Online Gambling Wagers Calculated to Approach 1 Trillion in 2021Published October 4, 2016 by Lee R
The Juniper report provides valuable insights to iGaming professionals and operators.
New data from gambling research think tank Juniper Research places the total value of online gambling wagers at a staggering total of $550 billion for the year.
However, this number still seems to pale in comparison to growth rate calculated for 2021, in which Juniper expects an additional jump of $400 billion by 2021.
Digital Service Equal
This will put cumulative wagering totals on par with digital goods and services for 2021, potentially exceeding $1 trillion for the first time.
Other findings disclosed in Juniper’s latest report Mobile & Online Gambling: Casinos, Lotteries, Betting & VR 2016-2021 quantified the fact that gambling activities were increasingly migrating to the online environment, through the self-evident trend of increase in use of mobile channels.
Juniper further suggests that new technologies such as VR would spur further growth in the online casino sector, which is expected to account for almost half of the trillion dollar wager value projected for 2021 just under half of wagers by value in 2021.
Key Customer Loyalty
The report characterizes the sector as increasingly consolidated and mature, driven by a focus on customer loyalty that provides players with a wider range of play options, such as Ladbrokes rewards scheme offer and Rank Group’s Grosvenor cross-channel memberships.
Return Business Ultimate
While all operators are aware of the need to maintain customer engagement, report author Lauren Foye specifies that the primary benefit is drawing in return business. She points out that outreach in the form of personalised offerings based on past betting activity are drivers of the twin goals of greater engagement and reduced churn.
Further key report findings include a counter movement among some countries of outright prohibition of gambling in the face of expanding regulation in most other areas. And, despite increasing popularity and acceptance of Bitcoin by leading sportsbook providers such as William Hill and 888, Juniper believes that mass adoption of cryptocurrency across the gambling space remains unlikely.
Juniper is a think-tank company providing international research and analytical services to the global hi-tech communications sector in the form of consultancy, analyst reports and industry commentary.