Friday, August 5, 2022
  • About
  • Write for us
  • Contact
Today News
  • Business
  • Tech
    Get Up to Speed on the Technology Behind E-Bikes

    Get Up to Speed on the Technology Behind E-Bikes

    How Door-Based Security Can Protect Your Business

    How Door-Based Security Can Protect Your Business

    Keep A Tab On Your Loved Ones With A Small GPS Tracker

    Keep A Tab On Your Loved Ones With A Small GPS Tracker

    5 Reasons Why You Should Consider Dark Fiber

    5 Reasons Why You Should Consider Dark Fiber

    Tips for Using LIMS To Improve Business Efficiency and Profitability

    Tips for Using LIMS To Improve Business Efficiency and Profitability

    3 Benefits for Having the Latest Tech for Online Casino Games

    3 Benefits for Having the Latest Tech for Online Casino Games

    Best apps for winding down in 2022

    Best apps for winding down in 2022

    Learning Analytics: What Is It, What is Its Importance, And Mistakes To Avoid While Dealing With It

    Learning Analytics: What Is It, What is Its Importance, And Mistakes To Avoid While Dealing With It

    Online Casinos Now in Your Telegram App

    Online Casinos Now in Your Telegram App

  • Consumer
    Get Up to Speed on the Technology Behind E-Bikes

    Get Up to Speed on the Technology Behind E-Bikes

    How to Choose the Best Baby Nursery Furniture for Your Needs?

    How to Choose the Best Baby Nursery Furniture for Your Needs?

    Which Type Of Delta 9 Oil Is Right For You?

    Which Type Of Delta 9 Oil Is Right For You?

    5 benefits of adding CBD products to your daily routine

    5 benefits of adding CBD products to your daily routine

    Mistakes To Avoid While Using A THC Vape Pen

    Mistakes To Avoid While Using A THC Vape Pen

    Running a business? Get to Know the Consumer Trends of 2022

    Running a business? Get to Know the Consumer Trends of 2022

    The Incredible Benefits of Having a Boiler System For Your Home

    The Incredible Benefits of Having a Boiler System For Your Home

    Top 5 Perfect Gifts for News Junkies

    Top 5 Perfect Gifts for News Junkies

    Graduation Bracelets: Perfect Gift for the Perfect Achievement

    Graduation Bracelets: Perfect Gift for the Perfect Achievement

  • Finance
    Factors that Affect the Price of Shares in the United Kingdom

    Factors that Affect the Price of Shares in the United Kingdom

    Cryptocurrencies Vs. Stocks: Understanding The Differences

    Cryptocurrencies Vs. Stocks: Understanding The Differences

    5 Rules To Follow To Ace Crypto Trading

    5 Rules To Follow To Ace Crypto Trading

    What Are Some Of The Cryptocurrency Predictions Of 2023

    What Are Some Of The Cryptocurrency Predictions Of 2023

    Simple Guide To Choose The Bitcoin Exchange

    Simple Guide To Choose The Bitcoin Exchange

    Best Cryptocurrency Wallets In 2022

    Best Cryptocurrency Wallets In 2022

    What’s the Difference Between a Crypto Broker and an Exchange?

    What’s the Difference Between a Crypto Broker and an Exchange?

    How To Set Up A Basic Cryptocurrency Wallet

    How To Set Up A Basic Cryptocurrency Wallet

    Bitcoin Wallet Guide: Steps To Pick The Best Bitcoin Wallet

    Bitcoin Wallet Guide: Steps To Pick The Best Bitcoin Wallet

  • Environment
    Waste Sorting Behavior of University Students

    Waste Sorting Behavior of University Students

    Top tips on how to bring sustainability into the home

    Top tips on how to bring sustainability into the home

    How Is Cryptocurrency Affecting Our Environment?

    How Is Cryptocurrency Affecting Our Environment?

    How does Storage Space help in Green Energy ?

    How does Storage Space help in Green Energy ?

