Published: 14.08.2019, 11:12
3 min read
It occurs that online gambling is set to nourish even further within the coming five years. Nothing seems to come in the way of the online gambling industry, which is showing only growth indicators. The figures defiantly indicate that online gambling is in the threshold of claiming $94 billion within the coming five years.
Only two years ago, reports indicated that global online gambling brought $45.8 billion. If these figures are anything to go by, we are waiting to witness a compound annual growth rate (CAGR) of nearly 10.9% between the previous year and 2024.
Zion Market Research released a comprehensive forecast report concerning the projected growth in gambling within the coming a half-decade. The detailed report covered horserace, sports betting, online poker, and many other aspects of digital gaming.
Factors that Contribute to Online Gambling Growth
The research group pointed out that it used “an analysis from the Porter Five Forces model” to understand online gambling and betting market in a better way. The study emphasized on the market attractiveness analysis, components and regional blocs. However, benchmarking was done based on the respective region size, growth rate, and the general attractiveness.
Various legislations have contributed to the massive growth in online gambling, especially in Europe. Countries like Malta, France, and Poland are among the leaders in the continent due to favorable legislation. The Asia Pacific equally claims the cake of growth in online gambling.
The rise of global internet access has contributed immensely to the tremendous trend in gambling. In 2016, it was estimated that close to 50% of the world population can now access the Internet. The figure shows that the possibility to use the internet had risen by 2.5% when compared to the previous year.
Cryptocurrency is another force that is expected to steer the growth of online gambling within the few coming years. Zion Market observed that “cryptocurrencies use was about $17.7 billion” at the beginning of 2017. The rising popularity of Bitcoin casino games also contributes to the positive gambling market growth.
Regions With Expected Gambling Market Growth
Just like many aspects of the global economy, Europe is expected to lead the world in the steady expansion of online gambling due to vigorous betting-related legislations. The main consumer hubs of Europe are already showing larger interest in gambling. For example, Sweden gambling market has shown €590 million in sales in Q1 of 2019, while the UK online casino gaming is on the rise.
The Asia Pacific and Latin America will follow suit as the rest of the world join the wave later.
However, Zion Marketers failed to state the position of the US in the rapid growth in online gambling. The research firm cited several unresolved gambling issues as a setback for any meaningful progress in online gambling. Even though many key players such as NetEnt enter the US market, it’s unclear whether more would be able to follow.
