The gambling industry is surprisingly thriving despite the current situation. When the pandemic started, the online gambling sector somewhat blew up. The industry’s online sector is what we can say has benefited from the pandemic since land casinos were forced to temporarily halt their operations during the lockdown period.
Last year, the global gambling industry’s market size was able to reach an astonishing value of over 465 billion US dollars. Yet, this number is still expected to grow in the coming years as technology gets better than ever.
With that, we can expect that the best online casinos out there will be welcoming more customers or players this year and even in the next few years. Some reports do suggest that by the end of this year, the global gambling market value could grow as much as 516 billion USD. The future of the gambling industry is just looking bright.
The Online Gambling Sector
When it comes to gambling, there are the three most common ways to go about it. There is the land casino market, the underground or the black market, and the online gambling market. In 2019, the online gambling market size was estimated to be around 54 billion USD. By 2027, it should be able to reach over 127 billion USD with a CAGR of 11.5 percent.
It’s easy to understand why people are starting to gamble online more often. Aside from the pandemic, it’s generally convenient and could even be cheaper. Traveling to land casino hotspots like Las Vegas or the Atlantic City could be an expensive experience compared to just going online to gamble.
Technology has also made the online gambling experience better than ever. It’s also generally safe to transact online nowadays that people are more willing to participate in online activities like shopping and gambling.
With the pandemic, many land casinos and bookies operate at a limited capacity. There are also travel restrictions in some places until today and the best solution to be able to entertain one’s self with gambling is to go online. This is why the online sector is booming and is likely to remain to do so in the next years.
Online Gambling Trends That Are Shaping the Future
Gambling and technology go hand in hand when it comes to development and advancement. As online gambling gets bigger, the bigger the demand is getting when it comes to a great user experience. Today, here are the latest online gambling trends that are shaping up the future of gambling.
- Live Gambling
Many online gamblers are now starting to prefer live dealer games and live betting. Live dealer games are available for casino favorites like blackjack, poker, and roulette. Here, online players get to sit on a virtual table and interact with a live dealer. Some would also allow the players to chat with each other.
Live betting or also known as in-game or in-play betting is also a hit for many punters out there. With this, they can place a bet during a live match. Usually, a live betting odd would only be available for a few seconds that using a betting app is the most convenient for this. People take part in live gambling for a more thrilling and realistic online experience.
- Cryptocurrency Gambling
Cryptocurrency gambling is still in its infancy but it’s becoming more popular these days because of its value. As Bitcoin and other cryptocurrencies like Doge, Cardano, and many more make noise because of their value, more people are starting to use cryptos to transact online.
The gambling industry was quick to adopt its use and today, there are many online casinos and betting sites that are finally accepting cryptocurrency transactions. Many are saying that the use of cryptocurrencies in the future of online transactions including online gambling. It’s not impossible as today, there are even gambling sites that only cater to cryptocurrency users.
- Wearable Gambling
When online gambling started in the 90s, many probably thought that it would not go any further than that. However, when smartphones were created, online businesses quickly shifted to the mobile market. Today, the mobile market accounts for a huge chunk of the gambling industry. A great example is how 80 to 90 percent of the sports betting handle in New Jersey is from the mobile sector.
Right now, when we think of mobile, we immediately picture smartphone devices but things may be different in the future. Wearables like a smartwatch are also becoming more advanced than today, people can place bets with them. It’s not impossible that this could very well be a huge trend in the gambling business.