Global Online Gambling Industry to Be Worth $94 Billion by 2024

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Global Online Gambling Industry to Be Worth $94 Billion by 2024

Britney Kaiser, the Cambridge Analytica whistle-blower can be seen making a statement in the Netflix Original documentary, The Great Hack, that oil and gold are no longer the most precious commodities.  The pole position belongs to the big data now. And she says this without batting an eyelid, looking straight into the interviewer’s camera!

If you look at it closely, data is exactly what makes the global online gambling community tick. If we go with the conservative projections, not factoring in the misguided attempts of certain countries to overstep their boundaries, the global online gambling industry is expected to be worth $ 94.4 billion by the year 2024. That’s almost $ 50 billion more compared to the $ 45.8 billion estimation done two years ago. The new estimate represents a CAGR (Compounded Annual Growth Rate) of close to 10.9% between 2018 and 2024. Analysts believe there is no stopping this superfast online gambling train now!

Zion Market Research Report

The above forecast has been provided by the Zion Market Research, through a report released recently on the same subject, encompassing horseracing, sports betting, online slots, online poker to everything involving placing wagers on the internet.

As per a statement released by Zion, the report offers a transparent view of the global online betting and gambling marketplace. They have covered the competitive scenario at the global level in good detail, as well as the portfolio of well-known vendors operating in the online betting and gambling space. In order to gain a better understanding of the competitive landscape of this industry, Zion has also included an analysis of the ‘Porter’s Five Forces Model’ in the report. The study takes into account market attractiveness analysis in which regional segments, game component and game form are benchmarked as per their overall attractiveness, growth rate and market size.

A large part of the growth can be expected because of the legal regional markets in Europe, including countries such as Czech Republic, Poland, France, Malta and others, apart from the countries in the Asia-Pacific region. The constantly rising global Internet access has also been factored in, which is fuelling the online gambling growth. Close to 46% of the world population had access to Internet in the year 2016, 2.5% more than what was recorded in 2015. Furthermore, sign-up bonuses offered by reputed online gambling platforms is also going to motivate new players to try out the casino games. For instance, Mr Green welcome bonus of $1200 + 200 free spins is an excellent example of how online casinos are going out of their way to bring more and more people on board with them.

Cryptocurrencies and opening-up of new European markets to also contribute to the growth

The future growth in the online gambling industry is also expected to be driven by the growing adoption of cryptocurrency in different parts of the world. Zion highlights that the total value of all the cryptocurrencies stood at US$ 17.7 billion at the start of 2017, and this figure is only going to rise in the next 5 years. Furthermore, it is only natural to expect cryptocurrencies’ usage in the online gambling industry to also grow at an equal or higher pace in this timeframe. Here’s all the latest on bitcoin gambling.

Europe is expected to be the biggest booster of the online gambling industry, thanks to more and more countries legalising online gambling in the continent, including countries like Italy, France, Spain and others who have come aboard now. Asia-Pacific is not too far behind and so is the case with Latin America. The report hasn’t taken the US market into account as the country needs to resolve various issues before becoming a part of any such estimate.

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