    How Fleet Managers Can Go Green to Save Money

    How Fleet Managers Can Go Green to Save Money

    10 Tips for Being More Eco-Friendly

    10 Tips for Being More Eco-Friendly

    Fresh Start Waste weighing technology minimises environmental impact of business waste

    Fresh Start Waste weighing technology minimises environmental impact of business waste

    Money does grow on them! Planting trees could benefit economy by £366 million and create 36,000 jobs

    Money does grow on them! Planting trees could benefit economy by £366 million and create 36,000 jobs

  • Property
    How to Choose the Best Baby Nursery Furniture for Your Needs?

    How to Choose the Best Baby Nursery Furniture for Your Needs?

    7 Creative Ideas To Make A Statement In Your Home

    7 Creative Ideas To Make A Statement In Your Home

    Common Home Emergencies and How to Handle Them

    Common Home Emergencies and How to Handle Them

    5 Ways to Make Your New House Feel Like a Home

    5 Ways to Make Your New House Feel Like a Home

    Top tips on how to bring sustainability into the home

    Top tips on how to bring sustainability into the home

    5 Tips for Doing a Change of Tenancy Deep Clean

    5 Tips for Doing a Change of Tenancy Deep Clean

    Outdoor Living: How To Expand Your Indoor Living Space To The Outdoors

    Outdoor Living: How To Expand Your Indoor Living Space To The Outdoors

    Advantages Of Electric Heating: Know Uses, Types, And Facts

    Advantages Of Electric Heating: Know Uses, Types, And Facts

    7 Things You Shouldn’t Ignore to Install in Your New Home

    7 Things You Shouldn’t Ignore to Install in Your New Home

  • eCommerce
    How To: Streamline Your International Shipping Process

    How To: Streamline Your International Shipping Process

    ECommerce Trends You Have To Know About in 2022

    ECommerce Trends You Have To Know About in 2022

    You can benefit a great deal by buying furniture online

    You can benefit a great deal by buying furniture online

    UK home to top three global e-commerce market when compared to national GDP

    UK home to top three global e-commerce market when compared to national GDP

No Result
View All Result
Today News
Home Leisure

Casino and Online Gambling Sector Market Size Worldwide

David Prior by David Prior
April 6, 2022
Reading Time: 5 mins read
Casino and Online Gambling Sector Market Size Worldwide
303
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

The casino and online gambling markets are forecasted to grow at a CAGR of more than 11 percent between 2021 and 2026. During the lockdowns necessitated by the COVID-19 pandemic, more consumers resorted to online platforms to overcome the psychological, social, and financial crisis. 

Recent research indicates consumer interest in online casinos and gambling due to the sports restrictions because of lockdowns. Also, some industry players went digital in reaction to the closure of gambling establishments. This has positively impacted the market since many players increased their online gambling stakes.

Related posts

What can we expect from future UK gambling regulation?

What can we expect from future UK gambling regulation?

August 5, 2022
434
Why Online Casinos Will Never Go Out of Style

Why Online Casinos Will Never Go Out of Style

August 2, 2022
548

What does the future of the online gambling sector look like? Online gambling is forecasted to be the fastest-growing segment in the medium term. Machine learning, chat bots, and artificial intelligence have already carved a niche for themselves in the market. 

During the forecast period, online gambling will be enhanced by cashless payment modes’ convenience and increased female players in casinos. What is the current casino and online gambling market size?

Online Gambling Market Size

In 2015, the online gambling market had a compound annual growth rate of 13.7 percent.  Its market size grew to a valuation of almost $76.8 billion in 2020. This is expected to grow at 10.7 percent per annum to $127.4 billion by 2025. From 2025, the market size is projected to reach $192.2 billion in 2030 at a compound annual growth rate of 8.6 percent.

The historic period of growth is facilitated by increased adoption of smartphones with better internet accessibility, growth in disposable income, the emergence of digital payment modes, and economic rise in emerging markets. 

The rise in gamer involvement is poised to drive future growth, acceptance, and incorporation of fintech. It will shift consumer gambling preferences, gambling legalization, and technical advancement of gambling platforms.

However, factors such as global recession, restrictions meant to mitigate gambling addiction, security issues, and demographic shifts could hinder the future expansion of the casino and online gambling sector.

