The online gambling industry was valued at $53.7 billion in 2019. Fast forward to 2021 and the sector is now worth $67 billion. The industry is projected to continue growing at a compounded rate of 11.5% in the next six years.
The US is the fastest growing online gaming market. It is a relatively new market with many states having legalized the industry in the last couple of years. Around the world, Brazil, India, Australia and Canada are some of the fastest growing markets.
What’s driving growth in the online gambling industry?
The last decade brought about countless changes to the iGaming space. In the US, the government authorized states to legalize both online casinos and sports betting. In Sweden, the government permitted foreign casinos to operate within its borders albeit while licensed.
Around the world, legislatures have been tabling and passing online gambling laws at incredible rates. In some countries, iGaming is governed by a state-owned agency. In others, the industry is commercialized.
On the flip side, some countries have no gambling laws. Yet, they allow their citizens to play casino games and bet on sports through foreign companies. Canada, India and New Zealand are excellent examples.
With increased legislation comes easy access to gambling sites. Take the US as am example. Before 2012, there was not a single online casino based in the country. That means the only way to gamble was through offshore casinos.
Not everyone could access foreign casinos in the US. And even if they did, they risked getting duped by scam operators. Fortunately, the days of betting at suspicious websites based in controversial jurisdictions are gone.
These days, there are tons of online casinos and sportsbooks in New Jersey, Pennsylvania and Delaware. The companies are licensed, meaning they’re genuine and authorized to operate in the US.
Do they all provide the same quality of services? Of course, not. To find the best online gambling sites, check out the list from online-gambling com. It ranks top casinos and sportsbooks through a score-based system: Excellent, Very good and good. Truth be told, you can expect a delightful gaming experience regardless of the site you pick.
Cultural approval is credited for helping raise the popularity of online gambling in many countries. In Australia, iGaming has been part of the Aussie culture for decades. In fact, the BBC estimates that roughly 80% of Australians gamble regularly.
The cultural approval of online gaming is equally strong in the UK. Legal sports betting started in the mid-1900s. On the other hand, online casinos have been legal since 2005. Legality aside, the UK is a huge gaming market and that’s mainly possible because of cultural support.
Before 2018, there was a misconception that American citizens were opposed to legalizing online gambling. Then states began to take polls about the topic and the majority of citizens proved they supported the industry.
Going forward in the next decade, cultural support will play a major role in the success of iGaming. This is particularly true for the emerging markets like Canada, the US and Brazil. If people embrace mobile betting, the industry will mushroom. If they don’t, then its growth rate could reduce drastically.
Enhanced Marketing and Sponsorships
Take a moment and think about your favorite sports team. Who’s their official sponsor? If the team is based in the UK or Europe, there’s a chance it has a gambling partner. In the US, not many sports franchises have betting partners yet.
However, leagues such as the MLB, the NBA and the NHL have been signing deals with sportsbooks left, right and center. The leagues benefit by receiving money from sponsors. By comparison, betting companies profit from exposure and creating awareness about their products to millions of potential casinos.
While sportsbooks find it easy to sponsor sports franchises, things aren’t equally easy for casinos. As a result, many casinos market their products through bonuses and free gifts. At some casinos, the requirement for claiming a bonus is to create an account. At others, you have to make a deposit to receive a reward.
All the same, marketing strategies like bonuses and sponsorships help online gambling businesses thrive.
Mobile gaming is the future of the industry. More people own smartphones than desktop computers by a mile. And that means for every person that uses their Windows laptop to play slots, there are two people who play the same games through their smartphones.
Surprisingly, mobile gambling hasn’t always been a thing. Before 2010, most people gambled through desktop computers. Then Google and Apple introduced powerful mobile operating systems and mobile casinos were born.
Today, the average online casino and betting website has an app and a mobile-friendly website. You can install their app or play their games through a mobile browser. All the same, you don’t need to bet on football through your laptop when you can do it through your iPhone.
Obviously, there’s nothing wrong with gambling through a gaming PC. They are more powerful than smartphones anyway. But they’re not as convenient. You can’t travel with your $2000 gaming machine for holiday. However, you can carry your smartphone conveniently in any part of the world.
Safety and Trustworthiness
There’s no doubt online gambling wouldn’t succeed without safety. Everyone values the safety of their data and money. When online casinos started in the 1990s, security was a major issue. First, the industry was unregulated, which created a safe haven for scams. Second, Internet security wasn’t as advanced as back then.
Nowadays, the industry is regulated and online security is advanced. As a result, many casinos and betting websites are safe and secure. They have tools used to encrypt your data. They have data protection policies and certificates from independent auditors that prove they are safe.
As we mentioned earlier, though, the quality of an online gambling site varies. Due to this, always take time before joining a gaming site. Assess its security tools. Check out its games, payment methods and bonuses. Create an account if you’re confident it is safe.