According to a survey provided by Technavio experts, the online gambling business might be valued $305.5 billion (€289.7 billion) by 2027.
According to the report, the value of online gambling in 2017 was expected to be $155.51 billion (€147.5 billion). The industry might grow by up to $150.5 billion (€142.7 billion) at a compound annual rate (CAGR) of 11.03% by 2027, reaching a market size of $305.5 billion (€289.7 billion).
Analysts observed in the report:
‘The growing demand for mobile gaming is notably driving the market growth. Smartphone penetration is increasing due to the declining average selling price (ASP) of the devices. Smartphones provide a convenient and intuitive interface to play casino games, which is resulting in users migrating from desktops to mobiles to play.’
According to the survey, the increased use of mobile devices, combined with easier payment methods, is driving the popularity of mobile gambling apps. It anticipates that smartphones will be the industry's primary driver for many years to come.
Difficulties with security
Experts also stated that the business as a whole has significant hurdles, including as 'elevated data security issues' and 'security and credibility issues in online gaming platforms.'
“Online gambling websites have become prime targets for cyber attackers and scammers. Gambling websites capture vital information about users, such as bank details and credit card numbers, which are vulnerable to hacking. Several offshore-run internet casinos do not have the latest cybersecurity technologies in place, which increases the chances of cyberattacks. Thus, issues like these will hinder the growth of the global market during the forecast period.”
The report goes on to say that a 'lack of fair and responsible casino gambling standards' could stymie market growth even further.
Asia Pacific will drive market expansion.
According to Technavio's analysis, the Asia-Pacific region (APAC) might be the primary engine of growth over the next four years. The region, which includes economies like as Japan, South Korea, India, Australia, and New Zealand, may account for 39% of total growth in the online gaming business, according to the survey.
North America is expected to trail APAC, owing in major part to the legalisation of sports betting in the United States and the anticipated opening of more iGaming markets in both Canada and the United States.
By fLEXI tEAM