The Global iGaming industry is very large and very profitable. All around the world, people are betting on sports events, horse races, and enjoying casino games or interactive video slots.
The industry seems unstoppable, but exactly what is driving this growth and how will it all look like in the future?
Now, a new market report by Zion Market Research answers these questions and reveals some surprising statistics about the industry and the factors at play in its growth.
According to the report published by the company, the global online betting and gambling market accounted for $45.8 billion in 2017 and is expected to reach $94.4 billion globally by 2024 which means a compound annual growth rate of 10.9% between 2017 and 2024.
For the purposes of the report, Zion has defined online gambling and betting as “a form of gambling that is played by means of a computer, mobile, laptop, and tablet through the internet” and can include “poker, blackjack, roulette, bingo, sports, & race betting.”
Cryptocurrencies and Virtual Reality Lead the Way
One of the factors that the market research firm especially highlights…
Bitcoin was the first crypto to be used for online gambling but now many others are accepted by different online casinos around the world.
“At the beginning of 2017, the total value of cryptocurrencies was about USD 17.7 billion and is projected to rise over the next 5 years. Thus, the usage of cryptocurrencies in online gambling is anticipated to rise during the estimated timeframe,” the report says.
Crypto transactions are attractive both to punters and operators because they’re faster, nearly anonymous and feature no middlemen in the form of a bank.
Not to mention that various actors can use them to skirt around jurisdictional issues.
When it comes to VR
The iGaming industry is as excited as the rest of the world. The adoption of VR headsets is expected to…
…have an impact on the online gambling market. Many online gambling sites are adopting this technology with the belief that it provides a better customer experience.
There are games such as blackjack and roulette available using this technology.
Regional Growth in Europe
Another important factor in the growth of the industry is the European market. This is because of a relatively recent push among EU and non-EU countries to legalize and regulate gambling.
The UK was first to bite the bullet, but Italy, Spain, France, Sweden, and the Netherlands are also following the trend.
This trend means, according to the report, that the market value will increase in these countries in the following years.
About the Company
Zion Market Research is a marketing research firm headquartered in India. For their various clients, they compose industry reports, company reports, and country reports.
Their database contains a large variety of reports from important industries and it is updated constantly.
Source: Gibbs, Erik, “Global online gambling to reach $94 billion within five years”. Calvin Ayre. August 12, 2019.