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Online Gambling Market To See Remarkable Growth
By 2027, the size of the market of online gambling on a worldwide scale is estimated to reach about 127.3 billion US dollars, wherein from 2020-2027 it would expect to record a Compound Annual Growth Rate (CAGR) of 11.5%. The snowballing popularity of betting activities worldwide as well as the online gambling’s freemium (free and premium) business model is amongst the numerous opportunities that have already opened up and will continue to unravel in the coming years.
Mobile devices taking on and adopting online gaming and gambling and effortless accessibility to online casino gaming and gambling platform are presently pushing up the worldwide online gambling market. Apart from this, other factors like the growing penetration of the internet and the obtainability and convenience of mobile apps for wagering activities and opportunities are also projected to be a contributing factor to the growth of the market throughout the period forecasted.
The spread of coronavirus has only increased the demand of people for online gambling which hastened the growth of the market size of worldwide online gambling.
According to Global Poker, there was an increase of 43% in the usage of websites of online poker in the United States when lockdowns and social distancing were enforced. And before the lockdown, 6.8% of the entire adult population in America (about 40 million) already enjoyed playing online or actual poker with their peers regularly.
Additionally, the ever-increasing digitalization together with secure options and alternatives for digital payment are also contributing factors to the market growth of online gambling. Furthermore, with cryptocurrency already being accepted and used in many betting and gambling sites, this will boost the growth of the market even more.
To provide users a more immersive and dynamic gambling experience, the industry of online gambling has now shifted its focus on virtual reality wherein peer-to-peer betting (social gaming) becomes a fairly new structure wherein players would be able to see and interact with each other at the gambling table through virtual reality technology.