Foreword｜Money88
The total size of the global online gambling industry is estimated at $57 billion in 2021. By 2030, it is expected to reach USD 153 billion, growing at a CAGR of 11.7% during the forecast period (2022-2030).
The growing popularity of the internet is likely to increase the popularity of online gambling sites worldwide as well. Because of this, more and more money is being poured into online gambling sites, and more and more brick-and-mortar casinos are opening around the world.
Segment Analysis｜Money88
The online gambling market can be segmented into several subsets based on game type, platform, and geography.
Based On Type｜Money88
Sports betting, casinos, poker, bingo and others make up part of the global online gambling industry.
The sports betting industry sub-sector is projected to grow at a CAGR of 12.5% during the study period. The expansion of the sports betting market is largely due to the ease of placing bets through mobile devices and personal computers.
During the projected time frame, the category is likely to develop owing to the increasing number of sports betting advertisements across the globe. Machine learning, artificial intelligence (AI), virtual reality (VR) and blockchain are just some of the technologies sportsbooks are increasingly using.
Due to its proven effectiveness in enhancing betting predictions as well as betting efficiency, machine learning has quickly become the most widely used technology in sports betting.
Gambling is the second largest industry. Increased interest in social gambling and mobile gambling apps is driving the segment. Furthermore, the popularity of mobile devices across the globe has prompted vendors to prioritize the development of social casino games. The expansion of the segment is also attributed to the increasing purchasing power of gamblers across the globe. The growing demand for smartphones across the globe has driven businesses to offer casino games through digital media.
On Base Device｜Money88
The market share held by desktop computers is expected to grow at a CAGR of 11.4% during the forecast period. People who gamble online tend to use desktop computers because casino software is easier to install and download on these devices. This is expected to increase the demand for desktop computers. The convenience of large displays, intuitive interfaces, and seamless game switching also makes gamblers gravitate toward desktops.
After the Internet, the mobile market is the largest market category. Due to the widespread use of mobile devices, companies in the software and telecommunications industries place great emphasis on developing and publishing user interfaces and applications optimized for handheld devices. What mobile devices offer is better functionality at a lower price. With regard to mobile gambling sites, gamers can play games anytime and anywhere.
Furthermore, the rapid development of mobile technology is expected to provide players with better gaming experience. The increasing number of people with access to the internet and smartphones is driving the expansion of the mobile device segment in the online gambling business. With the popularity of smartphones around the world, especially in Asia Pacific, North America and Europe, the potential of mobile online gambling is also increasing.
Factors Encouraging Online Gambling Worldwide : Investment in online gambling has increased｜Money88
More and more people are looking for convenient and low-cost ways to deposit and withdraw money from online games, which is driving investment in the industry.
The growth of the market is mainly attributed to the continuous improvement in technology. Innovations in business structures, game styles, in-game sports betting and smartphone geolocation are all noteworthy. Facial recognition software powered by artificial intelligence and bitcoin is the target of those investments. The growing interest of industry players in using VR to provide realistic gaming environments will also have a favorable impact.
Global Live Casino Trend Continues to Expand｜Money88
Clients are supporting market expansion in countries that allow offline and online gambling. They are increasingly choosing online live casino sites over traditional brick-and-mortar sites.
As more and more gamblers switch from brick-and-mortar casinos to virtual ones, business owners in the online gambling industry stand to benefit greatly from this trend. For this reason, many high-stakes gamblers prefer to play at live casinos in the United States. They also include live dealer games, chat options and the flexibility to play anytime, anywhere.
The market should benefit from the surge in live casinos driven by cutting-edge technology during the forecast period. When the online casino market in the US was booming, Evolution decided to expand by opening a third live casino studio in Michigan. The company claims its Live Casino Studio is the way to improve the live casino gaming experience for online players using mobile devices, desktop computers and tablets.
Live casinos are also growing in popularity, especially among newbies, as no real money is required to play these games. Because of these advantages, brick-and-mortar casinos are on the rise, which bodes well for online gaming in the years to come.
The limits of the global online gambling industry: The alarming growth of cybercrime｜Money88
With the industry expected to experience explosive growth, online gambling has become a prime target for automated cybercriminals, who can deposit and withdraw funds in a number of different ways.
Hence, market players are making major efforts to address these issues by improving the knowledge of their customers and encouraging them to install antivirus software on their mobile devices and personal computers.
Additionally, businesses employ external procedures to secure their websites and secure online payments. Because the Internet is considered a wired communication facility, federal law prohibits its use for gambling or sports betting. Unfortunately, tracking gambling activity online is notoriously tricky, as gamblers can hide their identities and log out of gambling sites in no time.
There is also the possibility of app-based hacking while gambling online. For example, live casino mobile apps are vulnerable to manipulation and interception over shared Wi-Fi and 4G signals.
Additionally, fraudsters can take control of applications by spreading fake malware-infected versions. Many modern casinos store customer information off-site and protect it with industry-standard 128-bit encryption and regular backups. This means that even if the site is attacked, the data is still safe.
Possibilities in the Global Online Gambling Industry: Sponsor Support and Easy Access to Financing｜Money88
Payments made over the internet are very safe and secure, which is why online gaming businesses have widely embraced this technology.
Many online sportsbooks advertise themselves by becoming corporate sponsors of other teams, which often involves buying or merging other businesses.
DraftKings benefits from the acquisition of Golden Nugget’s well-known brand (iGaming) and customer database of over 5 million individuals. In this case, the potential for market expansion is enormous.
