The gambling industry is on the rise, and it’s only set to get bigger! According to a recent report that was outlined at GlobeNewswire, it is projected that the online casino market could reach $100 billion by 2026.
Recent reports outline a number of trends that paint this potential picture, with current trajectories indicating that the market will grow at a 10% CAGR from 2019 to 2026. The largest share of this is currently coming from Europe, accounting for 52%.
From here, it’s expected that Asia Pacific markets will see the most growth. Those in Africa who have better access to these facilities could also contribute to this growth.
Leading to the Current Market
The online casino market has come a long way since the 1990s. In 2020, it was valued at $58.6b (according to www.grandviewresearch.com).
Thanks to improvements in technology like HTML5-based websites and Flash-free games, there are more opportunities than ever for players to enjoy casino entertainment on their personal computers or mobile devices without any additional download needed. One of the most significant changes that have occurred is the rise of live dealer casinos.
With the advent of faster and more efficient internet connections, such as 3G and 4G LTE, the online casino industry has grown exponentially. The advancement in technology made it possible for casinos to provide better graphics and a smoother gaming experience.
As the internet has developed, so too have online casinos. Nowadays, there are many high-quality gaming sites with games that rival anything found in a land-based casino. Online gambling has become a lucrative business and one that’s not going anywhere anytime soon.
The rise of these digital casinos can be attributed to several factors, but the most significant is the release of the iPhone in 2007 and the subsequent smartphone boom that followed.
With the possibility of instant access, coupled with a wide selection of titles on hand, a boom in online casinos was inevitable.
Gambling is a time-honoured tradition and one that will not be going away anytime soon. In the past few years, there has been a growing focus on Asia as an emerging market for casinos, but even more so now with the rise of China’s economy.
With over 80 million new internet users in China last year alone, there are great potential profits to be made from gambling sites looking to tap into this underutilized market.
Online gambling is becoming a more and more popular pastime for the population of the world. As internet access becomes ubiquitous, this industry grows with it.
With India having an additional 128 million people going online in the 2019-2020 period, and Africa likely to follow suit soon after, there are plenty of opportunities for expansion of the online casino industry
In recent years, online casinos have seen significant growth. This type of gambling has been expanding at rates unheard of in the past decade.
With this expansion, many people are curious about what will happen to these markets once they reach their peak and begin declining again. However, for the foreseeable future, it seems that more people are going to be playing at these sites than ever before!
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