Online Gambling And Mobile Gambling Are Becoming Increasingly Popular Activities
The global gambling market is segmented by sales channel into online gambling, offline gambling, and virtual reality (VR) gambling. Of these segments, the online gambling market is expected to grow at a rapid annual rate of around 19% to 2022. Online casinos are on the rise in the global gambling market, with websites offering modern interfaces that appeal to the millennials, to increase their revenues. Online casinos provide an advantage to the players due to the ease of access and the ability to place a bet, check odds, and withdraw the winnings. Online casinos also organize tournaments that attract the players and keep them engaged, unlike land-based casinos. Online gambling is gaining traction in the UK, accounting for 32% of the total gambling market as of 2016.
Within the online gambling industry, cryptocurrency is becoming popular, as the industry is incorporating it as one of the payment methods. Cryptocurrency is a digital currency with encryption techniques that regulate the generation of units of currency. This blockchain technology provides anonymity of the users. In addition, gambling legislations do not apply to the online casinos that offer betting only with cryptocurrencies. Cryptocurrency transactions are very cheap or completely free, and as there are no taxes levied on the transactions, it benefits the players with better odds and bigger payouts, which is further driving online casinos to opt for cryptocurrency as a mode of payment.
The global gambling market, estimated at around $476 billion in 2019, is expected to grow to $565 billion by 2022, growing at an annual rate of nearly 6%. The continuous rise in the use of smartphones, the availability of internet, use of social media and access to mass media will positively impact the gambling market. Visitors like sharing their experiences, photographs and videos on social media platforms which help other people know the experiences offered by casinos and gambling facilities around the world. Social media is the most effective marketing tool for casinos to acquire new customers. Extensive use of social media is expected to drive growth of the gambling market during the forecast period.
Mobile gambling is another emerging trend in the global gambling market, with smartphone companies allowing gambling applications in their app stores. Increased smartphone penetration, improved awareness of sportsbook brands, increased mobile data availability and the ability to conveniently transact from a smartphone is benefitting the market and helping it to grow exponentially. As of 2018, there were 2.3 billion smartphone users globally. The advances in technology and increased variety in gambling are appealing to the users of online gambling.