perfect example, rising from near obscurity before the pandemic to becoming a household name after.
Accordingly, the migration of gambling to the online space will likely endure. Many people who realized how captivating online gambling is are likely to stick around.
Online gambling platforms like BC Game continue to maintain a positive trajectory toward greatness.
All the above factors seem to indicate a perfect storm for global online gambling market growth in the near and long term.
It is an exciting time for all stakeholders. Site developers and entrepreneurs can make long-term plans with continual ascendance.
Gamers can enjoy unprecedented access and variety as the industry continues to evolve. All in all, it looks like a good time for online gambling.