Good expectations for global growth of online gambling
The specialized media have echoed a new study presented by the consulting firm Skyquest regarding the global online gaming market. For the period 2022 – 2028, a year-on-year growth of more than 11% is forecast, reaching a market value that will exceed 150 billion dollars in 2028. What are the reasons behind this growth and which are the regions driving it? We've taken a look at the Skyquest report.
Good global growth forecasts for the online gambling market that in the next decade will be dominated by remote betting. ©Austin Distel/Unsplash
The consulting firm Skyquest has recently published a study in which a significant growth of the global online gambling market for the period 2022 – 2028. While in 2021 the market has been valued at 73.1 billion dollars, in 2028 it is expected to reach the figure of 153.890 million dollars . This represents a year-on-year growth of more than 11.22%.
The reasons behind the growth expectations
Skyquest has pointed out the reasons that would be behind what is expected to be a continued and stable growth of the iGaming market globally. The main one resides in the expansion of the mobile casino , that is, the widespread use of mobile devices that guarantee fast and uninterrupted access to the online websites of operators. This entails the increase in internet penetration with improved and increasingly faster connections.
At the same time as the mobile casino, the expansion, increase and variety of digital payment methods it favors secure and immediate transactions that make participation in the game more comfortable. The convenience of payment methods such as Bizum in New Zealand open up avenues for players to boost business.
Another aspect that has been valued in the study are improvements in the digital space , for example, with the use of virtual reality that allows players to interact with bettors and dealers in the online casino space providing a more intensive gaming experience and close to reality, even if it is digital. The current developments in the metaverse they only confirm the importance of virtual reality in the very near future.
Finally, Skyquest has highlighted the cultural aspect, that is, the fact that gambling is increasingly accepted among the population as a legitimate form of entertainment , for which it is largely responsible that in more and more regions of the world online gambling is regulated. Although this does not seem to completely end with illegal gambling .
Corporate sponsorships and the use of well-known personalities from the world of entertainment and sports who support gambling and betting also contributes to its expansion among the population.
Trends to watch out for
In addition to the development of virtual reality, another of the technological advances that operators are very attentive to is that of artificial intelligence and machine learning they are starting to be implemented in online casinos. For example, artificial intelligence is being applied to create safer gaming environments by identifying problematic gambling patterns, as noted in a recent blog post by the North American operator BetMGM.
Analysis by segments and regions
Skyquest forecasts a considerable increase in sports betting they are expected to dominate the market for the indicated period. The global sports sponsorships they will be one of the triggers for such an expansion, which will be favored by the even greater globalization of sports events. The cultural differences between the regions will be minimized as a result. A favorable tax environment will also contribute to the expansion of digital gambling.
The growth of the online gambling market is positively reflected in the expansion of remote sports betting and also in the lottery, which is in significant demand. Casino games, however, maintained a stable trend throughout the period, as did online poker. Gambling is expected to capture a third of the global market .
The gambling market continues to dominate in Europe but for how long?
In the coming years the online market will continue to dominate Europe. The big players are the operators that have Europe as a base, with important markets such as the British or the German that have not yet exhausted their growth possibilities . Smaller markets such as Italian, French or Spanish will also have an important role in the expansion of online betting and gambling.
Currently, in terms of revenue, the North American market, dominated by the United States, is behind Europe. However, the trend for the next decade is that the growth of the Asia-Pacific region and North America will accelerate matching Europe's share by 2027 . The contribution of the Latin American (including Mexico) and the Middle East and Africa regions will continue to be marginal.
The Skyquest study has been developed from the data of the following companies of games and betting:
- Entain plc (bwin, PartyPoker)
- Kindred Group Plc (unibet, 32Red)
- William Hill Plc (William Hill, Mr Green)
- StarsGroup/Flutter Entertainment (PokerStars, betfair, Sisal)
- Betsson AB
- bet365
- LeoVegas AB
- 888 Holdings
- BetAmerica
