Statistical analysis predict that the online gambling market is set to double in the upcoming years. The technological accessibility has proven an effective aid in the markets expansion, and its developments seem to only grow more sophisticated.
Technological advancements key to success story
According to statistics from Statista, the market revenue from online gambling is expected to double in the next few years. Already in 2023, the market is supposed to grow to $92.2 billion USD, The researchers attribute the present and future successes to three main factors:
- Advancements in technology.
- Increased customer sense of safety for web-based transactions.
- Increasing global digitalization with easy access to the internet, smartphones and laptops.
Furthermore, online gambling platforms are able to reach wide audiences easily and are able to make effective slogans. Advertisements that focus on lowering the threshold for new players, such as “$1 Deposit Casinos in New Zealand”, are also key factors in the growth spurt of the online gambling market. Bonuses play a big part for many players in their choice of online casino or betting website.
America set the trend
The statistical arguments point to the 2018 legalization of sports betting in the United States as a turning point for global interest in online gambling. The legalization has led to a large movement within the US as well, and as of today 33 states and the District of Columbia have legalized online betting in their states. However, only six states allow other forms of online gambling, such as casinos.
The latest large state to legalize online betting was New York at the beginning of 2022. The launch of the new online gambling market was a big success, and over 1,2 million new accounts were registered during the opening weekend. What’s more, the revenue estimated during that weekend is $150 million USD, despite the launch only giving access to four licensed apps.
Online gambling history
Whereas traditional brick-and-mortar gambling have been around for centuries, online gambling first entered the scene in 1994. Within the first year, more than 200 gambling websites were available, and today one can explore a new casino every single day. Online casino was soon followed by the first online betting opportunity which arrived in 1996.
The market for online gambling, which has grown exponentially since its beginnings in the 1990s, has only grown more popular during the pandemic as one of the most easily accessible forms of entertainment.
At the forefront of gender discussions
The gambling market is unique in that it keeps reaching new audiences and has an important part in equaling the playing field. In several regions, online gambling is able to attract more women in gambling than physical institutions have managed to.
Some studies show that women also gamble differently than men. Some studies make a case for the possibility that men generally tend to play to win, whereas women more often play to de-stress from everyday life. This becomes especially apparent in cases of problematic gambling, where some studies identify guilt and financial debts as drivers for women addicts while men tend to adopt harmful gambling patterns because of game-related factors.
Why has online gambling risen to such fame?
The statistical analysis reflected on three main reasons for the projected online gambling market increase: technological advancement, global digitization, and online transaction security. However, that mostly describes the opportunities for market growth, but not why online gambling has become such a pillar of human interest.
Generous bonus campaigns
Many people are easily attracted to good campaigns and bargains, whether it concerns the local clothing store, the grocery shop, or an online gambling website. The function that distinguishes online gambling platforms from traditional casinos is their aggressive marketing.
Online gambling organizations often use bonus campaigns as a way to attract new customers, knowing full well that it lowers the threshold for new as well as returning customers.
Because of the global digitalization, gambling marketing is easily applied pretty much anywhere. The effects of sports betting advertisements has gotten a lot of news recently, as several major global soccer leagues have started restraining the extent of betting advertisements. For example, the UK will ban gambling advertisement featuring celebrities starting October this year, and the Spanish La Liga has banned gambling companies as main team sponsors starting last year.
The wave of anti-advertisement laws comes after studies showing that the most vulnerable groups affected by sports-related gambling advertisements are minors and people with high vulnerabilities or pre-existing addictions. Furthermore, a study conducted last year found that viewers can be exposed to gambling ads up to 700 times in a single soccer game.