Studies have shown that online gambling can continue to grow enormously as an industry, and there’s nothing stopping this move! If you look at the conservative numbers, with the exception of countries where gambling is not yet completely legal, it was estimated that the online gambling marketplace could well reach the $ 94.4 billion within the next 5 years, a significant increase over the former. 45.8 billion estimate was predicted only 2 years ago. The new estimate represents a compound annual growth rate (CAGR) of nearly 10.9% between 2018 and 2024.
A study by Zion Market Research
This forecast was submitted by a respected company called Zion Market Research, which released a report on the subject covering all forms of gambling including horse racing, sports betting and gambling on popular online casino platforms such as Betway. mobile and others. On closer inspection, this report provides a transparent overview of the current market for sports betting and online gambling around the world. They have taken into account a highly competitive scenario and the portfolios of leading companies operating in sports betting and online gambling.
To better understand the competitive nature of this landscape, Zion Market Research conducted an analysis of the Porter’s 5 powers model in relation to the online sports betting and gambling market. This specific study takes into account the market attractiveness analysis, which covers regional segments and the game form component and compares them to aspects such as overall attractiveness, growth rate and overall market size.
Most of the expected growth will be attributed to regional markets across Europe, including countries such as the Czech Republic, Malta, France, Poland and many more, as well as several Asia-Pacific countries. It has been found that a significant increase in Internet access around the world also facilitates growth in the online gaming industry. Nearly 47% of the world’s population had access to the World Wide Web in 2016, 2.5% more than the year before.
Cryptocurrencies and legalization of gambling contribute to growth
This big boost in the online gambling industry is also expected to be driven by the introduction of cryptocurrencies around the world. The research firm highlighted the fact that the total value of cryptocurrencies at the beginning of 2017 was close to $ 17.7 billion and will increase steadily in the future. As a result, it is only natural to expect more cryptocurrency usage in the online gambling sector during this timeframe.
Moreover, according to this report, Europe is the largest growth segment for the online gaming industry, thanks to the way online gambling is legalized across the continent. Italy, France, Spain and many other countries have either joined or are about to join this room, bringing with them a large pool of players. Latin America and the Asia-Pacific region are not far behind either. It is noteworthy that this Zion study did not take into account the US market and how the country could contribute to global gambling growth in the future. Although several US states have either legalized or are legalizing online gambling, there are many issues that still need to be resolved before this industry can make good in this part of the world.