Online Gambling On The Rise
The rise of online gambling is in full force. Year to year stats are pointing up, showing signs of a healthy infrastructure and emphasizing rapidly growing numbers. The online gambling industry was worth roughly $30 billion back in 2011. In 2017, the industry’s worth was estimated at $50 million, with new projections suggesting roughly $73.45 billion by 2024.
This shows that online gambling is the largest gambling sector in Britain, with online slot machines generating £1.8 billion alone. With the online gambling industry on the rise, new creative approaches are being used to engage consumers, through the forms of marketing and advertising on multiple electronic devices, “free” sign-up money. That happened more than two decades ago, but fears about online gambling, which has been rising amid the COVID-19 pandemic, have returned – and intensified. Casinos were largely shut down in March.
Mind you, we’re only talkingabout the online gambling portion of the market, not gambling in total. Theseare serious numbers, and its growth is a direct result of several key factorsthat shaped the industry throughout the last few years.
The figures revealed that consumers are logging on to online gaming sites and betting for entertainment while stuck at home. The online gambling industry has seen a huge uptick in player traffic. The food delivery industry has seen a 63% increase while online retail and subscription services are not far behind at 61%. New data released by the UK Gambling Commission (UKGC) shows that gambling during lockdown is on the rise, especially now that restrictions are gradually being eased. The latest information collected from the largest online operators showed a “notable recovery” in sports betting, especially once the German Bundesliga restarted.
Key Factors That Helped Online Gambling Flourish
Here are three key contributors that helped boost the valueof the online gambling industry:
The Rise of Online Gambling Sites
Back in the early 2000s, longbefore the smartphone era and invention of online gambling sites, people had tovisit brick and mortar casinos to get their wagers in. Yep, they had to walkthere and do it in person… Crazy, I know!
Those were simpler times, that’sfor sure, but it’s safe to say the gambling industry has come a long way sincethen. Nowadays, there are tons of online gambling sites featuring dedicated desktopand mobile options. Gambling on the go is all the craze now, so a move towards amore mobile based betting experience was completely logical.
Unfortunately, we don’t have theexact numbers, but we firmly believe the rise of online gambling on mobiledevises has greatly influenced the overall value of online gambling. Theconvenience factor is of crucial importance, and all the best sports bettingand casino sites recognized it.
The Rise of Esports Gambling
Have you guys heard aboutesports? It’s a relatively fresh industry featuring organized, professionalcompetitions in various video games such as CS:GO, Fortnite, and League ofLegends. It’s a massive industry with lots of money on the line. For instance,last summer, KyleBuigha Giersdorf (16) earned $3 million by winning a Fortnite event.
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Surprisingly enough, there’s amassive demand for esports betting options. We aren’t even talking about justthe biggest events but a year-long coverage of a multitude of esports titles.People are crazy about esports betting, with esports becoming a standalonecategory on most top-tier betting sites and online gambling apps out there.
Considering the fact all esportsfans are tech savvy, we can safely assume the majority of them are using eitheronline gambling websites or dedicated apps. In other words, esports and onlinegambling growth is deeply connected.
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Online Gambling Legalization Movement in the US
In the last two years, eversince the PASPA ruling, we’ve seen plenty of online sports betting actioncoming from the US. The states are finally free to choose how they’d like toapproach online sports betting. States like New Jersey, the PASPA rulingleader, have already started their online sports betting empire, while othersare either joining in or actively deciding whether or not to pursue the newesttrends.
Wrapping Things Up
The rise of online gambling apps,the legalization movement in the US, and the rise of esports gambling are thethree key contributors to online gambling’s rapid growth. The online gamblingindustry isn’t going anywhere, and it will probably keep on rising with moreand more markets readily available for bettors all across the globe.
Online gambling is a worldwidephenomenon, whether you like it or not!