The online gambling industry is one of the fastest developing businesses in the world. It generates billions of US dollars in revenues each year and is expected to continue to do so in the years to come. Incidentally, the online gaming industry is also overwhelmingly innovative, with new technologies being implemented on a daily basis.
In just over 20 years, the online gaming industry has gone from an unknown and unreliable business to a massive global industry whose revenues surpass those of land-based gaming by the millions. Of course, the industry does not owe its success to its own efforts only; as a matter of fact, it would have never become so prosperous if it were not for several laws that eased online activities.
Global Online Gaming 2018 Revenues and Forecasts
Before focusing our attention on the figures the industry has generated this year and is expected to generate in the years to come, let us first pay attention to several key events which have influenced the online gambling business.
To begin with, the US Supreme Court lifted the ban on sports betting in May 2018, thus allowing states to legalize and conduct sports betting activities. Several online bookmakers were opened in the states where sports betting is now available, which has had a favorable impact on the gaming industry.
Secondly, the rise of complaints and fraudulent attempts over the past few years has resulted in the drafting or passing of several laws, which are expected to further regulate the global betting business. While further regulation will undoubtedly make online gaming safer, some experts predict it might have devastating effects for smaller operators.
Last, but not least, the number of problem gamblers has steadily been increasing over the past few years, which is why countries like the UK have launched online self-exclusion schemes, the first ones of their kind. These systems emerged just this year and they allow players to ban themselves from online gaming sites for a certain period.
Now that we know which events might have had an effect on the online gaming business, we can proceed to discuss its revenues. According to a report, the global online gambling market is estimated at $46.7 billion in 2018 and is expected to grow by 9.65% by 2025, reaching nearly $89 billion.
Dynamics of the Global Online Gaming Market
Mobile applications and WiFi access have developed and spread significantly over the past few years, thus tremendously boosting the online gambling business as a whole. As mentioned on SuperCasinoSites, every major online operator has a mobile app to offer gamblers entertainment on the go, etc. which proves that the market has become incredibly mobile-oriented.
According to a market prognosis made by leading iGaming analysts, more and more operators are expected to implement AR and VR technologies to their sites in the following years. By 2025, as much as 30% of all online casinos might have implemented AR and VR technologies in one way or another.
Another thing to consider is the growing number of live gaming sites, which promise to revolutionize our online gambling experience. The unique thing about these gaming establishments is that they provide an incredibly realistic experience. In essence, live casinos offer real-time interaction and live dealers, thus mimicking the experience and atmosphere we would normally get at a land-based establishment. In the following years, live gaming platforms will continue to grow and develop, and, by 2025, they might have completely transformed the online gambling industry.
Global Online Gaming Trends
Various trends emerge with the growth and development of the global gaming business, and this section focuses on some of them.
Players’ Habits are Changing
One of the most obvious trends in the online gaming business is the rise of mobile gaming. As companies release apps that offer casino entertainment on the go, the number of players indulging in mobile gambling activities keeps on growing. Furthermore, the Online Gambling Quarterly has stated that as much as 61% of gambling operators’ revenue comes from mobile gaming activities. Sports betting figures are even higher: 72% of betting stakes are made via mobile devices.
There are several reasons why players prefer betting on their mobiles. First of all, mobile gambling provides unparalleled convenience and ease of use. On desktop casinos, players usually need to log in their account each time they visit the site. However, many mobile casinos allow gamblers to play without having to log in each time. Another reason why mobile gaming is preferred by players is that most mobile casinos are actually available on all platforms. Essentially, players can now access online casinos not only on their mobile or desktop but also on their tablet, thus allowing them to stay tuned no matter what they do.
Enhanced User Experience
Numerous data collecting companies have set up shop in the past few years. Briefly put, such companies collect all sorts of information in order to provide a more personalized experience for each online user.
Several online casino giants have begun to utilize the services of data collecting companies. Data analysts allow casino operators to build gaming profiles based on your gaming habits and even design personalized bonus offers for the games you play the most. On top of that, data analyzation is also used to track players’ gaming patterns. By collecting your data, online casinos can estimate if you are falling into problem gambling patterns and, if necessary, help you overcome the problem.