Wednesday, August 10, 2022

Online betting industry to hit staggering $93bn by 2023

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By 2023, the online gambling industry is expected to hit $93 billion, representing a 40% increase from its current value. This growth is led by sports betting, following the legalization of it in 2018 by the US Supreme court. Other jurisdictions around the world have also followed suit hoping to get a piece of the pie through taxation, allowing operators like Betway to hit new markets.

Online Betting Market Size

According to a report released by Grand View Research, the online gambling industry is expected to register a CAGR of 11.5% between 2020 and 2027, reaching $127.3 billion. Experts predict the market will gain traction in the next seven years, growing in popularity worldwide. The freemium model of online gambling is also among the potential opportunities expected to unfold over the next few years.

The ease of accessing casino gaming platforms and the increasing adoption of smartphones are among the major factors driving the online betting market today. However, factors like the availability of cost-effective betting apps and the increasing internet penetration are also expected to drive market growth in the next few years.

As revealed by the American Gaming Association in their 2018 report, there are over 2800 active gambling sites online. These sites offer a wide variety of games, including poker, bingo, and lottery, to name a few. Most of these games are operated using electronic gambling devices (EGDs), which are inexpensive to operate and easily available.

EGDs feature built-in software that mimics the brick-and-mortar casino experience, although some operators like the Betway Casino are now offering live casino games. For example, a Video Lottery Terminal uses cutting-edge technology to control the game and the operator can customize it to spinning reel slot machines, electronic slot machines, electronic poker games, and video slot machines.

Popular Online Betting Activities

The global online gambling industry breaks into several unique categories, with the casino market being among the top leaders. The casino market makes up 32% of the global online betting industry, with traditional games like slots and Blackjack carrying the same thrill online as in local casinos. Nonetheless, sports betting is by far the most popular gambling activity on the internet, commanding about 40% of the total market share.

Online sports betting is also growing significantly this year after the resumption of sports events like the Euro 2020. The market is currently worth over $66 billion, with most punters wagering on major sports events through their smartphones. However, the industry also has other betting activities like Lottery (13.2%), Poker (6.1%), Bingo (4.5%), and skill gaming (3.5%).

Wagering on the Betting Industry

While the numbers on sports betting are still staggering, a lot has changed since the US Supreme Court decided to legalize the activity. The industry has recorded over $57 billion in legal bets on sports events, with over $4 billion generated in revenue and over $570 million collected in a jurisdiction and tax revenues. That has inspired other countries like India and Brazil to embrace the market.

Source: betway.com.ng

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