Today, the global online gambling market is estimated to be worth a whopping $59 billion (AUD 82.81 billion). And in a review of online gambling market predictions, experts via Statista reveal that this number is likely to balloon to over…
Today, the global online gambling market is estimated to be worth a whopping $59 billion (AUD 82.81 billion). And in a review of online gambling market predictions, experts via Statista reveal that this number is likely to balloon to over $92.9 billion (AUD 130.42 billion) by 2023.
Contrary to popular belief, this growth is not just due to the recent spike in online activity following new health and safety restrictions for live venues and events. Although the pandemic has undoubtedly contributed to this growth, the rapid rise of the online gambling market is mainly due to the increasing digitisation of major industries, the improvement of gambling technologies which has led to higher online player trust, and the focused growth of the sports betting sector.
In fact, at the forefront of this global gambling growth are Irish bookmaking company Paddy Power and British betting and gambling company Ladbrokes, two of the biggest names in sports betting in the UK. Out of the different online casinos reviewed by prominent gaming website TuxSlots, these companies are the only two with sports betting options on top of classic online gambling games like digital slots and roulette. And like many prominent online casino providers, both Ladbrokes and Paddy Power have optimised their websites not just for browsers but for mobile devices as well, which has allowed them to further corner the online gaming market. Both also have their digital gambling licenses prominently displayed, which puts potential players worries at ease about getting scammed online. As a result, Paddy Power is currently the largest online gambling company on the planet, followed by the Ladbrokes Coral Group, as well as companies like William Hill and 888 Holdings, both of which also have a prominent online presence.
It’s also important to note that while these are all European companies, they all offer online gambling in the U.S.
Americans have been responsible for a significant chunk of the market’s overall global growth, particularly when the U.S. Supreme Court legalised sports betting in 2018. Here in Australia, the playing field is a little different. Sports betting has always been exempted from the Interactive Gambling Act of 2001. And while Australia’s sports betting market is smaller than that of the UK and the U.S., STL News notes how Aussies are some of the most active sports betting fans in the world. Along with the UK, Australia has a much more mature sports betting culture compared to many other countries which have only legalised sports betting and online casinos in recent years. And now, the paths laid out by these two countries are slowly but surely being followed by the rest of the world.
These are the main factors that will cause the global online gambling market to virtually double in volume by 2023. Ironically, unlike the act of gambling itself, the global market for gambling seems to be on the path of least risk and resistance, given how global factors have almost seemingly conspired to usher in its massive near-future growth. Be that as it may, anyone looking to invest in this market should still investigate other factors that may affect this development, including being up-to-date on the most recent tech news featured on Atticus Blog. You never know when a new piece of gambling tech or startup company will appear to disrupt even the most well-researched trends.