Rising Player Involvement

Since the pandemic lockdown, there has been a global increase in the number of gamers on online gambling and casino platforms. The closure of traditional gambling establishments led to increased online gambling platforms like Xl-Bet, one of the best-rated betting sites in 2022. 

All fronts saw an increase in internet traffic since people were obliged to stay indoors. Therefore, more people registered as new users and regularly logged into online gambling sites.

Some countries took the opportunity to modify their gambling regulations. For instance, online casinos became legal in Belarus while Armenia amended her existing laws. Also, many platforms improved their promotional events and marketing strategies to attract new players by increasing tournaments and paying higher bonuses. Some platforms even offer reload bonuses, registration bonuses, and loyalty rewards to attract more users.

Online Gambling Market Restraints

The global economic recession after the COVID-19 pandemic is projected to hinder the expansion of the casino and online gambling market during the forecast duration. During the lockdowns implemented by authorities worldwide, most businesses temporarily stopped their operations, resulting in substantial economic losses. Unfortunately, the casino industry wasn’t spared. 

The global economy came to a standstill and plunged into a recession. The United Nations World Economic Situation and Prospects (WESP) estimates that the global economy shed an output of almost $8.5 trillion two years after the pandemic. This wiped out almost the entire strides made in the previous four years and pushed nearly 34.3 million people below the abject poverty line.

This means that people may not be ready to spend on non-essential activities like online betting due to the fall in disposable income. This will be a significant impediment to the increase of the online betting market in the forecast duration.

Online Gambling Market Trends

  1. Incorporation of Artificial Intelligence in Online Gambling

Most stakeholders in the gambling industry are resorting to AI (artificial intelligence) to enhance their customers’ overall experience. Therefore, the question ‘what are the benefits of artificial intelligence?’ is essential. 

 AI promotes personalized experiences for every user since it analyzes their betting preferences. It factors player needs regarding game selection and creates an appropriate and unique welcome page. 

This minimizes the time wasted by users when searching for their favorite games among the numerous options on offer. Also, chatbots supported by artificial intelligence provide customer support and automatically resolve queries.

Artificial intelligence alleviates fraud and locks out scammers. It checks for gaming frauds and behavior patterns. Some gambling software development companies have recently launched an AI tool to record a gamer’s digital trail, highlight high-risk players, and improve user experience (UX). The software can identify irresponsible playing patterns through complex neural networks and algorithms in real-time.

  1. The Use of Blockchain in Online Gambling

 There is an increase in the number of blockchain technology applications in the online gambling market. Incorporating the technology for payment transactions is one example of such a case. Blockchain is a safer and quicker payment mode than other options because it pays out in smart contracts. 

The incorporation of cryptocurrencies has enhanced the speed of transactions and improved anonymity. Apart from protecting user data, it also minimizes the risks of hacking and identity theft.

Blockchain removes the obligation to provide sensitive information like banking and personal details when a player makes a deposit. Since the transactions are not taxed, blockchain transactions are cheap or free. Most online casinos are opting for crypto as a preferred payment mode due to its benefits to players, such as improved odds and significantly higher payouts.

  1. North America is Still the Fastest-growing Region

The current online gambling regulations in the United States only allow licensed bookmakers in New Jersey, Pennsylvania, and Nevada to conduct their business legally. Online gambling is regulated in the three states. However, new regulations in Pennsylvania allow online poker, online casinos, sports betting, and other games. There are several live sports betting applications in New Jersey and sportsbooks.

Canada remains a mostly unregulated territory regarding online gambling. On the other hand, Mexico aims to regulate the online gambling sector by amending its existing gambling laws.

Previous Post

Our Pick of The Most Exciting Cryptocurrency for 2022

Next Post

The benefits of signing up for an online casino account

Related Posts

What can we expect from future UK gambling regulation?
Leisure

What can we expect from future UK gambling regulation?

