The gambling sector is seemingly unstoppable: a recent Market Research study has shown that the market revenue is set to hit $145.6 billion just 8 short years away in 2030.
These figures are predicting a compound annual growth rate (CAGR) of around 12% between 2022 and 2030, which draws us to an interesting question: just what is spurring this growth?
There are a number of factors involved in this unprecedented growth – from direct issues like the rise of online casinos such as casinoonlinein.com to more benign things such as world events. Let’s take a closer look at some of these closer:
Easier Access
With the growth of the gambling sector prevalent for all the see, there are hundreds of new casinos being released every year. This is creating more competition, which has predictably caused these casinos to start offering better incentives for new players to sign up.
Many casinos – both land based and online – are offering various bonuses and rewards to players for absolutely nothing, just to get them through the doors. With online casinos, this is the easiest access imaginable, players simply need to sign up and they’re good to go.
World Events
The recent pandemic saw many people having to isolate themselves at home and spend less time in social situations. This led to a bump in players at online casinos, who were looking for some sort of stimulation and excitement.
You also have the sporting events of the world that drive a lot of revenue for the big brands. The combination of the lockdown with events such as the UEFA 2020 Euros saw more people placing bets online.
Technological Advancement
Whilst there are numerous technological drivers to the growth of the sector, a few key ones stand out:
The major adoption of crypto
Crypto has been a game changer for many different industries. Gambling is one of them. The speed and anonymity of payment methods such as Bitcoin and Ethereum have spurned their own class of casinos designed specifically for payment by cryptocurrencies.
Apps becoming more interactive
Both sports betting and online casino apps have seen major developments allowing things like in-play bets, watching games live and even in-app deposit options. All of these things add to more people doing all of their gambling in an app, which is incredibly convenient for bettors.
Countries Changing Legislation
Whilst most of the revenue generated in online gambling comes from just a handful of countries such as China, the US, the UK and Canada, many other countries are opening up previous gambling restrictions thanks to the growth.
These countries – such as India, Canada and parts of the US – have seen the taxable income they could get from the gambling industry and the amount they could boost their economy.
It’s predicted that different regions of the world will pull in different CAGRs thanks to these legislation changes, Such as Europe growing to 12% CAGR and Asia pacific expanding to 12.8%.
Esports & The Spread Into Online Gaming
A whole new market opened up with the expansion of gambling into esports. Whilst still in its relative infant stages, the esports market is incredibly fanatical with top-tier gaming tournaments being watched by hundreds of thousands and having a combined prize pool of over $40 million in 2021.
Not surprisingly, many market leaders in the gambling sector jumped on this opportunity and started accepting bets on various esports games and tournaments. This new, untapped market has a yearly revenue of $1.1 billion and has seen double-digit growth year on year.
Esports itself is only set for more growth – and with the market expanding, so will the number of people who place bets on games.
Conclusion
Whilst there are plenty of other reasons why the gambling sector is growing at a substantial pace, the ones listed here are seen as the main drivers of growth. Even with new legislations and restrictions expected, the gamblign industry is anticipated to grow almost triple in revenue over the next 8 years!