Massive Expansion Expected for Online Gambling

There always seems to be some kind of report being published. One is entitled ‘Online Gambling Market 2021-2028’ and has been produced by Fortune Business Insights. It has good news for the industry with a projected global online market of $158.2 billion in seven years time. That massive figure if it happens would be a 11.4% compound annual growth rate (CAGR).

At a time when the world is still facing a pandemic such figures for any industry are welcome. Last year the global online gambling market reached $66.72 billion. That was despite all the chaos in the world.

The pandemic may have been disastrous news for most industries but not so for online gambling. With bookmakers shops being closed, customers have gone online to make their bets. Others have had more time on their hands and began to show an interest in online gambling to give them something to do. Monster Casino reported 110% growth during the first lockdown in the UK.

There was some need for online gambling sites to change what they offered their customers. With top sporting leagues on hold, more casino games were available and e-Sports and virtual sports became more popular.

Hopefully the bookmakers will be open again soon but the online gambling industry will continue to expand. It’s not just about the services that online gambling sites provide and people’s desire to play on them. The advancements made in the internet and particularly mobile phone technology have played a massive part in the growth.

Can you imagine what improvements will be made in the seven years covered by this report? Huge investments are being made in technology to improve customer experiences. This will bring in even more customers to the growing industry.

Artificial Intelligence (AI) is another step forward for the future. This allows operators to find out more information about how users behave and what they are interested in. All of which helps them design games that we want, all of which will help increase sales.

Market growth for online gambling in Europe is expected.

With so many European events to bet on, there will always be plenty to offer customers. Offering odds on American and Asian events is the icing on a rather large cake. Not surprisingly, there are plenty of investors interested in this market.

America has seen big changes in how they gamble. An increasing number of states are legalizing online gambling, especially on sport. That means more sportsbooks, more apps and of course, more money.

A similar situation is happening in South America, particularly in Colombia and Argentina. If technology is going to play a role in the growth of the online gambling market, then Asia Pacific is going to play a key role.

The future does look bright indeed for the online gambling industry. There may be criticism from some quarters and fears over addiction. Responsible gambling is important to quell those fears as the industry continues to grow.