While there’s no way of determining the actual value of the global online gambling industry, experts say the market hit $66.7 billion in 2020. Looking forward, market experts also expect the global online gambling industry to reach $126.3 billion by 2027, recording a CAGR of 11.5%. This massive growth in the industry is all thanks to the rising popularity of online bookies like
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The availability of affordable internet data and massive smartphone adoption is also taking the industry towards exponential growth. Here are some key statistics noted by market experts looking at how far the online gambling industry has come in the last few years:
- The global online gaming market hit $66.7 billion in 2020.
- Europe, Canada, and the US have the biggest market share.
- Experts project the global online gambling market will double in size by 2027.
- At least 95% of online gamblers are playing at home today.
More gambling operators are also starting to note that the transition to the digital scene is inevitable. As such, you can expect the online casino market to overtake land-based operators soon and replace posh and fancy casinos by offering advanced virtual environments from the comfort of the players’ homes. But why is online gambling the future of the casino market?
Emerging Trends in the Online Casino Industry
Technological advancements are allowing gambling operators to improve the user experience and reach new heights. That’s why the industry is blurring the lines between the virtual world and reality to enhance the gambling experience. However, there’s a growing concern that for operators that not every player is 100% safe.
Here are the biggest trends moving the online gambling industry forward in 2021.
Having A Gambling License Is Crucial More Than Ever
Two decades ago, internet gambling was still in the developmental stage. As such, operators would freely change odds for the games that they offer and lie about their bonuses or even deny to pay large amounts of cash to winners. Fortunately, scamming players is not easily possible today as it can lead to permanent bans and even jail time.
As the industry has continued growing, licensing has become crucial more than ever and there are dozens of trustworthy institutions responsible for regulating gambling operations and issuing licenses. These institutions also test gambling platforms to verify whether the operator has tampered with their games’ algorithms.
Some of the best regulators in the industry include the Malta Gaming Authority, the Curacao Gaming License, the UK Gambling Commission, and the Kahnawake Gaming Commission. These institutions are trustworthy for their rigorous testing regulations, ensuring that players have fun in a safe environment without being scammed.
Augmented Reality and Virtual Reality Games are Here
AR and VR technology will be the next big trend in the online gambling industry thanks to their ability to offer immersive games. That’s why game providers like Microgaming and NetEnt are focusing their resources on creating several AR and VR games, including their popular slot machine title Gonzo’s Quest. Additionally, gambling giants are also considering creating a VR casino that will give gamblers the ability to meet other players and gamble using real cash like in land-based casinos.
