We looked at the market’s player base, revenue, licensing, problem gambling, and other stats to get a complete picture.
We were able to uncover some fascinating findings using data from Statista, GlobalNewsWire, and other sources.
It’s now time to share the discoveries we have made.
The current state in the online gambling industry
It is almost impossible to find the exact number of players at online casinos.
There is no way to determine the market value globally, but expect the market to reach $127.3 billion by 2027 with a CAGR of 11.5%.
New Online casino are gaining popularity and online casinos offering freemium services that offer players no deposit bonuses have led to a huge growth forecast.
The market is also experiencing rapid growth due to the widespread adoption of smartphones and the availability of cheap internet data plans.
The American Gaming Association (AGA), estimates that there are more than 2800 gaming sites that offer poker, bingo, and lottery.
These are the key findings of our analysis.
- In 2020, the global online gambling market was worth $66.7 billion
- The highest market shares are held by the United States, Canada, and Europe.
- Chatbots and Artificial Intelligence play an important role in the growth of the industry.
- By 2026, the global online gambling market will double in size
- Recent research shows that 96% of online gamblers do so at home.
Gambling experts are beginning to see that the shift to the digital environment will be inevitable. Online casinos will soon take over land-based casinos and replace fancy and posh casinos with advanced virtual environments that recreate the same experience from your home.
What are the key reasons that online gambling is the future for the casino industry?
Let’s see what happens.
Emerging online casino trends
Technology advances allow gambling operators to expand their reach and enhance their user experience.
Now, the industry is working to enhance the gambling experience by blurring lines between virtual and real. Operators are also concerned that online gambling is not 100% secure.
Traditional banking methods are being replaced by crypto payments
The implementation of cryptocurrency payments is one of the key drivers of online gambling.
Ethereum, Bitcoin, and other coins are rapidly becoming popular payment methods. Most gamblers would rather use them than e-wallets due to the many advantages they offer.
- Instant transfers;
- Transparency in all transactions
- Potential for long-term growth
- Specialized crypto gambling offers
- Online identity protection is possible with encryption technology
The masses finally started to pay attention to cryptocurrency this year.
This automatically leads to increased demand for crypto payments, particularly for gambling purposes. Crypto makes it more secure than ever to ensure that your online transactions are not disclosed to any third parties.
Augmented Reality and Virtual Reality casino games are just around the corner
VR and AR technology is expected to be the next big thing within the gaming industry.
Despite being overhyped by the media in recent years, the technology is finally making its way to online casinos. Game providers like NetEnt or Microgaming have announced that they’re already working on several VR and AR titles, including their staple slot machine Gonzo’s Quest.
It is believed that the gambling industry giants are in discussions to create a VR casino, which will allow players to gamble real money at a casino located near their home.
Virtual Reality will only be proven to be a great technology in the future. However, from what we have seen, it is expected to change our gambling habits and how we use online casinos.
Soon, gambling restrictions will be eliminated
Sociologists predict that globalization will reach a tipping point in the near future.
Globalization has been made possible by technology. Countries with restricted gambling content will not be able to allow citizens to place online wagers in a controlled environment.
Off-shore gambling and cryptocurrency allow players from restricted nations to participate in the fun and play casino games in a licensed setting. Starlink, Elon Musk’s online gambling platform, will be a major contributor to the global internet movement. Online gambling is now available everywhere in the world.