What is the breakup of the Online Gambling market based on the type of charging?
Author : samual sttdhag | Published On : 02 Jun 2022
The global online gambling market size was valued at USD 57.54 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 11.7% % from 2022 to 2030. The increasing use of mobile phones among users for playing online games in public places as well as in their homes, in addition to rising internet penetration, is propelling the market. Furthermore, aspects such as cultural and legal approval, easy access to gambling online, celebrity endorsements, and corporate sponsorships are also boosting the market growth. The market is likely to further expand owing to the availability of cost-effective mobile applications worldwide.
The internet has become a universal medium for communication and facilitates merchants to provide their offerings in the digital marketplace. Due to increasing Smartphone and internet penetration, the consumption of services on virtual platforms has increased. For instance, Bangladesh has experienced an internet growth of more than 93% from 2000 to 2021, providing various opportunities for business in Bangladesh. The rising use of the internet has enabled online casinos to flourish. Moreover, factors like the increasing number of online gambling applications, online betting offers, and a rise in the disposable income of consumers are likely to encourage market expansion.
Gather more insights about the market drivers, restrains and growth of the Global Online Gambling market
Improvements in the digital space are concurrent with the annual expansion of online casinos, and these improvements are intended to obtain the desired trust in the online betting sector. For instance, virtual reality (VR) in gambling generates the simulation of surroundings; users can interact with them in a real way with special equipment like gloves with sensors. VR lets gamblers interact with other bettors and dealers and offers a more realistic gambling experience, better sound quality, and a realistic game design. VR has helped the market improve the gambling experience by creating growth opportunities.
Online casinos emphasize developing information solutions that support and assist gamblers, safeguard the authenticity of gambling activities, and prevent fraudulent activities. Various online gambling sites offer a free-play version of their games, creating growth potential for the business.
Gambling has been legalized by various countries globally owing to employment opportunities and more tax revenue for local and state governments. Gambling has also positively impacted local retail sales for the hospitality sector in the areas where casinos act as a part of tourist vacation, consequently propelling the growth of the market rapidly.
Furthermore, the integration of blockchain technology has also affected market growth positively. The blockchain can make secure payments ensuring transparency in gambling activity. Gambling through cryptocurrency offers vast opportunities as they are fast and safe transactions. Owing to fewer restrictions imposed on cryptocurrency transactions, they are now heavily used in online gambling.
In contrast, cybercrime in the industry is increasing. Signal manipulation through phony applications and software hacking are some of the significant risks challenging the market growth. The online gaming business is also experiencing a growing risk of app-based theft. Furthermore, compulsive gambling can harm personal relationships and an individual’s health, resulting in depression or debts.