Thanks to ever-evolving phone technology, mobile gambling is a reality, and according to estimates, the industry will hit an annual global market size of $250 billion by 2027. In a world where there are 3.5 billion smartphones in circulation and around 1.6 billion people gamble, it should come as no surprise that these two make quite the pair.
- The global mobile gambling market will hit $250 billion by 2027
- Increasing smartphone use is driving growth
- VR and AR technology could be game-changers
Mobile Gambling Grows at a Rapid Pace
In 2019, the global market size had a value of $53.5 billion. Estimates now put it at $79.5 billion, with experts claiming that this growth will continue at a CAGR of 17.8% over the next seven years.
The US mobile gambling market alone is at $21.4 billion, accounting for a 26.91% share globally. China forecasts that it will hit a market size of $59 billion by 2027.
Other noteworthy regions include Canada and Germany, which should grow at annual rates of 15.7% and 14% respectively over the same period.
Mobile Gaming Statistics
In the past 18 months, the global gaming industry has seen investments pouring close to $10 billion. Mobile games account for more than 33% of all app downloads, and 74% of consumer spend.
In 2019, one-third of the global population played games on their phones. Interest in online casinos climbed as well, leading some to speculate that they may overtake conventional mobile gaming soon.
Gambling via a smartphone has a low entry barrier, and mobile apps advance the expansion as reports from the Fantasy Sports & Gaming Association say that 82% of the sports betting revenue in New Jersey came via dedicated software.
COVID-19 Pushes Growth
The current pandemic closed land-based gambling venues for months, sending revenues plummeting, as they now try to keep afloat operating at half capacity. All this, accompanied by social distancing and stay-at-home recommendations, has turned people to online casinos for entertainment and thrills.
Going by reports from the UK, searches containing gambling terms are at a peak, and online slots in the US have quadrupled since February. In Pennsylvania, online casino revenues approached an all-time high in July with $54 million.
Why is Mobile Gambling so Popular?
According to a Microsoft study, the average attention span is eight seconds. Thus, it is a fact that people, in general, want things simple, fast, and available at all times. If it seems like mobile casinos are yet to hit their apex, it is because these factors keep it on an upward trajectory:
Almost everyone has one nowadays. Meaning, accessibility is not an issue. Everyone fulfills the first condition in playing at real money online casinos.
Today, thanks to e-wallets and payment apps, you can send and receive funds quickly and securely through your phone. Some, like MuchBetter, are even tailored for fast deposits and withdrawals, with easy transaction confirmation.
Most platforms are home to hundreds, if not thousands of games. It’s hard to get bored when there is always something new to try, like real money online slots, table games, specialty games, and live dealer options.
If we are on the topic of variety, we should point out that many of these sites are a casino and a sportsbook in one. They provide the ability to bet on sporting events, aside from playing slots and table games.
Social media has made its contribution by providing a new marketing avenue, reaching those that prefer the use of mobile devices. Furthermore, influencers use their reach to act as affiliates and drive customers to gambling sites.
The Future of Mobile Gambling
It is easy to see how hardware improvements, increasing smartphone users, laxer regulation, and the move to 5G will add to the overall marketing growth. Many also predict that cryptocurrencies will play a factor as more casinos accept them and move into the mainstream.
Virtual and augmented reality technology may revolutionize the sector, as many foresee moving to skill-based gaming. However, we can anticipate a shift to live dealer games in the near future, even though slot gameplay and graphics will advance. We can presume extinction mobile-specific casino bonuses will disappear.