A new report by Zion Market Research, a renowned analysis and reporting company, has produced the most positive predictions of online gambling. According to their latest report, this market is set to reach the USD 94.4 billion mark by 2024.
This revenue is a huge leap, estimated to take place at a compound annual growth rate of about 10.9% between 2018 and 2024. The latest results show the market brought about USD 45.8 billion in profits in 2017. There are plenty of innovations and features acting as drivers towards the specific projections.
- Online gambling is expected to reach the USD 94.4 billion mark by 2024.
- Zion Market Research has segmented the market for better overview and analysis.
- Cryptocurrencies, VR technology, and legalization experience a global-level expansion.
Components of the Online Gambling Market Report
Investigators at Zion Market Research set out to examine and get a better understanding of the online gambling and betting market. The market segmentation provided in their report was based on several factors, one of them being game form.
In this regard, poker, casino, sports betting, bingo, lottery, horse race betting, and others are the specified categories. Online poker is expected to grow further throughout the period in question (2018-2024).
Regional and component segment analyses have also been made. The former distinguishes between five regions worldwide:
- North America
- Asia Pacific
- Latin America
- Middle East
On the other hand, hardware, software, and service are the three components making up the market. Still, it is the driving forces across each of these segmentations which have made researchers come to this result.
Apart from the evident tendency to turn towards digital solutions all over the world, nothing says high-tech like cryptocurrencies. There has been a significant rise in cryptocurrency deposits at online gambling sites. This is due to the fact it is not considered real money and is not subject to regular legislation.
The cryptocurrencies’ total value in 2017 was estimated at USD 17.7 billion, with great potential to increase over the specific five-year timeframe.
Headsets and additional tech equipment are one of the latest trends in online gambling. With a 25% growth marked within a year (from 2016 to 2017), and even more revolutionary solutions being created by the day, virtual reality is here to stay. Hence, it will inevitably prompt it to reach the forecasts in question, if not surpass them.
Gambling has been a tricky subject since its early beginnings. The online gambling and betting industry has come across greater resistance in terms of legalization. The UK was one of the first governments to legalize the practice, and have benefited significantly from it. After all, a 10% revenue growth from 2016 to 2017 is good for UK operators and budget both.
In this line of thought, many governments have recently followed suit, including:
The other regions, listed in full above, are also making efforts to follow the same example. As it stands, these tendencies are also expected to drive the online gambling and betting market to its anticipated heights.
The final key driver in this component segmentation is software. It is most clearly identified in the rise of online gambling payment processing services, which are vital for the real-money online gambling and betting industry. The software segment is expected to have a great influence on the industry by 2024.
The Future of Online Gambling and Betting
Much is expected from the thrill-provoking online gambling and betting market. Both businesses and players will surely benefit from this ever-evolving and popular industry. As it stands now, there is hardly a chance of a let-down in due time.