The Business of the Online Gambling Industry

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2020 was a rough year for many industries. But there were also certain businesses that managed to thrive and shine in a world that drastically changed the way that it was doing things. One such industry is the online gambling business. During the pandemic, many people were forced to go indoors and retreat into their own homes in an effort to curb the spread of the virus and avoid infection. Naturally, this resulted in the deterioration of many businesses and industries that relied on foot traffic like tourist spots, restaurants, museums, concert halls, movie theaters, and of course, casinos.

Conversely, many businesses that had deep digital roots managed to take off as a result of the pandemic. For instance, video conferencing app Zoom had its best year in the history of the company. Streaming services like Netflix, HBO Max, and YouTube were getting more viewers and better numbers than ever before. Essentially, companies that managed to allow people to stay productive and stimulated even while indoors were the ones that thrived during the pandemic. As you may expect, online casinos fall under the category.

The world of online gambling managed to reach new heights in 2020 and it doesn’t look like it’s going to stop growing into the future. Even before the pandemic took place, the industry of online gambling was already experiencing steady growth. But now that more people have adjusted their lives to be more adoptive of technology, it seems like online gambling is going to continue to expand as an industry. This is especially true in a world where more and more people are gaining access to high-speed internet and smart technological devices.

The Numbers Behind the Industry

Before the pandemic hit, the online gambling market was estimated to be at around $53.7 billion U.S. dollars globally. That is definitely not an insignificant number. However, industry experts have predicted that the industry could experience a compound annual growth rate or CAGR of 11.5% from 2020 to 2027. Of course, there are many factors that go into driving this speculation. Again, for one, the emergence and accessibility of high-speed internet is making it easier and easier for people to avail of online services that rely on stable internet connections. But aside from that, there’s another growing industry that is somehow sweeping the world and it’s likely that you’ve heard of it: mobile gaming.

Practically almost every functional person in the world these days is equipped with some kind of mobile device like a smartphone or a tablet. In the past, phones were merely used as communication and internet devices. Then, they gradually evolved into multimedia devices for content consumption and creation. But now, there are seen as high-power gaming devices as well. Even popular gaming titles that are typically found on console and PC games are trying their hardest to penetrate the mobile gaming market.

Online casino websites have been trying to ride that trend to the best of their abilities by also coming out with mobile versions of their gaming sites. As restrictions on online gambling ease up in different parts of the world, more and more people are going to gain access to these apps and sites that will allow them to play their favorite casino games easily.

Currently, key data shows that online gambling is most prominent in the countries of the United States, Canada, Germany, United Kingdom, China, India, Japan, and Brazil. These countries have shown to have markets that have a proclivity for gambling and are also adaptive when it comes to technology. However, other data also shows that the online gambling industry is rapidly growing in the Middle East, Africa, and the Asia Pacific. As online gambling continues to grow in popularity, it’s expected to be valued at around $127.3 billion U.S. dollars by 2027.

A Market Rife with Opportunity

Obviously, many big names and companies are backing their technological development efforts in order to cater to this growing market. This is why many online casino platforms like Betnero are sprouting up online and are becoming more aggressive in gaining market share. Only time will tell whether the market becomes saturated with these platforms, but it looks like the demand will continue to be there well into the future. Many investors are excited at the prospect of being a part of an industry that has so much room and potential for growth.

This is especially true in an age wherein technological development is as accelerated as ever before. With new emerging trends like live online casinos and esports betting integration, the possibilities truly are endless in the online gambling industry. And many are confident that the general consumer public will continue to retain a hunger for online gambling even in a life after the pandemic. Digital is the future for many industries, and very few will argue that the gambling market would be immune to that.