The online gambling industry is one of the biggest markets in the world and there is no denying that it is continuing to be able to expand at a rapid pace, even in 2022.
Of course, much of the world was impacted over the last couple of years economically, however the iGaming and sports betting industries were able to withstand much of that financial pressure and, in some cases, were still able to enjoy a reasonable amount of success.
As the market and industry continue to experience a huge amount of growth, it is perhaps wise to take a look at some of the factors that help to explain just why online gambling remains popular and why it will likely continue to experience a level of success that other markets around the world could only hope or imagine achieving.
What figures are currently being experienced?
Before taking a deep dive and looking at the factors that have contributed positively to the industry, it is perhaps worth taking a moment in exploring the figures that currently surround online gambling.
The figures to have been recorded in 2021 show that the online gambling market was worth around $72 billion, which was a huge growth in the number that was recorded in 2019 (pre-pandemic). This showed that the industry was able to enjoy a successful period of growth and experts are predicting this will happen again in 2022 and beyond.
It has been predicted that the next five years will see the market value reach approximately $130 billion, with a compound annual growth rate of 7.9% being experienced across the entire gambling industry.
Why has the gambling industry enjoyed such a boost?
Naturally, there are a number of different factors that can help to explain why the online gambling industry has been able to enjoy a boost of such a magnitude over recent years.
For many, the first of those will be in regard to the emergence of crypto gambling. Many punters are now able to use a crypto online casino where they are able to play their favorite games using virtual currency. Indeed, games including crypto blackjack are being enjoyed as they provide a simple experience whilst digital tokens are being used instead of traditional fiat currency.
Many are using cryptocurrency to enjoy their gambling passion these days as they have found that there are a number of different benefits that can be enjoyed and experienced that would not be available when playing with typical currency. These include features such as greater security and protection, anonymity from financial institutions, as well as being able to enjoy quicker transaction speeds. Some also enjoy the fact that their winnings can change dramatically due to the volatility that crypto can experience at times, too!
Of course, the advancement in technology has also played a major role as games are becoming more immersive and provide a greater gameplay experience via the use of advanced tech such as VR and AR, whilst the emergence of the Metaverse will also have a significantly positive impact on the online gambling sector. The rise of non-fungible tokens (NFTs) has also helped to propel the industry to new heights, too, as a number of games have been created using blockchain technology!
Sports betting continues to remain popular in a number of countries around the world, and this will have a huge impact on the overall online gambling market. Places such as the U.S, and Canada have started to embrace the industry in recent years, and with more states and provinces likely to legalize it in the future, as well as countries in Asia, there is no doubt that the market will be able to expand significantly.
It is rather clear to see that there are a number of different factors that can highlight why the online gambling industry has been able to experience a huge amount of growth and success in recent years and why it is extremely likely that more growth will be enjoyed in the future.