Market Analyst Projects Growth Of Online Gambling, Betting Market To $49.2 Billion By 2020
The rise of online gambling and betting is inevitable. Countries in Europe and states in the US are starting to adopt gambling legislation to the rapid growth of online gaming globally. Currently, more than 18 states in the US have standing legislation to control and regulate online betting and casino operations.
The legislation paved the way for the licensing of more than 33 online betting operators across the country. Europe is the biggest market for online gambling and betting. European nations are now pushing to lift restrictions on online gaming to allow online gaming and betting platforms in their territory.
Online gaming and betting continues to rise
The novel coronavirus drastically changed the gambling landscape worldwide. The shutdown of land-based casinos and the cancellation of significant sports events paved the way for the unprecedented rise in online gambling. The study revealed that poker would grow by 11.2 percent, reaching the market value of $44.2 billion by the end of the analysis period.
The report said the poker market would continuously experience changes as it resets to a new normal during the post-coronavirus crisis. The analysis concluded that the US online gambling and the betting market would reach the compounded annual growth rate of 11.2 percent. It predicted that Europe and Germany’s market size would gain an additional $2.1 billion after 7 to 8 years.
The study concluded that the rest of the European markets would contribute more than $2.2 billion worth of demand. Japan’s poker market will reach a size of $3.1 billion at the end of the period. The market analyst also claimed that China would face challenges brought by the pandemic and its political and economic relationships with other nations.
The analysis also concluded that the changes in China’s relationship with other nations would encourage competition and provide opportunities to the online gambling and betting market. The report predicted that China’s economy would grow by 9.5 percent in the coming years, adding nearly $7.2 billion opportunities in the market.
Reasons for the industry’s growth
The increased use of gadgets such as smartphones, tablets, and laptops among millennial is one of the top reasons for its growth. Younger players believed that online casino games are no different from playing inside land-based casinos. More and more investors are now investing in the development of online casinos and betting apps readily available for smartphones.
Live casinos are expected to contribute to the success of the online gambling and betting industry. Live dealer casino games provide an actual casino-like experience since gamblers play with actual live dealers and interact with other players.
The gradual acceptance of the industry in many states is expected to increase its growth. Many states are now lifting their restrictions to allow online gambling.
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