Online casinos and crypto wagers are poised to continue its positive growth trend in 2020 and over the coming years. What is driving this growth? What should you expect as the year unfolds? These and many more questions were answered in this piece.
According to a market report, the global online gambling industry is projected to grow at a CAGR of 8.1% from 2019 to 2024 with online betting expected to see significant growth.
From the report, the online gaming industry will grow from its 2019 value of $45.8 billion to over $94 billion in capitalization by 2024. Interestingly, during the same forecast interval, the global revenue from the casino market – including both land-based and online – will hit the $525 billion mark.
According to the report, this upward trend is driven in part by the growing interest in online gambling, increasing internet penetration, and improving infrastructure in several parts of the world, an increasing number of female gamblers and the growing number of countries legalizing online gambling.
While the industry is forecasted to continue growing, however, these days, the online gaming industry is dominated by huge companies, like the Kindred Group, for example, one of the world’s largest online betting companies with no less than 11 different brands in their portfolio including 32Red, Bingo.com, Casinohuone, iGame, Kolikkopellit, MariaCasino, RoxyPalace, Storspiller Storespelare, Vlad Cazino and, of course, Unibet – the company’s flagship brand.
Online casino market in North America
While casino gaming has been legalized since 1931 in the U.S., it was not until 2018 that the supreme court repealed the Professional and Amateur Sports Protection Act (PAPSA) that criminalizes online gaming. Following this change in regulations, many states including Nevada, New Jersey, Delaware, New York, Michigan, South Carolina, among others, have passed or are in the process of passing state legislative bills that legalize online betting in their respective states.
With the opening up of the U.S. online casino market, analysts project many online gambling companies will jostle to capture a slice of the over $150 billion Americans make in illegal online wagers.
In 2017, the Canadian gaming industry generated CA$17.3 billion. However, the gambling scene is generally expected to keep growing, especially with the advancement in technology and easy access to gaming content.
However, despite these advancements, it is quite interesting that the Canadian online gambling industry is relatively unregulated compared to their European counterparts.
Online casino market in the U.K.
The U.K. gambling industry is by far the most advanced and well-regulated among the top gambling countries. Gamers in the U.K. can legally wager both online or offline as access to these gambling content continue to rise.
Since the legalization of online casino in 2005, the number of gamblers has steadily increased from 9.7% in 2008 to more than 17% in 2018, and if the figures released by the Gambling Commission’s annual report for 2019 is anything to go by, we should expect the trend to continue into the foreseeable future.
However, most industry specialists believed the new age-verification regulation which came into effect in the U.K. in 2019 will slow down the acquisition of new players by operators.
Online casino market in Southeast Asia
Macau recently overthrew Las Vegas as the city that generates the most revenue from casino games. The extreme success of land-based casinos in Macau, and in other southeast Asia regions, is not lost on regulators as they work to ensure online gambling remains illegal in their areas.
However, in spite of the restrictions in place, many online casinos in the region continue to see increasing adoption by new players.
The growing number of online gamers in the region can be attributed to improving internet connection, mobile-friendly content, and mouth-watering bonuses that are hard to ignore.
A Niko Partners report estimated that nearly a billion people across China and Greater Southeast Asia (GSEA) will gamble by the end of 2019, and the trend is expected to continue into the new year.
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