Online casino is expanding at 11.5% CAGR.
The global online gambling industry is growing at an exceeding speed. The market capitalization was around $US 53.7 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 11.5% from 2020 to 2027. Easy access, high internet infiltration, and high use of smartphones are the propelling force for this sector’s robust growth. Streamline and decriminalizing legal framework, socio-economic condition, change of mindset, celebrity endorsement are other factors for the expansion. Economical internet, mobile traffic, and easy access to mobile applications across the world are propelling the growth in this sector.
The internet has changed the domain of communication and allows merchandise to offer their services and goods on digital platforms. The utilization of services and goods in the global digital market has grown by almost 28% per annum from the last decade. With the growth of the digital market, online casinos have also grown hand in hand. Adoption, implementation of the latest technology by a casino service provider, high disposable income among people is fueling the growth rate. Development in the digital market is directly correlated to growth in online gambling. Online casinos are thriving to achieve credibility in the gaming domain. They are putting continuous endeavors into information solutions to improve the gaming experience, ensure safety, the integrity of the operation, and prevent illegitimate actions. Casino websites such as; Judi online offer free-play versions of many casino games, which is creating more expansion opportunities.
Online gambling is spurting up from both organizational and technical perspective. New technology like AR and VR are making casino games more engaging, immersive from a technical viewpoint. From an administrative standpoint, a gaming company manages multiple serves, comply with local rules and regulations and gaming jurisdiction. Many countries are legalizing online gaming with certain restrictions, offering ample employment opportunities and revenue growth for the region. The latest technology allows the player to experience the real world, real-time experience while gambling through the internet. The sportsbook also encouraged many sports fans to bet on their favorite team: football, basketball, tennis, or horse racing.
Virtual reality and the use of cryptocurrency is also fueling the growth of this market. Several online casinos are implementing Blockchain technology. These features improve the gaming experience and transparency in gaming activities. Blockchain technology ensures anonymity, as the system is devoid of third party interference and highly decentralized. With the advancement of technology, security threats are also increasing; signal manipulation through dubious apps and hacking are severe threats to the online gaming industry. Compulsive gambling is another concern that can destroy the finance, peace, and relationship of a player, leading him into depression and a trap of debt.
The outbreak of pandemic –Covid-19 has impacted the market but on a positive note. Almost all countries imposed physical restrictions, lockdown, and social distancing to prevent the pandemic’s outburst. The strict physical regulation has negatively impacted land-based casinos but was a boon for online gambling web sites. Many wagers shifted to the online version due to geographical restrictions. The sports betting segment suffered a heavy loss, as significant sports events were held up due to the pandemic.