According to the statistics, the value of the online gambling industry in 2023 was nearly $60 billion. It is already more popular than traditional casinos. It is not a surprise that this market is so popular because it offers many advantages over standard gambling options. First, you can play games on different devices in the comfort of your home instead of traveling.
Also, there are numerous games available, which means that there is something for any sort of preference. Another thing that we have to mention is the strategy most of these online platforms is using to attract more players, which is by offering promo features. The most popular one is where you get free funds after making the first payment.
It can provide a great chance for beginners to significantly increase their chance of winning. For instance, you can create a list of all available online gambling platforms in your area and start playing on them one-by-one, by using the same amount of money. If you are already experienced in gambling, you should check out the new casinos that are available, and you can do that if you click here.
The Key Insights
More and more players are now interested in playing online, which is one of the main reasons for such high competition in this market. The current market size is already over $60 billion, and the annual growth rate is over 11%. It is expected for this market to get the value of over $100 billion in only a couple of years from now, while the projection for 2030 is saying that the value will be at least $150 billion.
There are different elements or groups that are all part of the online gambling industry, such as the lottery, bingo, sports betting, table games, and virtual games. The current stats are showing that the most popular options are sports betting and pokies are the most popular options. They take around 70% of the whole market. Also, the lottery is surprisingly high with around 15% market share.
However, we can expect some of these trends to change significantly in the future, especially when it comes to popularity of table games that you can already play in live format with a dealer that is streaming the table.
Why Is Online Gambling So Popular?
There are many reasons for why so many people prefer playing online instead of visiting traditional casinos. Some of them prefer both options, but the fact is that the online model is providing more convenience. You can find a lot of websites available in your area, choose the one you find the most attractive, and simply create a profile, make a payment, and play whatever you want.
On the other hand, keep in mind that security should always be in focus. The rise in popularity is also leading to an increase of scams. Therefore, be sure to check if the website is safe and reliable before you decide to share private data and details of your bank account.
The development is especially related to pokies. When you compare games that were available only five years ago with the most recent titles, you will notice many differences related to graphics, gameplay, but also to additional features that make it even more interesting to play.
Moreover, there are many platforms where you can play table games like poker, Blackjack, Roulette, and others. Poker sites are especially popular, and some of the most popular platforms are getting close to the premium world tournaments in terms of prices and number of players.
What to Expect in the Future?
It is not difficult to conclude that this market will become even more popular. Countries where it was restricted or limited are now changing the regulations and allowing people to play. The best example of that is the US with new laws where people are allowed to use certain online gambling platforms.
Also, the rapid development of new technologies will lead to increase as well. That is especially related to virtual technologies and platforms like VR and Metaverse. There are still people who prefer traditional model of gambling due to excitement and better experience, but with the integration of virtual reality, the difference will be much smaller when you are playing online.
The expected market value in 2030 is over $150 billion. However, this value might be much higher if more websites decides to integrate the most recent technology upgrades. Furthermore, we have to mention cryptocurrencies, and the fact that many online gambling platforms are already accepting them as a payment option.
The main benefit of using crypto in gambling is that you can be safer and enjoy in a much faster transactions. The difference when compared to standard transaction models is that you can withdraw money and get it on your account instantly instead of waiting a day or two.
The rise of online gambling will have an even bigger impact on the whole society. While it can be a great way to entertain in your free time, especially due to the fact that you can win a lot of money, there is also a rise in concerns over gambling addiction.
A lot of websites already have implemented new models that can help people to prevent serious financial losses. The best example of that is game stop feature. If you notice that you are feeling the urge to play all the time and spend more money than you can afford, there are multiple game stop options available like restricting your account for one week, month, or for good.
While there is a very high competition, this market is still offering a great potential for new businesses and gaming providers because many players are interested in exploring different options all the time. Chances are high that the results will be even higher than the expected growth, especially if some big markets where online casinos are still restricted or limited decide to become more open.