Massive interest in online gambling is propelling the industry to a global valuation of $96.89 billion by 2024 and many are now also seeing apps, as well as desktops, laptops and tablets, driving the enormous growth in consumer betting.
That’s according to a new forecast by research firm Transparency Market Research, which made the projection despite policy and regulation restrictions in some regions which make it hard, if not impossible, for new players to get a piece of the market action. But the rise of mobile computing and the popularity of smartphones is giving nearly everyone access to a live casino online where they can place bets and gamble, the report notes.
“The global online gambling and betting market is primarily being driven by an increasing adoption of high-speed internet services in mobile devices,” the research-based forecast says. “The overall demand for live streaming of sports and games videos through online portals and mobile devices is growing at a very high rate and provides players from the global online gambling and betting market the opportunity to integrate their betting services into live streams directly, further enhancing the growth rate of the market.”
Europe: A Safe Bet
The largest growth in online gambling has been in Europe, followed by the Asia-Pacific region, North America, the Middle East and Africa and, then, South American countries, the research found. It says the European market is “marked by the presence of a large number of online operators for gambling and betting and several of its countries hold favourable regulatory environments conducive to the growth of the market. The UK is especially expected to play a key role in the European market, followed by Malta.”
Increasing demand for a quality live casino online also fuelled growth in Asia-Pacific nations, as regulations governing online gambling have eased in some countries in the region in recent years. “The market for global gambling and betting in Asia Pacific is expected to expand at a CAGR of 12.9% in terms of revenue, from 2016 to 2024,” the forecast says.
But it’s not the same in the United States, home to the largest economy in the world. “Conversely, a heavy restriction on online gambling and betting in the US has resulted in a severe loss for market players in North America. This region is expected grow at a much slower pace than others,” says the report. One bright spot in the US, however, is the relaxing of online betting regulations in some states, particularly betting-friendly Nevada, where gambling mecca Las Vegas is located, which is seen as driving fresh growth.
Scoring a Hit for Online Gambling
As for the types of bets taking place at an online casino — many of which are found via live casino reviews — the research found that casino-type games remained the most popular globally, taking a substantial 26.4% of total worldwide revenues in 2015. Sports betting is expected to eclipse casino games at live casinos online, however, due to what the research calls “a higher rate of adoption of live sports betting by multiple players.”
Also powering global online gambling are online lotteries and poker, says the research. It identified a strong demand among users for an enhanced gaming experience and said a large number of people gambling online were willing to bet more money because they have higher disposable incomes.
Overall, with the rise of the internet, and especially mobile computing, people’s gambling desires are increasingly shifting from brick-and-mortar casinos to those that operate online. “Gambling and betting operators are currently evolving with the adoption of online platforms and their preference over traditional, physical operations,” the report said.
Henry Lares is still early into his career as tech reporter but has already had his work published in many major publications including Tech Crunch and the Huffington Post. In regards to academics, Henry earned an engineering degree from Apex Technical School. Henry has a passion for emerging technology and covers upcoming products and breakthroughs in science and tech.