August 5, 2022
434
Why Online Casinos Will Never Go Out of Style
Leisure

Why Online Casinos Will Never Go Out of Style

August 2, 2022
548
How to Use a No Deposit Bonus Correctly
Leisure

How to Use a No Deposit Bonus Correctly

July 27, 2022
410
5 Gambling Mistakes 6Takarakuji Recommends to Avoid
Leisure

5 Gambling Mistakes 6Takarakuji Recommends to Avoid

July 13, 2022
432
Top 5 Metaverse Games To Immerse Yourself Into
Leisure

Top 5 Metaverse Games To Immerse Yourself Into

July 11, 2022
442
5 Best UK-Based Casino Game Developers
Leisure

5 Best UK-Based Casino Game Developers

July 2, 2022
619
Next Post
The benefits of signing up for an online casino account

The benefits of signing up for an online casino account

RECOMMENDED NEWS

Best Assistive Learning Tools for Kids And Students

Best Assistive Learning Tools for Kids And Students

3 months ago
451
Best webinar marketing strategies to increase customer engagement

Best webinar marketing strategies to increase customer engagement

3 months ago
399
Society’s Overdependence On Technology

Society’s Overdependence On Technology

4 months ago
544
Simple Guide to Creating an SEO Strategy in 2022

Simple Guide to Creating an SEO Strategy in 2022

1 month ago
465

BROWSE BY CATEGORIES

  • Business
  • Careers
  • Charity
  • Consumer
  • Culture
  • eCommerce
  • Education
  • Entrepreneurs
  • Environment
  • Finance
  • Food & Drink
  • Gaming
  • Health
  • Insurance
  • Leisure
  • Lifestyle
  • Marketing
  • Politics
  • Property
  • Sales
  • Sport
  • Sports
  • Tech
  • Transport
  • Travel

BROWSE BY TOPICS

aberdeen AI analytics app bestplaces building carbon carbonzero cars connected construction coronavirus data digital ecommerce emerging engage green inflation insurance investment locatee modular offices onskil overseas parkopedia pocketbox portholme property reassured recruitment recycling refuse remoteworking selby seopa thinxnet veetee vehicles website workfromhome workspace yopa yorkshire

Latest news

What can we expect from future UK gambling regulation?

What can we expect from future UK gambling regulation?

August 5, 2022
How to Grow Your Business by Going Green: Our Top Tips

How to Grow Your Business by Going Green: Our Top Tips

August 4, 2022
Factors that Affect the Price of Shares in the United Kingdom

Factors that Affect the Price of Shares in the United Kingdom

August 4, 2022
Get Up to Speed on the Technology Behind E-Bikes

Get Up to Speed on the Technology Behind E-Bikes

August 4, 2022
How Door-Based Security Can Protect Your Business

How Door-Based Security Can Protect Your Business

August 4, 2022
Tech Tips To Improve Efficiency In Your Business

Tech Tips To Improve Efficiency In Your Business

August 3, 2022
Why Online Casinos Will Never Go Out of Style

Why Online Casinos Will Never Go Out of Style

August 2, 2022
How to Choose the Best Baby Nursery Furniture for Your Needs?

How to Choose the Best Baby Nursery Furniture for Your Needs?

August 2, 2022
How to Make Your Summer Party More Eco-Friendly

How to Make Your Summer Party More Eco-Friendly

August 1, 2022
Cryptocurrencies Vs. Stocks: Understanding The Differences

Cryptocurrencies Vs. Stocks: Understanding The Differences

July 31, 2022

Today News

  • About
  • Write for us
  • Contact

Sign up for our newsletter




Categories

  • Business
  • Careers
  • Charity
  • Consumer
  • Culture
  • eCommerce
  • Education
  • Entrepreneurs
  • Environment
  • Finance
  • Food & Drink
  • Gaming
  • Health
  • Insurance
  • Leisure
  • Lifestyle
  • Marketing
  • Politics
  • Property
  • Sales
  • Sport
  • Sports
  • Tech
  • Transport
  • Travel

Recent News

What can we expect from future UK gambling regulation?

What can we expect from future UK gambling regulation?

August 5, 2022
How to Grow Your Business by Going Green: Our Top Tips

How to Grow Your Business by Going Green: Our Top Tips

August 4, 2022
No Result
View All Result
  • Home
  • Business
  • Tech
  • Consumer
  • Finance
  • Environment
  • Property
  • eCommerce
  • Write for us
  • About
  • Contact