Global online gaming industry is poised to surpass $94.4 billion by 2024
Studies have revealed that online gambling will continue to grow tremendously as an industry, and there is nothing stopping this train! Going by the conservative figures, excluding countries where gambling is not entirely legally yet, it has been estimated that the online gambling market place could very well reach the $94.4 billion figure within the next 5 years, a significant rise from the earlier $45.8 billion estimate projected only 2 years ago. The new estimate represents a CAGR (Compound Annual Growth Rate) of close to 10.9%, from 2018 till 2024.
A study by Zion Market Research
This forecast has been submitted by a reputed company known as Zion Market Research, which released a report on the subject, encompassing all the gambling forms including horse racing, sports betting and gambling at popular online casino platforms such as Betway mobile and others. If looked at closely, this report provides a transparent view of the present sports betting and online gambling market across the world. They have taken into account a highly competitive scenario as well as the portfolios of leading businesses operating in the sports betting and online gambling space.
In order to better understand the competitive nature of this landscape, Zion Market Research carried out an analysis of the Porter’s 5 Forces Model with respect to the online sports betting and gambling market. This particular study factors in the market attractiveness analysis, covering regional segments and the game form component, benchmarking them on aspects like general attractiveness, growth rate and overall market size.
Majority of the growth expected in the space will be because of regional markets throughout Europe, including countries like Czech Republic, Malta, France, Poland and many more, as well as several countries in the Asia-Pacific region. It has been noted that a significant increase in the internet access throughout the world is also facilitating growth in the online gaming industry. Close to 47% of the entire world population had access to the World Wide Web in the year 2016, 2.5% more than the year before that.
Cryptocurrencies and legalization of gambling contributing to the growth
This major boost in online gambling industry is also expected to be driven by adoption of cryptocurrencies across the world. The market research company highlighted and emphasized the fact that the total value of cryptocurrencies was close to $17.7 billion at the start of 2017, and will rise consistently in the future. Resultantly, it’s only natural to expect more cryptocurrency usage in the online gambling space, during this timeframe.
Furthermore, as per this report, Europe constitutes the biggest growth segment for the online gaming industry, thanks to the way in which online gambling is being legalized throughout the continent. Italy, France, Spain and many more countries have either joined or are in the process of joining this space, bringing a big pool of gamblers with them. Latin America and Asia-Pacific are also not far behind. It’s worth noting here that this Zion study has not taken into account the US market and how the country might contribute to the global gambling growth in the future. Although several US states have either legalized or are in the process of legalizing online gambling, there are many issues that still need to be resolved before this industry takes a good hold in that part of the world.