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2027 Online Gambling Market forecast with Trends, Growth, and Forecasts made by ResearchAndMarket.com.
Last year, the online gambling market’s value reached over 72 billion USD. The industry has been experiencing significant growth over the last few years. This was especially the case since the pandemic. With so many people around the world doing physical distancing by staying at home, many had to find new hobbies or ways to entertain themselves. A lot of people turned to gaming including playing real money games.
The Best USA Online Casino to play real money games on did experience surges on new users since the pandemic began. Since then, the industry continued to gain more popularity. Even now that the pandemic is starting to wade, the online gambling industry continues to grow significantly.
ResearchAndMarket.com has recently released a forecast on how the online gambling sector would perform in the next few years. According to this report, the market would reach a value of over 131 billion US by 2027 with a CAGR of 9.96% from this year until 2027.
What Pushes the Industry’s Growth?
There are multiple factors that are affecting the industry’s growth including rapid urbanization and the increasing penetration of the internet worldwide. Aside from these, online gambling is becoming less of a taboo subject since more governments are starting to regulate it. With that, more people are starting to be more welcoming about the idea of gambling online.
Technological advancements like the use of blockchain tools are also a driver. While Bitcoin casinos have been around for a while now, people have only recently started to realize what they can do with cryptocurrencies. Before 2020 ended, Bitcoin has reached another all-time high since 2017 and because of this, cryptocurrencies were hyped up. More businesses started to adopt the use of crypto as a payment solution including businesses in the gambling sector.
If back then, crypto gambling sites are scarce, today, most USA Online Casino Sites would accept crypto payments including Bitcoin and other altcoins like Ethereum, Bitcoin Cash, Binance Coin, Cardano, and many more. Some crypto casinos would even have their own currencies and people are there for it. With the popularity of cryptocurrency gambling today, there is a big chance that it will be the future of online gambling.
There is also the pandemic that impacted how people would play casino games. In 2020, many land casinos around the world had to temporarily shut their operations to adhere to government-mandated lockdowns. Casino regulars then turned to online casino gaming and even the ones who have never gambled before also joined in.
Key Market Segmentation
When it comes to how people are gambling, ResearchAndMarket.com found that the most popular online activities are sports betting, eSports betting, casino gaming, and live casino gaming. Some of the regions where online gambling is popular are the following:
The United Kingdom
The United States
The Asia Pacific
Here are some of the businesses that are leading in the online gambling segment today:
888 Holdings PLC
Bet365 Group Ltd.
GVC Holding PLC.
Why Are People Gambling Online Anyway?
Aside from the drivers mentioned above regarding the industry’s growth, people also have other reasons for choosing to gamble online instead. Convenience plays a big role in this transition. Thanks to online casinos, players can access any game at any given time and place as long as they can connect to the internet.
It’s also easier to jump from one casino to another if players are online. Because of this, the sky’s the limit when it comes to gaming options. Some online casinos would offer as much as 3000 games to their customers. Along with generous promos and bonuses that are hard to resist.
The thing about online casinos is that they can afford to reward their players so much since they don’t need to run a whole establishment. This is why as soon as players log in to a casino, they are welcomed with numerous bonus offers seems too good to be true. However, these are all legit bonuses that anyone can take advantage of.
Online gambling sites have also ensured that they offer the best payment solutions to make transactions with their customers a breeze. This is also where the use of cryptocurrencies comes in handy. Many gamblers also enjoy the privacy that they can get from gambling online and cryptos can take it to another level. Anonymous online casinos are there because of cryptocurrencies. Players can now make their transactions anonymously, which is advantageous to them.
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