Constant advancement in internet connectivity has opened the doors for the online gambling industry to grow at a rapid rate. With the invention of smartphones and other portable electronic gadgets like tablets, phablets, laptops, smartwatches and more, we can now consume information on the go, allowing marketers to market and sell their products and services that were once not possible.
The online gambling industry is segmented based on 4 key aspects:
- Game type
- Device used
- The end-users
The increasing number of online gamblers worldwide and steady technological developments are the key factors that strongly influence the rise of the online casino industry.
The market has been exponentially growing because of the increase in the usage of computers and smartphones, helping gamblers play their games and win money conveniently without having to travel.
With the help of the internet, online gambling operators have integrated social media platforms like Facebook, Instagram, YouTube and other sites to advertise and attract new gamblers.
Virtual Currency: The New Trend
Another major trend in the online gambling industry is the adoption of digital money by gambling vendors. The security related concerns have now been reduced with the adoption of digital currency in the market. Speaking of security and safety, a good example operator is certainly Wildz Casino.
Moreover, this trend has also helped gambling vendors to give the money to the winners as redeemable coupons, which they can use as the ante while playing other games. The providers also get the complete history of the money spent by their customers, which can be used to personalize their marketing strategies.
Apart from fast internet connectivity, other major factors that are propelling the growth of the gambling market are the development of technology and infrastructure, increased investments, and legalization of the game in many countries.
The global online gambling world is divided into a casino, betting, poker, online lottery, bingo and more, based on the game type. The online casino chunk recorded the highest market share last year. And, with the increase in the number of users and superfast internet, the overall online gambling shares are expected to increase a few years down the road.
Based on the device type, the market is divided into desktop and mobile phone. With the increasing usage of smartphones, the mobile segment currently holds a better market share, which is likely to record the highest Compound Annual Growth Rate (CAGR).
The Geographical Analysis
The global market size of gambling is expected to record a CAGR of around 13% in the next demi-decade. This analysis is conducted in North America, Latin America, Asia-Pacific, Europe and the Middle East.
Europe has the highest share among these regions as the governments of various countries in Europe have liberalized the rules on playing online gambling games.
The market is expected to grow across the Indian subcontinent due to the rising popularity of live casinos among youngsters and the foreign investors are keen on investing in the Indian market as well.
Excessive internet penetration and the increasing demand from various moneybags and gambling enthusiasts have made the live casino games witness a drastic growth rate across the globe.