The study by Zion Market Research shows there will be a compound annual growth rate of 10.9% over the next five years.
According to a report by the Gambling Commission, 45% of people have participated in some form of online gambling in the past four weeks and 51% of these people have done so using a mobile phone or tablet.
The market is increasing rapidly – statistics show the global online gambling market in 2008 was $21 billion. This had risen to $45.86 billion by 2016 and $56.05 billion in 2018. So just what is the reason for this rapid boom in online casino use?
More Casino Games
While online casinos and sports betting has been around since 1994, technology has vastly improved in recent years. This has led to an increasingly streamlined – and vastly more enjoyable – casino experience for players.
When the first online casino was launched 25 years ago, new software had been developed to enable secure online payments and an efficient gaming platform. But throughout the 1990s, there were relatively few games, compared to the abundance in existence today.
In addition, when the internet was in its infancy, it wasn’t renowned for its fast connections, so playing in online casinos could be a torturous experience if your home dial-up connection wasn’t blessed with speed!
Throughout the 21st century, online casinos have developed, increased the number of available games and significantly improved the gaming experience, making the industry one of the world’s biggest revenue creators.
So why has a sector that’s been around almost as long as the internet itself suddenly emerged as a massive money-spinner?
Fast internet and online casinos go hand-in-hand today. The extremely slow internet connections of yesteryear have been replaced by super-fast broadband and fibre-optic connections. As internet speeds have increased, so has the popularity of the online casino.
Today, there’s no need for huge downloads any more and the scope and quality of the games has increased significantly. In addition, the improvements in technology – such as 3D graphics and the VR experience – have also attracted customers who enjoy the whole experience.
Casino bonuses have also become a major draw when it comes to attracting new customers. Many savvy players will do their research before choosing their casino.
There are plenty of internet review sites which will point players in the right direction, ensuring they find the best casinos that are worth their time and money.
Another factor is the ongoing development of games to play on a mobile device and the surge of mobile apps. Now, customers can access multiple casino games from their mobile phone or tablet. Wherever there’s an internet connection, it’s possible to play casino games.
This has led people to move away from bricks-and-mortar sports betting and towards gambling online. Sports betting apps, which include live real-time betting while the game’s in play, have opened up the whole online gambling market to players who might otherwise not have been interested.
Further developments in technology and improvements in the interactive experience can only serve to continue the relentless march of online casinos into one of the biggest markets in the world today.