After many years of progress and much investigation, it appears that the global internet gambling market is expected to continue to rise over the years to come, with mobile casino gaming and sports betting predicted to dominate the industry.
There are a number of reasons for this, with technology advances and particular trends in various games forecasting a growth that is anticipated to stretch beyond 2024.
Operators Focusing on Mobile
While many may be unaware, casino gaming has pretty much been around since the dark ages of the internet, when dial-up was praised and only a small number of households owned a computer. For a very long time, the focus of gambling operators’ and software suppliers’ efforts were on the desktop demographic, however, that is all changing.
At the moment, close to 40% of the gambling industry’s clientele is made up of players that enjoy mobile casino poker and sports betting. It is believed that this trend will continue to develop rapidly as more and more mobile devices adopt high-speed internet services.
In particular, mobile sports betting is expected to see a large growth due to the fact that there is a high demand for mobile live streaming when it comes to sporting events. The more bookmakers that recognise this and integrate live betting, the more the industry grows.
Mobile Casino to Dominate
While it may come as no surprise that the River Belle online casino genre has been heavily dominating the iGaming industry overall, it is worth noting that the mobile genre is included in this and actually makes up a large portion of the online gambling market share.
What’s more, while research does show that mobile casino games are going to lead the pack over the forthcoming years it also suggests that mobile sports betting won’t be too far behind. In fact, mobile sportsbooks are predicted to surge in the near future because of a higher rate of adoption with regards to live sports betting by numerous players.
It has also been said that the online lottery and poker genres will increase by the year 2024, but not nearly as much as we will see in mobile casino and sports betting.
Global iGaming Market
With most credit due to the UK, Europe has had a strong lead in the iGaming market in comparison to all of the other regions that permit mobile gambling.
Asia Pacific is expected to see the highest CAGR, while areas such as the Middle East and Africa are expected to see the slowest growth. Among the territories expected to see the lowest amount of growth is North America, which ultimately means that Canada won’t be seeing a massive increase.
The Future of Mobile Gaming
Transparency Market Research (TMR) collected data and published a report at the end of 2016 that ultimately estimates that the online casino gaming industry, as a whole, was expected to end the year with a total revenue generation of just over $42 billion.
With that in mind, the study then goes on to suggest that the market could grow by approximately 10.8% CAGR by 2014, which would mean that the industry would double its revenue by that time.