Home Business Insights & Advice Global gambling market: Emerging trends

Global gambling market: Emerging trends

by John Saunders
19th Dec 18 1:23 pm

The global gambling industry—most of it offline and venue-specific—is expected to peak a record of $525 billion in revenue by 2023, expanding at a CAGR of only 4% between 2017 and 2023. Compared to this, the global online gambling market is projected to increase with a CAGR of 10.5% during the period of 2018-2022. With the growing number of online casinos in the UK, US, China, etc., land-based casinos, which previously accounted for 45% of the global gambling market, are now expected to decline to 42% by 2022, exhibiting a decrease of around 3% in market share.

This increase in online gambling revenue is because of the growing popularity of live casinos, expected to help in the development and propagation of the global gambling market in the near future. These live casinos are now growing to strongly emulate their land-based counterparts in that they too have live dealers and run just like any brick-and-mortar establishment. Online casinos have become a fast-developing trend since people are not limited to being physically present together while betting. This allows them to engage in a gamble any time, from anywhere, and with anyone.

Most renowned casinos have online branches.

The rise in e-sports in the form of e-gaming or pro-gaming has contributed to lifting the gambling market from land and brought it online. The more popular these games become, the more people are going to want to bet on them online rather than go to a physical place. In addition, online live streaming of sports like greyhound racing has also relieved people from having to watch the games at the stadium and gamble there. Now, they can do the same from their own bedrooms.

Aside from digital gaming, rising adoption of mobile applications for betting in the UK, US, China, Italy and, the SAR region is fuelling the entry of more players into the field. The rise and penetration of online betting in the European and North American regions will ensure the steady rise of the gaming market.

Shifting player habits have had a prominent impact on the gambling industry. With the growing use of desktop computers and mobile devices to play, there is less tolerance for the set security apparatus and fraud prevention measures. Players are now using multiple devices to play, finding it cumbersome to have to go through security each time they log on from their laptops or phones. They expect a consistent experience across all devices. Fraudsters are aware of the shift from physical to digital, and their own methods of deception are growing increasingly complex. Fraud activists are no longer limited to stealing credit cards or committing other kinds of payment cons. Instead, with the help of advanced computer tools and techniques, they have learned to weave such a net of deceit that detecting and preventing their efforts requires complex and sophisticated technologies like machine learning and artificial intelligence.

Another trend is the popularity of Gamification and Virtual Reality, which have been around in the gambling industry since 2016, but now have become an integral part of the casino experience. VR technology allows you to fully immerse yourself in a game without ever leaving your home. In 2018 and onward, this trend is not seen to be going anywhere.

Another interesting drift is toward integrating pop-culture trends into the industry. For example, slots games now have interesting themes like ‘twerking’ and ‘e-vapours’, which have become increasingly popular amongst the public.

A rising trend in the online gambling industry is to use different modes of transactions from what have conventionally been followed. In this vein, there are two main ways of depositing and withdrawing money that are very popular: PayPal and Bitcoin.

PayPal, the most convenient mode of transaction available, is high on the list of alternate modes of payment in online casinos—land-based too, sometimes. And why not? PayPal is one of the most secure and fast means of making deposits and withdrawals. Millions use PayPal for their daily online transactions, from online shopping to subscribing for a newsletter, and it was only a matter of time before PayPal debuted in the gambling industry.

Bitcoin, on the other hand, is a peer-to-peer payment method that is carried out through the give and take of cryptocurrency. Bitcoin transactions are also an emerging trend in the online gambling markets.

Reasons, why vendors are changing their approach from traditional transactions to Bitcoin, are many. For one, Bitcoin can be used for cross-border transactions without having to worry about the policies of the host or recipient country. There are no relevant land-based rules that govern these dealings. The fee for normal currency is also higher than that for the cryptocurrency. Additionally, Bitcoin transactions are more secure and are faster than traditional money operations.

Physical Casinos that accept Bitcoin have been around for some time now, so it isn’t too surprising to see virtual currency find a space in the online gambling world. Bitcoin transaction fees have decreased quite significantly in recent years, making depositions and withdrawals much cheaper than in PayPal. It is also 100% faster since transactions take mere minutes to complete, there being no need for third-party verification of everything.

Please play responsibly. For more information and advice visit www.begambleaware.org

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