The online gambling industry is estimated to be worth more than $1.5 billion U.S. every year. The international online gambling market is expected to be worth almost 92 billion U.S. Dollars in 20 23. The present volume of the online market is nearly 59 billion U.S. Dollars, thereby indicating that the online gambling market’s size is going to increase in the coming years. Although, the growth of the online gambling industry is attributed to increasing consumer demand and internet connection, the growing concern from various government agencies is another important force behind the upward trend. This article will discuss some of the key factors that are contributing to the increase in the online gambling market’s size.
The forecast for the future of this particular market can be derived from two different factors. Firstly, experts believe that the US government will introduce some sort of legislation for regulating the online gambling market in the next few years. Such a law would regulate all aspects of the gambling industry from payment processing to software applications to identification and security systems. However, such legislation may not be enacted before 2021, as several US States is opposing the introduction of any form of regulation into their states. On the other hand, analysts forecast that legislation will be passed in the next few years and could come into effect by the end of next decade. As such, the prediction for the market’s future growth is based on a combination of both factors.
The second factor that is used to form a gambling forecast is the type of gambling or betting that takes place on the web. Based on the study conducted by the National Association of State Taxation, many different segments of this segment are flourishing online. For example, one can find betting on sports, horse racing, American football, soccer, boxing, lotto and even exotic betting. Betting is a unique feature of online gambling. It has been estimated that bettors from different European countries spend more on betting online than the amount they would if they were to visit a land based casino. The reason behind this phenomenon is that online betting provides gamblers with an opportunity to enjoy their favorite activity without leaving their seats.
Another element that forms a part of the European gambling forecast is the global outlook of its users. According to this element, the number of Europeans who are indulging in online gambling is constantly increasing. The increasing popularity of online betting means that there are many potential customers in this segment of the population. In addition to the growing popularity of these games, another element that forms a part of the forecast is the number of individuals who are investing in the business. While some are only gamblers who take part in a virtual game, others are real investors who purchase stakes to generate income.
The third element that forms a part of the forecast period is the percentage of gambling enthusiasts who are spending money on betting on games on the internet rather than attending land based casinos. This segment of the European audience is growing in popularity in a very fast pace. The growth rate of this desktop segment is increasing at a rapid pace, which is making it impossible for the other segments to catch up. While casinos in major European countries are closing down operations, the gaming business on the internet continues to expand at a rapid rate which is making it difficult for any other segment to keep up with.
The fourth element that forms a part of the forecast period is the growth rate of the online casinos segment. Growth in this sector can be attributed to the online casinos themselves which have developed strategies to lure more clients. The increasing number of clients is also being facilitated by the increasing number of service provider companies that are providing reliable and speedy connection to the internet. In fact, broadband speed has become extremely important to end users today and this factor is expected to increase the number of end users over the next few years.
The fifth and final element to the forecast period for the global online gambling market includes the number of gambling platforms. This element focuses on the number of gambling platforms that are operating in the present period and this number is an important indicator of the performance of the market segment. Today, there are almost 500 gambling platforms in operation in the worldwide market and the numbers are increasing rapidly. The existence of these platforms allows customers to enjoy their choice at whichever site they like irrespective of the site location. Most of these sites allow customers to play on their own or if they like, they can take the support of the live casino dealer in order to place their bets on the live casino tables. Hence, customers get the opportunity to choose the gambling system that best suits their style of playing, and they can play at the same site where they previously had their bets registered.
These are the five most important factors contributing to the rise of the online gambling market. It is evident from the above description that the online gambling industry is not only witnessing an explosive growth but is also seeing rapid expansion in all the key elements that form part of its overall business operations. The growing number of gambling sites and the increasing number of customers are some of the other factors that are making the online gambling market segment so attractive and successful. These factors are in line with the global demand for a variety of games including the most popular casino games. With the escalating levels of popularity, online gaming is becoming an extremely popular business destination and a strong market segment.