The Global Market: Spurred by Mobile Growth, the Online Medium has Galvanized the Gaming Market Like No OtherPublished June 7, 2021 by Lee R
Learning how the iGaming market is set to grow gives you a foothold on harnessing that growth.
It is no secret that the gambling industry is rapidly digitalising, but the growth that gambling is experiencing from the online digital medium is hard to match.
No industry has benefited from online gambling as much as the gambling industry, and a periodic check of the trajectory of market growth illustrates how to get a foothold in the still emerging industry or effectively manage organisations already operating within the sector.
The latest global projections have the global iGaming industry growing to $58.34 billion by 2022, at a compound annual growth rate of 8.52 percent.
Drivers of Growth
The rapid rise and expansion of the use of the smartphone for online activity; economic growth; demand for sports; and blockchain technology are currently considered the primary drivers of market growth.
Jurisdictions worldwide are continuing to adapt regulation models to license gambling within their respective jurisdictions in the interests of boosting local economies primarily through taxation and re-investment in social projects.
Key technological trends that sustain growth across all jurisdictions worldwide include a rise in smartwatch device demand; increased adoption of virtual reality, and increasing digitalisation. These stand as sources of enhanced engagement that are pervasive and can appeal to members of all cultures.
Biggest Contributing Verticals
The top contributors to iGaming whose growth is set to accelerate further in coming years includes online casinos; sports betting; poker, and bingo.
The Pandemic Proof
The sustainability of iGaming was reflected during the unfortunate pandemic era, with land-based casinos suffering great losses while iGaming casinos experienced unprecedented growth.
Land Closed, iGaming Thrived
As a non-essential industry, most countries shuttered casinos early on, but this de-prioritisation of land-based casinos further contributed to a boost in online casino popularity during the pandemic.
Sports Betting's Rise
After seeing sports betting grow online in the era of government-imposed travel and business restrictions, online sports betting dominance is expected to increase to $90 billion by 2025.
App Mobile Impact
Mobile gambling stands as the foundation of growth, and the expected continued resilience of the iGaming industry, with the next phase of growth to be distinguished by competition and proliferation of online apps.
The ease-of-use of each online gambling site may well determine who wins the largest future market shares.