The Online Gambling Market Will be Worth Over 600 Billion Dollars by 2027
Over the last few months, many industries have suffered and are still suffering because of the pandemic. It may also take some time before businesses could recover. Only a few industries like the continue to thrive.
The pandemic has made governments all over the world to implement the lockdowns and quarantine period to help contain the virus. Because of this, people have been trying to find ways to entertain themselves in the comfort of their homes and it’s easy to understand why gaming is one of their choices.
Online gaming and eSports have gained more following in the last few months and the same happened for online casinos and sportsbooks. You can now get free sports offers on many online bookies, not least because sporting events are making a comeback.
Statistics favor the whole sector
Because online gambling operators are gaining more customers than ever, the online industry will likely be worth over 95 billion US dollars by 2025. Another data that emerges from the research is that by the end of this year, the global market will be worth around 443.2 billion; and by 2027, it will be worth around 647.9 billion US dollars with a CAGR of 5.6 percent.
Since March, many land casinos were forced to temporarily close and as of now, many are still not back in operations. This could go on until the number of the COVID cases are controlled in gambling hotspots like Nevada. Even if Nevada has already allowed casinos to open since June, people are likely to avoid casinos and other public places until a vaccine for the virus is released to the public.
Based on the data released by ‘Research and Markets’ the United States makes up over 26.8 percent of the global gambling market size. The US gambling market alone is expected to be worth 119 billion US dollars by the end of this year.
Meanwhile, China’s gambling market value is estimated to be worth around 158.8 billion by 2027 with a CAGR of 10.7 percent. The European market will reach around 158.8 billion US dollars by the end of 2027 as well. Other countries like Japan and Canada are also expected to gain more gambling revenues in the next few years.
Even better the online gambling market
The global gambling market has always been projected to grow in the next few years even before the pandemic. However, it’s just undeniable that the pandemic also boosted the growth of this industry. In particular, the online gambling sector is logically the industry that is thriving more, despite the worldwide crisis.
Even without a pandemic, more people are becoming more interested in gambling online because of its advantages. In the US, for example, it’s not illegal to place bets online if the operators are located offshore. However, there are already states that have legalized online betting since the Supreme Court struck down the PASPA act of 1992.
States like New Jersey, Nevada, and Illinois have legislation that allows sports betting operators to offer their services locally. In fact, as of today, the US has over 20 states that have already legalized sports betting. It is then expected that more states will follow this trend.
Why so much interest in online gaming?
The advancement of technology has been helping the industry thrive as well. The online casino gaming experience is now on a different level since it started in the 90s. Casino games now come in different varieties. For example, if you want to play blackjack, it's easy to find at least five different varieties of this game on just one casino site.
The graphics of the games are much better compared to back then when games had 8bit graphics. Online casino operators and software developers are becoming very competitive when it comes to what they can offer to customers.
Recently, there has also been a spike in live dealer games. A live dealer game allows you to play your favorites like blackjack, poker, and the roulette with a live dealer. This makes online casino gaming more realistic and social.
Back in the day, gaming has been seen as an activity that isolates a person. However, this isn’t the case anymore. Many online casinos now allow their players to talk with each other through voice chat and chat boxes.
Overall, there are many very good reasons why the online gambling industry is now preferred by many players globally, so it's understandable why experts see this industry in the coming years.