The online gambling market is booming due to the high rate of internet adoption across the globe.
Before the advent of online gambling platforms such as casinos and betting sites, gamblers were forced to travel to physical betting locations to place a bet.
Today, however, things have changed, and anyone can bet online from the comfort of their homes. Also, it has become easy to withdraw one’s winnings from the online platforms owing to the ease of online money transfer.
According to Gamblers daily digest, the online gambling market was valued at USD 46 billion towards the end of 2019. Projections further indicate that this market will reach USD 94 billion by 2024.
Additional statistics provided by Gamblers daily digest further indicate that 61 percent of all revenues from online casinos come from online bets. 72 percent of these bets are placed through mobile devices.
This is an indication that online gambling is an unequivocal success, and is a market that will continue to expand in 2020. There are various reasons why the market will be huge this year.
the Growth of Gambling on Major Markets
Online gambling has been widespread across the globe. The UK in specific was the groundbreaker for online betting. This is because the first sports gambling exchange occurred in the UK. As long as the UK gambling commission regulates an online gambling site, citizens are free to place their bets through that site.
Other markets like the United States have not been left behind in regards to online gambling. Although online betting is not permissible across all American states, it is popular in some of them: New Jersey, Nevada, and Pennsylvania.
More states in America are also embracing online gambling as a way of attracting additional tax revenues. According to Weekly Slots News, Indiana was one of the latest states to permit online gambling in October 2019. Some others are still proposing laws before legalizing it.
In Australia and Canada, citizens are allowed to place bets through casinos based in foreign countries. Regions such as Macau in Southeast Asia have embraced land-based casinos, thereby rendering gambling online illegal in some territories.
Even so, online gambling is legal in countries like Malaysia. Recently the Philippines started encouraging its citizens to pursue gambling online, too. With increased internet availability and regulations, more countries on the major markets are likely to encourage online gambling.
Online Casinos Have Enabled the Growth of Sports Betting
Online casinos allow gamblers to place their bets through the internet. Most gamblers prefer these owing to the convenience with which they are associated. As such, betting in online casinos is a growing trend worldwide.
One of the popular online casinos is Bovada. The casino offers diverse gambling options. According to OnlineCasinoGems, it also gives its players a chance to enjoy reward points every time they wager cash in the casino. They can later redeem the points for cash bonuses whenever they wish.
This casino also accepts Bitcoin and USD payments, thereby opening doors for more gamblers in the United States and other parts of the world. To learn more about Bovada, you can read a review on the same on Onlinecasinogems.com.
Online Gambling Has Gained Huge Popularity on the African Market
Online gambling is not only popular in the western world, but also in Africa. A visit to major African capitals will confirm this. The existence of good casinos in these capitals is a result of the governments’ recognition of the profits in the gambling industry.
According to the Gambling News Magazine, top on the list of notable casinos in Africa is the Sun City Casino located in South Africa. It is a one-stop entertainment spot for your family as it hosts two golf courses, shops, and restaurants. Its cash desk facilities also accept all major currencies.
If you are visiting Botswana, you can check out the Grand Palm Casino, another place that offers a variety of gaming machines. The Casino Flamingo in Kenya is also a place that gamblers can visit and get the hang of all the various offers.
The Mermaid Casino in Namibia is another notable hub for gambling in Africa. Not only does it let you bet on over 200 slot machines, but it also has an impressive snacks menu and full-service bar to ensure your comfort.
Other major casinos that affirm the popularity of gambling on the African market are the Great Casino of La Mamounia in Morocco and the Casino Simba in Uganda. According to Forbes,
they contribute to the $450 billion revenue globally, as estimated by Statista.
Current Trends Fueling the Growth of the Online Gambling Market
According to Business Wire, the online gambling market is projected to continue expanding in 2020, as a result of five major trends. These are:
- Growth in the number of women gambling online
- Increased credit and debit cards penetration
- Changing habits among gambling consumers
- Reliance on alternative cash options
- Changes in marketing strategies
Studies indicate that female gamblers prefer to bet in private, where they face less intimidation from male gamblers. In 2015, an increase in the number of female gamblers was noted. This signals the continued expansion of the online gambling market.
A high penetration rate of debit and credit cards on the market has also allowed users to access foreign websites using international cards. This trend has fueled the growth of the online gambling industry.
Similarly, the introduction of gambling apps is another trend that has led to a rise in the number of social gamers. Besides, it has also increased the convenience associated with gambling, thereby further encouraging individuals to bet online.
The availability of payment options like virtual currencies and digital payment portals has also encouraged online gambling by minimizing the gamblers’ burden of carrying cash. Moreover, changes in marketing strategies in the form of social media marketing adoption is a trend that will further drive online gambling this year.
In conclusion, online gambling has continued to grow popular, as evident from an increase in the amount of revenue generated in this industry. Through better regulations that protect gamblers’ interests, this industry is set to grow even further this year.
Besides, the current online gambling trends are set to facilitate further growth of the market. All this because people have more freedom to gamble from the comfort of their homes.