The casino and gambling industry is set for an even more significant growth across the globe in 2020. Internet adoption is seen as the key driver of the statistic, as initially, gamblers had to travel to physical locations for the experience.
Things are different now. Anyone can place a bet online right from their homes or offices. The process of withdrawing winnings is also faster and more convenient thanks to a new wave of money transfer options. At the end of 2019, it was estimated that the online casino market was valued at approximately 49 billion US dollars, with projection of 95 billion US dollars by 2024.
Additionally, with over 60 percent of all casino revenues coming from online bets, more than 70 percent of these bets were placed through mobile devices. More than ever before, people can play online slots from their Smartphones and other mobile devices.
All the indications are pointing towards an even bigger market in 2020 for various reasons.
Recognition of gambling in major markets
The gambling industry is widespread globally, but UK will be remembered as the epicenter of online betting, as that is where the first gambling exchange took place. Other important markets have not been left behind, especially in the United States where more and more states continue to legalize the trend. Online betting is currently not legal in all states in America, but in the states of Pennsylvania, New Jersey, and Nevada, it is widespread and growing in popularity.
South East Asia and Africa are experiencing notable growth, with countries like Malaysia and Philippines setting the trend for Asia, and South Africa leading the African continent.
Canada and Australia are other potentially big markets, but mostly bets are placed on foreign-based casinos.
Embracing sports betting
Today, online casinos allow gamblers to place wagers online, and that has resulted in more people getting involved owing to the unrivalled convenience that comes with it. With different casinos providing multiple gambling options for users, the diversity is what appeals to most of them. For example, we have casinos accepting cryptocurrency payments, a decentralized system that can be said to have been long overdue.
The improved technological developments incorporated into the industry is good news to the public, as people no longer view gambling with the same negativity as before.
Trends fueling the gambling market
From a business perspective, the growth of the casino and gambling industry is expected to rise in 2020 due to the following trends:
#1. There is more involvement of women in the gambling space.
#2. Debit and credit cards have increased in penetration.
#3. People have reliable alternatives to cash payments and withdrawals.
#4. Marketing strategies have changed, and continue changing following underlying market demands.
In conclusion, the combination of favorable user aspects such as convenience of access, diverse payment options, and availability of multiple casino brands play out well to appeal to even more customers. The increased potential of the market in terms of revenues will certainly draw more players into the space, and that could mean the playground will favor gamblers even more for the year 2020 and years to come.
Related Articles