Predictions see it rising to £37bn in 2018
The online gambling industry is one that has been on the charge for a number of years and it’s still growing rapidly today. It’s been quite a meteoric rise since it came into existence after the invention of the internet literally transformed gambling as a whole. Prior to the days of the World Wide Web, gamblers had to visit land based casinos and licensed betting shops in order to gamble. Nowadays, they can do it from the comfort of their own home, and this by and large the main reason for its continued growth.
Since back in 2009, there has been growth in terms of revenue on an annual basis. Figures show that it was estimated that the gambling industry was worth around £16.5bn back in 2009, and if you fast forward to the 2017 figure it stands at a remarkable £33.8bn. It’s a hugely impressive feat for an industry to grow year on year at the rate it currently does, and predictions show that in 2018 the industry is set to be work in excess of £37bn.
One of the many reasons for the growth of the industry as a whole is the fact that more players around the world can now enjoy gambling. In the past governments and state regulators had a pretty dim view of the practice but over time, especially in Europe; regulation has, or is becoming more influential, resulting in more people playing and more operators can getting involved too. Testimony to this is the fact that online gaming companies are now all above board and, many like PartyCasino are actually listed on the stock exchange.
What we have also seen over the last decade or so, is advancements made in terms of technology. People are now living in a world where smart phones, tablets and computers are involved in everyday life. Technology is literally everywhere, and this means that people are more likely to start using it for recreation and entertainment purposes.
Technology and the internet has certainly been responsible for the boom in the online gambling industry, and it’s making placing a bet at an online sports book or playing roulette in an online casino a hell of a lot easier for everybody. Gambling is now a lot more convenient, a lot simpler and this is paying dividends; as it helps to attract even more customers.
Online gambling is certainly on the increase, as statistics from the Gambling Commission have borne out. Testimony to this can be in the figures for almost all betting activities. Lottery sites have seen a 22 per cent increase in sales since 2013, casino games activity went up from 45 per cent in 2014 to 63 per cent in 2016, and sports betting rose from just over 50 per cent in 2013 to 68 per cent in 2016.
Furthermore, advertising has always been a key cog in the industry’s success too. Nowadays we’re seeing more ads on tv, websites and social media and now it’s become common for betting firms to sponsor sports teams, with football clubs becoming a main target. If you can get the message out to people and they sit up and take notice, they will likely end up on that online casino or sportsbook that is being advertised; and that will only keep on driving the revenue to dizzying new heights.
So there is no doubt that online gambling and gaming will continue to grow, and be one of the leaders in the retail and entertainment markets. Operators will continue to embrace advances in technology and innovative ideas to make ever increasing exciting, intriguing and interactive products and/or services.