A recent 151-page report published by Mordor Intelligence LLP predicted that by as early as 2024, the online gambling market will reach a value of $87.75 billion, which represents a Compound Annual Growth Rate of 8.77%
The report considered online gambling to include activities such as betting, the lottery, bingo, casino games and other games such as poker; with sports betting making up a big chunk of the industry.
Increase in Participation of Women in Gambling
A key highlight from the report? An increase in the number of women using social gaming platforms and an increase in presence of women across the gamling industry as a whole, especially in casinos. Having said that, almost 50% of women still say that they feel intimidated stepping foot in a casino and playing games such as poker despite a solid interest in it
North America Leading the Way
North America is the fastest growing region when it comes to online gambling. Because of more restrictions in the US the market, however, they have a much lower market share than that in, let’s say Europe. However, with online betting now regulated since the legalization of online sports betting in the US, the growth rate is exponential. In the states of New Jersey, Nevada, and Pennsylvania sports betting is not only legal, but also regulated; New Jersey being the largest regulated market for online sports betting in the US.
In Canada, there are currently issues with regulation of the online gambling industry making online sports betting and using real money gambling apps somewhat difficult. Nevertheless, small steps are being made to improve regulation so we should see a spike in Canada over the coming months/years. An MP in Saskatchewan is currently pushing a bill to legalize single-event sports betting not only to help wipeout black-market bookmakers but to also put some money back into the economy through taxation.
Mexico seems a little more ahead of the game; already reviewing their gambling laws to get the online gambling industry regulated and more widely accepted to keep them up to speed with the likes of Europe and the US.
Increased competition in the online gambling industry has also contributed to this growth estimate as they’re disrupting the market with creative marketing campaigns and competitive pricing compared to the big players who own the majority of the online gambling sector.
Technology is also a key factor in the growth of the online gambling industry. Things such as 5G allow for better live stream gaming and sports bets to be placed in just a few taps of a phone. Online casinos are also utilizing big data to come up with creative marketing campaigns and improve UX across the industry. AI and AR are also contributing massively and will play a huge role in the way we gamle online over the next decade.