A recent report titled “Online Gambling Market, 2021-2028” by Fortune Business Insights reveals that the global online gambling market size is projected to reach USD 158.20 billion by 2028, exhibiting a CAGR of 11.4% during the forecast period.
The global market size of the online gambling market was USD 66.72 billion in the year 2020 and with the pandemic, the demand is shockingly rising. The various online casinos have quickly adopted the remote working models particularly favouring the individuals working from home. With all the gambling houses, theatres and all the non-essential services shut down, all avid gamblers have shifted to the virtual gambling platform quite actively.
The reasons for such a huge demand is because there has been a great advancement in Internet technology and smartphones over the years that has driven the demand for digital gambling, without a doubt. That being said, the key providers of this platform are investing heavily in adopting advanced technologies in order to improve and enhance the customer experience thus boosting the curiosity of the players.
The impact of COVID-19 on gambling
Although the outbreak of the coronavirus has been a hassle, creating a number of restrictions on the land-based casinos, it has definitely surged the demand for internet-based or online gambling at a very rapid pace across nations.
Take, for instance, an input collected from Monster Casino, a top online casino in the UK reveals that this online casino operating in the UK saw a growth of more than 110% during the lockdown period. Also added this is no different for some of the clients they work with. Thus, we can assuredly say that during the pandemic crisis, the gambling market has witnessed remarkable growth and the market is further expected to grow with a significant CAGR in the post-pandemic period as well.
Given the demand and popularity of online gambling houses, a majority of the online casinos are making huge investments in new technologies, especially, Artificial Intelligence (AI). The integration of AI in the system is enabling operators to analyse user interests and behaviour. This indeed helps in the designing of games and gameplay features to a considerable extent thus promising an invigorating iGaming experience, anywhere, anytime.
Furthermore, Artificial Intelligence is also helping companies to track users’ digital footprint and detect problematic gamblers. Hence, we can say for sure that Artificial Intelligence is likely to boost market growth hugely.
Regional insights on growth rates
With respect to regions, the market can be analysed under five major regions. Firstly, Europe is expected to dominate the online gambling market. The number of key players in this region is likely to drive the market growth and given its rich sports history and a vast number of sports enthusiasts, Europe is sure to see huge growth as there are numerous investors who are extensively investing in sponsoring online sports betting.
Secondly, North America is seen to be growing with respect to the revenue share. Advancement in digitalisation and secure mobile solutions is to drive the demand for online gaming in this region. Three popular states in the US, namely, Nevada, Pennsylvania and New Jersey have sportsbook and betting apps that are in huge demand.
Thirdly, countries like Argentina and Columbia are more focussed on regulating the gambling industry. Columbia has been quite active and an early adopter of virtual gambling and it is expected to dominate the regional market share.
Lastly, Asia Pacific is also likely to gain immense dominance given its seamless internet infrastructure and increasing adoption of smartphones. Japan and all the ASEAN countries are expected to dominate the online gaming market.
The pandemic has undoubtedly shaken our lives shutting the doors to social interaction and communication over a year. However, the online gambling industry has witnessed a massive shift in its growth rate owing to its easy accessibility, versatility and authenticity.
Online or virtual gambling houses are and will continue to flourish. The above reports and data clearly reveal how the Internet and mobile phones have driven the online gambling market only for the good. As a result, we can see plenty of online casinos coming up, featuring top-notch casino games accompanied by stunning graphics, themes and gameplay features. So let us gear up and observe how the online gambling industry evolves with time.