The Online Gambling Market Set to Hit $80-billion by 2025
There is absolutely no denying that the online gambling industry is on the rise. With previously strict laws and provisions on online gambling being overturned in a number of huge markets such as the US; the industry will only continue to grow. Of course, changes in gambling laws and regulations are not the only factors that will see this notion come to pass. In recent years, online gambling has gradually transported from laptop and desktop interaction to a more mobile-centric service. This of course is owed to the rising phenomenon of the smartphone. Another factor that correlates with the element of the smartphone technology is the fact that the new users of online gambling services are no longer Baby Boomers or Generation X, the new prominent consumers of online gambling and gaming services are now Generation Y also more commonly referred to as Millennials. The shift in both technology and online gambling demographics are both prominent elements that will lead to this prospect occurring. In fact, researchers estimate that by 2025 the online gambling industry globally will be worth over $80-billion!
Perhaps one of the leading elements that will allow this to happen is the forever increasing adoption of smart devices within society’s social construct.
The proof is in the product offering
With Generation Z now reaching their late teens and early 20s there will also be a newer demographic market entering the industry. This generation unlike the Millennials have no prior knowledge of a world before the internet. This means that everything they have come to know stems from the internet. As such it only makes sense that online gambling will need to pander to this new demographic in order to not only remain relevant but also to remain profitable. This is a factor that online gambling executives and owners have come to realize with many of them already making adjustments to their platforms, gaming offerings as well as interaction approaches.
More and more operators are realizing the need to connect with these new demographics in a language that they can understand – this language is called the smartphone. It is no secret that both young and old have been completely taken over by both the smartphone and the internet. Not only is everything done online nowadays – its increasingly all being done from a smartphone. These little pieces of technology are shaping the society we live in which only makes sense that they can shape the trajectory of the entire online gambling market.
Speaking at various online gambling conventions, gambling leaders are well aware of the direction that the internet and the smartphone is taking the online gambling industries. This knowledge is evident in how online gambling operators are choosing to interact with the market. Perhaps the most visible method being employed to speak the new language is by creating products that interpret it. More and more operators are designing mobile applications that are downloadable on both iOS and Android devices. Whereas in the past mobile casino apps and versions were just a side offering, they are now becoming the main offering. This has resulted in gambling executives funneling funds to create competitive, interactive, and highly-functional mobile offerings of their products. There was a time when mobile versions of certain slots had lower RTPs than their website counterparts or a time when mobile versions only hosted about a fraction of the casinos gaming offerings. In fact, there was a time when you couldn’t register a new account on a casino’s mobile app that action needed to take place on the website through a PC or a desktop. It’s safe to say, those days are gone! They have to, because the future of online gambling is mobile because the demographic will soon only speak this language. As a matter of fact, casino mobile offerings are now more fully comprehensive and competitive than ever before. This has become the primary focus for online casino operators. Other focuses include offering dynamic, fresh, and exciting gambling and gaming options to not just attract but satisfy and retain a generation whose concentration span is limited. The new generation of players also expects the best in online quality entertainment and in order to compete online gambling providers have to offer better games, better rewards, better variety.
Look at the numbers, they never lie
The idea that numbers do not lie is not an opinion but facts. In 2018 it was reported that 70% of all bets placed within online gambling sports betting were all made on a smart device or phone. This occurrence didn’t just happen in one territory; in fact it happened on global geographical scale including North America, Pacific-Asia and Europe, where online gambling is largely legal. However, the up-rise is evident within markets that are just now starting to embrace online gambling within their borders. A great example of this is in the US where states that have legalized online betting and gambling through state legislation like New Jersey, Delaware and Nevada have seen profit hikes stemming directly from online gambling. In fact, the three states have made a total of about $9-billion dollars since passing online gambling legalization laws just under two years ago. Proving that online gambling remains profitable and can only grow as laws are overturned and as technology evolves.