What’s in store for the online gambling industry? How much will the industry grow in the future? The Online Gambling Global Market Report for 2021 looks into what we should expect.
The global online gambling revenue is expected to increase from $64.13 billion in 2020 to $72.02 billion in 2021 — at a compound annual growth rate (CAGR) of 12.3%.
When comparing these numbers to the $53.7 billion revenue the casino industry had in 2019, we can see that’s a 34% increase in just a few years.
Some of the major contributors to the growth are the addition of multiple ways to bet online, such as via mobile and desktop, and the expansion of online games, like sports betting, lotteries, bingo, poker, and others.
The growth in 2021 is also due to many companies resuming normal operations while adapting to the COVID-19 pandemic. The market is expected to reach $112.09 in 2025, which is much higher than the previous estimate of $100 billion in 2026.
Technologies such as blockchain, IoT, and VR are also helping the industry. With VR, a person can play in a virtual casino without leaving the comfort of their home. Meanwhile, blockchain improves transparency and eliminates concerns of fraud, which improves trust.
In addition, the increase in mobile gambling is crucial to the gambling industry, since about 80% of all online gambling comes from mobile devices. The amount of gamblers preferring mobile has increased by 117% from 2012 to 2018.
Some of the major companies involved in the online gambling world include
- 888 Holdings PLC
- Bet365 Group Ltd.
- William Hill PLC (purchased rival MRG in 2019 for $321.22 million)
- Betsson AB
- GVC Holdings PLC
- Ladbrokes Coral Group PLC
Lastly, as many countries are changing their laws and legalizing sports betting, like the U.S., the online gambling industry will grow faster. It is likely to play a much more significant part in the success of the world gambling industry.