The global gambling market grew from US$449.04 billion in 2021 to US$702.45 billion in 2022. These figures represent a compound annual growth rate (CAGR) of 56.4%. The good news is set to continue with expected growth to US$765.89 billion by 2027.
There are various factors involved in the increase in the value of the global gambling market. We will examine the most important ones.
Adopting trusted localized payment gateways
When people spend money online, they want to do so using the payment methods they trust. With this in mind, online casino operators have adopted a greater number of safe and secure payment gateways, such as wallets like Skrill and Neteller. They have also begun to offer localized payment options for customers in different countries.
In Canada, Interac is a good example of this. Interac was declared a prominent payment system, by the Governor of the Bank of Canada, under the Payment Clearing and Settlement Act, in August 2020. This bank oversight has enhanced Interac’s reputation as a safe and effective payment option. So, it’s no surprise that Interac casino sites have become an increasingly familiar sight as operators seek to provide a more personalized experience for Canadian players.
The growing use of smartphones
More of the world’s population now has access to smartphones. The main reasons for this are the increased availability of cheaper models and wider mobile Internet coverage. The smartphone market in India is the perfect example of the growth that is happening. Revenue from the smartphone market in the country is expected to increase by 7.2% annually between 2023 and 2028.
The online casino industry in India is a grey market, given that there is no legal domestic market. Despite this, offshore operators thrive, and revenue from online gambling by Indians is set to reach US$0.82bn in 2023. The increased use of smartphones feeds into these figures.
Further employing VR technology
The use of VR technology is still in its infancy in the gambling industry. However, it has started to be used when producing live casino content, which gives people the opportunity to play at tables with live dealers in a virtual environment that resembles the experience of visiting a land-based casino.
Increased use of VR will attract a whole new audience to the gambling market. This new audience will help to increase the market value of the industry in years to come.
Increasing the use blockchain technology
Blockchain casinos are becoming a more familiar sight in the gambling landscape. As players look for an experience that is more transparent, they are attracted to this innovative solution. This increase in users is central to the enhanced value of operators and the industry overall.
Analyzing big data
The use of big data in the gambling industry allows operators to identify geographic and topographic features. They are able to understand who is playing their games and tailor their offering accordingly. Increased personalization and customization attract more customers to the gambling industry and promote growth in its value.
These factors have all played a role in the growth of the global gambling industry and will continue to do so.
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