The online gambling industry is expanding rapidly all over the world. Aided by the global pandemic and increasing access to technology, online gambling will likely continue to grow.
A recent market report from The Business Research Company details how new technologies are paving the way for gambling access across the world.
According to the report, the rise in popularity of virtual reality headsets marked a revolution in online gambling. The technology provides players with a richer experience. Many casinos in the US recognize the potential and have already invested substantially in VR development.
Another advancement that’s supporting online gambling operations is the expansion of blockchain technologies.
The report notes that blockchains can help address the security and transparency concerns that many people have about online gambling. Publicly recording transactions on a blockchain lends legitimacy to online casinos and may significantly improve trust between all parties involved.
Additionally, the expansion of internet access and the adoption of smartphone technology is maybe the biggest driver of online gambling. Mobile gambling, the report states, accounts for 80% of online gambling in most countries.
Considering that the online gambling market generated over $53 billion in 2019, companies have a massive incentive to invest in it.
Plus, the number of people with internet access is expected to grow to 5.3 billion by 2023. If current trends continue, a corresponding increase in the online gambling activity will follow that growth.
To sum up, online gambling providers are quickly adapting to new technologies to make their services more accessible. In-person gambling is still ahead of online gambling in many parts of the world, but that trend could change very soon.