Global Market for Online Gambling to be Worth USD 73.45 billion by 2024
According to US-based market research and consulting organization, Hexa Research, the global market for online gambling will be worth a whopping USD 73.45 billion by 2024, attributed to the increase in gambling around the world.
Until 2024, the prevalence of gambling is only expected to increase due to various new regulations as well as technological advancements, thereby helping the global online gambling market to grow. In addition, people now have easy access to smartphones, tablets, online gambling platforms and internet connection, which is also expected to increase in the coming years. This will be a major factor driving the market as well.
This boost in the market is not surprising considering that there are so many factors that contribute to it. Apart from the ones mentioned above, the fact that an increasing number of countries have started legalizing gambling also plays an important role in boosting the global market. For instance, in December 2016, Japan legalized casinos after banning them for the past 15 years. Also, in May 2018, the US Supreme Court struck down a law that prohibited sports betting in all states with the exception of Nevada.
The effort of casino operators to provide punters with easier access to safer gambling platforms have increased in recent years. They are focusing their resources on the development of mobile applications with safe and secure money transfer features so that placing bets online is made simpler.
Europe wins big; sports betting dominates
The global online gambling market was dominated by Europe in 2016. As per the research, the European market was valued at USD 16.42 billion. Majority of European countries have legalized online gambling, and have access to state-of-the-art infrastructure and technology. For instance, countries such as France, Italy, Germany and U.K, the biggest countries in Europe, have all legalized gambling and are equipped with well-developed technology.
The research also shows that sports betting was the biggest and most profitable gambling segment in 2016, accounting for over 40 percent of the total revenue. Sports betting includes a range of sports tournaments like football, soccer, cricket, tennis, basketball and others.
The race for dominance in the global online gambling market is now alive more than ever, with major players focusing their efforts on expanding their presence in various countries by diversifying their online services and through alliances with different companies.