Increase Internet gambling, Smartphone Penetration Boosts Global Online Gambling Market
MarketWatch.com’s research projected that the global online gambling market will grow into $94.37 billion by 2025, with a compound annual growth rate of 10.28 percent. The research claimed the increase in internet gamblers and smartphone penetration in the industry was among the contributors to the industry’s growth.
The newly emerging industry poses a high potential for growth even before the spread of the deadly novel coronavirus. Online casinos and online sportsbooks were among the favourite past times of many for decades. However, the industry faced challenges during its early development because of the traditional beliefs of many leaders on gambling and the concern about the threat that online activities bring.
Things changed as technology progressed. Governments’ outlook towards online gambling changed as lawmakers searched for an alternative source of revenue. The billion dollar-worth industry could provide enough tax revenue to boost economic growth and finance a sector. Revenues from online gambling are used to finance government initiatives for education, tourism, sports, and other sectors.
Projected growth in the industry
In 2018, the online gambling market is estimated at $47.57 billion and analysts projected its growth at $94.37 billion by 2025. The Online Gambling Market Report listed MGM Resorts International, Galaxy Entertainment Group Ltd., GVC Holdings Plc, INTRALOT SA., William Hill Plc among, 888 Holdings Plc, bet365 Group, Betsson Ab, Camelot UK Lotteries Ltd., Flutter Entertainment Plc as key players of the industry.
The report concluded that Europe will lead the global online gambling market because of the fast growth in innovation, the number of platforms and the shift in outlook of the government towards the operations of online gambling in the region.
The online gambling industry gained support from regulating bodies such as the European gaming and betting Association (EGBA). The association processes more than 121 different online gambling licenses across 20 members of the bloc.
US’s online gambling industry market is expected to grow exponentially as the number of states that regulates the industry increases. The country’s online gambling industry flourished when the US Supreme court lifted the ban towards the industry. Currently, there are more than 18 states with sports betting operations and more five with online casinos.
Factors which contributed to growth
The increasing number of young people involved in gambling and the growing smartphone penetration with involvement in gambling was the major contributors to the growth of the industry. The mobile gambling is one of the fastest growing sector in the gambling industry.
Analysts projected that nearly 8.92 million people in the UK are involved in gambling and nearly half play with their mobile phones or tablets.
The world gambling statistics noted that nearly 25 percent of the population , nearly 1.4 billion, are involved with gambling. The report said around 17 percent of people in the UK placed bets online.
The rise of social media and the increasing influence of the internet are contributors to the growth of the industry.
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