The global gaming sector is predicted to undergo a compound annual growth rate (CAGR) of 10.8%, from $465.76 billion in 2020 to $516.03 billion in 2021. The increase is mostly due to businesses reorganizing their operations and rebuilding from the effects of COVID-19, which had previously culminated in stringent containment steps such as social distancing, remote working, and the closure of commercial activities, both of which created organizational difficulties. At a CAGR of 7%, the demand is forecast to hit $674.7 billion in 2025.
Online Casinos and betting sites and platforms such as Betway are not an exception. These are the two markets that have seen significant growth over the last decade. The global betting marketing industry is booming, but how valuable is it? What are the key factors that influence expansion?
Size of the Online Gambling Market
Sports betting accounts for about 70% of worldwide gaming income, according to rough estimates. It’s a great place to start when looking at the overall market size of each component.
But first, let’s look at the numbers. According to one of the most detailed studies on the issue, the global online gambling industry will hit $127 billion by 2027, with a CAGR of 11.5 percent from 2020 to 2027.
From the above report, we can make two basic conclusions;
Online gambling is steadily increasing in popularity. Every year, the economy expands significantly, and this pattern does not seem to be slowing down. We don’t know what will happen after 2027, but our best bet is that digital gambling will continue to expand.
By 2027, online sports betting will be worth almost $90 billion. Given that this sector accounts for about 70% of the total gambling market, we should expect that it will exceed $100 billion in the next five years.
Key Drivers to the Expansion of the Online Gambling Market
The growth in digital gambling is influenced by a number of factors, some of which have a greater effect than others. The following are key factors that contribute to the industry’s growth:
Convenience
Playing real-world casino games calls for some commitment and planning on your part. With Betway online casino, on the other hand, it is extremely simple and convenient. You have complete freedom to play your favorite games whenever and wherever you choose.
Accessibility
What are the requirements for joining an online casino? You’ll need a smartphone and access to the Internet. In 2021, almost everyone can afford these two items, making it easier than ever to access whatever casino or betting site.
Instant availability of many games
Many real-world casinos don’t have any of the games you’d like to enjoy. It isn’t the case for online gambling, where you can find and enjoy virtually every game almost immediately.
Zero distractions
You are away from the distractions that are popular in actual casinos when you play casino games from your living room. There are no crowds, and you don’t have to listen to all the intoxicated and annoying gamblers brag about their skills.
Conclusion
Online gaming and betting, as one of the world’s fastest-growing markets, merit special recognition and in-depth research. We gave you a rundown of their market share and addressed the key factors for their rapid growth in this post. If you are just beginning on your betting journey, there are reputable platforms like Betway that you can register with today.
