Online Gambling Set for Rapid Growth in Coming Years
While online gambling has been enjoying steady growth for many years, the coronavirus pandemic has given the industry a significant boost, and it is now the fastest-growing segment of all that are available. According to a new report titled “Online Gambling Market, 2021-2028” from Fortune Business Insights (FBI), the iGaming market is going to be worth more than $158 billion by 2028.
The report highlights that the industry was worth roughly $66.72 billion last year, but it is expected to see a compound annual growth rate (CAGR) of 11.4% over the next seven years. The report also explains that due to the pandemic and the multiple lockdowns around the world, many companies have been forced to adapt to remote working and online models, which in turn served as a catalyst for an increase in online gambling.
The author of the report cites an article from New York University that showed a rapid increase in online gambling in Canada at the start of the pandemic and another report from Concordia University that found that spending at online casinos in Australia rose by 67% in April 2020. The online gambling market had a CAGR of 11.2% to reach a value of $74.17 billion in 2021.
Furthermore, despite the introduction of new regulations in many European markets, the region is projected to have the largest market share. In 2020, Europe’s market was worth roughly $30.92 billion, and it is expected to remain in the lead. A great deal of this growth is attributed to online sports gambling. Following Europe, North America is predicted to have the second-largest revenues, with Latin America not far behind.
The FBI report also predicts that artificial intelligence will have a greater role to play in online gambling. “Advanced, intelligent technologies, such as artificial intelligence (AI) and blockchain, are being increasingly employed by online gambling platforms to ensure a secure and safe space for enthusiasts. Heralding this trend are startups that are developing and offering novel gambling platforms powered by smart technologies. … The incorporation of new-age solutions in digital gambling is, thus, opening new pathways of development for this market.”