Growing Popularity Of Online Gambling Around The World

Growing Popularity Of Online Gambling Around The World ( Click to Enlarge )

It’s forecast that the world’s total online casino gaming and betting sector will be worth $94.4bn by the year 2024. This is phenomenal growth of more than 10% year-on-year and indicates just how popular online gaming has become.

There are a number of developments forecast in the sector and some of these are highlighted in this article.

Mobile Boom

The total global gambling market was worth $45.8bn in 2017 and much of the forecast growth is down to the massive increase in mobile gambling.

One of the major factors anticipated to fuel growth of the online gambling sector is the increased use of cryptocurrencies and associated benefits of using them to fund online gaming. Another development due to hit the online gambling sector is use of virtual reality headsets, which will help improve the user experience. At present, only roulette and blackjack players can utilise VR headsets but this is set to expand dramatically.

US And Europe To Lead Growth

North America is forecast to see the largest growth rate in online gambling and it’s anticipated that Europe will follow close behind. Indeed, in the UK, online gambling accounted to more than 30% of total casino spend in 2015. The stats for the UK are expected to show a large increase due to the fact that so many sites operate in the country.

There are developments to legalise online gambling even more in countries like France, Italy, Malta and Spain, so this is likely to add to revenues, along with other countries like Germany and the Netherlands.

The Asia-Pacific area is also projected to show huge growth in online gambling. At present, it’s only available in Hong Kong within China, but this is forecast to change. Around 34% of Australian gambling currently takes place online and up to 22% of Australians use smartphones for gaming, making Australia one of the likely growth regions in this sector.

Online gambling is also forecast to increase significantly in the Latin America region over the next few years.