The online gambling industry is booming at the moment reaching new all-time highs in both customers and revenue. In the last couple of years, the online gambling sector experienced an exponential rise pumping the industry with new billions of dollars thanks to the change in habits and popularity of online games.
However, does this state of the market suggests that the online gambling industry has reached its peak?
Well, in order to get the answer to this question we have to look at data and make an assumption about how the online industry will perform in the future.
The Size of the Online Gambling Industry
The online gambling industry isn’t something new, however, the pandemic has accelerated this trend fast enough to reach astonishing numbers far more quickly than predicted. The online gambling market reported a revenue increase of 12.3% from 2020 to 2021, or from $64.13 billion to $72.02 billion.
So, experts and analysts suggest that this is not the end of the online gambling market and it is yet to reach its peak. Experts suggest that by 2025 the online gambling market is expected to reach north of $110 billion or a CAGR of 12%.
On the other hand, the physical gambling market has been experiencing a rise of 2.1% which is far less than its online counterpart.
At this point, it is safe to assume that the online gambling market will overtake the physical gambling market in revenue if it continues to rise in the next couple of years. You can check the diversity of games and how they have changes throughout recent years here: https://1good.bet/
Why the Online Gambling Industry Hasn’t Reached its Peak?
Even though the online gambling sector has recorded the best couple of years in performance, it is still believed that we are far from reaching the peak.
There are a couple of reasons for this assumption. First of all, there are new technologies developed every day that can still turn the online gambling market in a different direction. In other words, game developing companies still haven’t squeezed the full potential of what technology can bring to online gambling.
Secondly, there are more and more countries that are lowering their restrictions and regulations on online gambling. This means that more players will be able to play online games legally increasing the market size.
Additionally, technology is becoming more available for the average user including internet coverage and devices that are good enough for online gambling. This also will bring new customers to the online gambling market making it rise in the next couple of years.
Future Trends of Online Gambling that Will Increase its Market Value
Another reason that the online gambling industry still hasn’t reached its peak it’s because we are still experimenting with new technologies that can make the entire industry even more exciting for the players.
Here are some of the trends that will be the moving power of the online gambling industry in the next couple of years.
Virtual Reality
Even though there are couples of games available that allow you to use VR technologies when gambling, the market still hasn’t reached its full potential. Since there is a lot of talking around the Metaverse and VR gaming, the gambling industry will be a dominant force in this new market.
Cryptocurrencies
The past couple of years were crazy when we talk about cryptocurrencies. However, the use of this new technology in the gambling sector can also open up many new opportunities for the market. We expect more casinos to adopt the cryptocurrency trend and allow players to use these digital currencies for gambling. Additionally, we expect casino companies to get involved in the blockchain including NFTs, digital collectibles as rewards, and much more.
Esports and Virtual Sports Betting
As gaming is becoming more and more popular, new generations are far more interested in eSports gambling than watching real sports. The eSports gambling industry is expected to increase in value significantly over the next couple of years. Additionally, the introduction of Virtual Sports will take a significant part of the real-world sports betting system allowing the online gambling industry to grow even more.
Of course, online casinos are very popular in many countries of the world, and Sweden is no exception, many Swedes prefer the portal bastaspelbolagutanlicens.com, because it contains the best casinos in this country.
Thomas Jackson is a dynamic and talented content writer at WonderWorldSpace.com, renowned for his engaging and informative articles. Beyond his professional pursuits in writing, Jack is also known for his deep passion for fitness, which not only shapes his lifestyle but also influences his work.