Online gambling is big news. According to a MarketResearch.com report, the global market climbed to a value of US$72.3 billion last year. That figure is predicted to soar to $131.4 billion by 2027, which is a 9.96% compound annual growth rate during 2022-2027.
Even though pandemic-related lockdowns were a major reason for the industry’s growth over the last two years, other trends and factors are set to drive the market’s growth over the next few years. Among the drivers are the legalisation and increased cultural approval of gambling in various countries, greater visibility for betting brands from high-profile sponsorships, better apps and gaming options, and cryptocurrencies and technological developments.
Increased Legalisation And Better Regulation
The past few years have seen a growing number of countries legalising online gambling. In many countries where the activity has been legal for some time, lawmakers are overhauling existing regulatory frameworks and legislation to ensure players are better protected. However, this is not without some resistance from critics. According to the Guardian, the UK government is in the process of overhauling the country’s gambling legislation, although the process has been delayed until spring this year. The increased legalisation and improved regulation are two trends that encourage new players to play casino games and bet in other ways online.
Greater Visibility For Gambling Brands
Increased visibility for casino and sports betting brands is another driver of the growth of online gambling. One of the most recent sponsorship stories to make headlines comes out of the USA. According to the Financial Times, the National Football League (NFL) signed major sponsorship deals with Caesars Entertainment, DraftKings, and FanDuel. All three are important online gambling brands, and their association with one of the country’s biggest sporting brands makes fans all the more aware of them.
Better Apps And Gaming Options
Applause reported that one of the major trends and drivers in online gambling in 2022 is the availability of better apps. In addition to apps that offer easier access to trustworthy online casinos and sportsbooks, players also have access to a better range of games. Slots, particularly high RTP slots are becoming very popular, and are one of the most profitable in the industry. Slots are known for a generous return to player percentages.
Table games such as Blackjack and Roulette also remain popular, particularly those run by live dealers via video streaming. According to Gambling Insider, live casino provider Evolution’s live casino segment grew by 49% in Q4 2021, generating €237.4 million in the three-month period, a figure that represented more than three quarters of the provider’s revenue.
Cryptocurrencies And Technological Developments
Other trends that are set to drive growth in online gambling in 2022 include cryptocurrencies and developments in technology. The first online casinos that accept cryptocurrencies appeared in 2020 and their number has grown steadily over the last year or so. According to Varsity, the added privacy and security offered by Bitcoin, Ethereum, and other cryptocurrencies is one of the reasons more players will start gambling with crypto.
The increasing power and functionalities of wearable technology such as smartwatches is also expected to fuel the online gambling industry’s growth this year. Gaming providers such as Playtech have already launched slot machine apps for smartwatches.
As impressive as the online gambling scene is already, the near future is likely to bring even greater developments.