The online gambling market continues to thrive (Part 1)

The online gambling market is forecast to nearly double (81.71 billion USD) by 2022 with a compound annual growth rate (CAGR) of 10.8%.

A fast growing market

According to market research company Statista, the total revenue of the gambling industry in the world in 2017 was 465 billion USD. Resarch and Markets predicts a global turnover of $ 635 billion in 2022, with an annual growth rate of 5.7%.

In the segments of the gambling business, online gambling (online gambling) thrived by the development of technology with the Internet, cloud computing, electronic payment, smartphones. Many people have never gambled before because they could not afford to go to casinos, but became gamblers from the phone.

Besides, online gambling knows how to “localize” the types of gambling according to the habits of each country and each community. For example, standard casinos only offer a number of classic types of gambling, but online gambling has all kinds of games such as blackjack, poker, roulette, etc.

According to research by Research and Market, the size of the world online gambling market in 2016 was 44.16 billion USD, accounting for 34% of revenue from gambling industry. It is predicted that this market will nearly double (81.71 billion USD) by 2022 with a compound annual growth rate (CAGR) of 10.8%.

Because the online gambling market allows players to use virtual money, it reduces the burden and risks of carrying cash like when playing at physical casinos, and because you can gamble online right now. At home, more and more people are involved in online gambling, so this creates a growth opportunity for this market in the future. In addition, Research and Market also said that the use of mobile devices for online gambling purposes is increasing.

Currently, more than 80 countries have legalized online gambling and Europe has the largest online gambling market in the world and this will increase as the Netherlands passes new online gambling rules.