Online Casino Market Growth Forecast Until 2024
According to a report from Reportlinker.com, the online casino market could touch the $87.75 billion mark by the year 2024. The report further claims that the segment would see a year-on-year growth rate of 8.77% during the five years between 2019 and 2024.
There are multiple reasons behind the explosion in the popularity of this segment. Notable among them include the rise of artificial intelligence, an increase in the number of female population who partakes in online gambling, and the release of several cashless modes of payment.
Here are some other areas that are highlighted by the report:
Key Market Trends
The report highlights that the lion’s share of the online gambling market’s popularity is based in the sports category, including European Championships, FIFA World Cup, horse racing and greyhound racing. It also identifies the key market trend in which several sports betting companies are highlighting sports teams to increase their market share.
Take bwin for instance. The online betting site was the shirt sponsor of Spanish football team Real Madrid for multiple years. It also sponsored the likes of AC Milan, the Italian side which has won 5 European Championships in its illustrious history. Many other gambling sites are taking this route to increase their reach.
North America is the fastest-growing region
In May 2018, the US Supreme Court gave individual states the power to formula rules applicable to online gambling. Prior to this decision, the US Federal Government had enacted a blanket ban on online betting in the country. This verdict, in turn, allowed the likes of Pennsylvania and Nevada, among other US states, to legalize online gambling in their respective jurisdictions.
Canada and Mexico are also following the lead of the United States as far as gambling is concerned. Both of them are reviewing their respective gambling laws with the aim to regulate the online gambling sector that serves the bettors within their borders.
Mergers between big gambling sites
In a bid to increase their market share and improve profit margins, gambling sites Betfair PLC and Paddy Power PLC merged to form Paddy Power Betfair PLC last year. Similarly, the merger of Ladbrokes and Coral saw the formation of Ladbrokes Coral Group PLC in 2016. These mergers have led to fierce competition in the market as the big players are currently offering almost identical services to their users.