Betting Industry to Hit $94 Billion in 2024

Betting software development companies are becoming more relevant than ever. With an estimated growth in five years – almost double the amount of two years ago, the online gambling industry will continue to grow. This means anyone who wants to learn how to become a bookie will get to enjoy a growing betting industry.

A forecast from the repost of Zion Market Research shows a growth of up to $94.4 billion across the globe in five years, and this is a conservative number. Two years ago, the market was only at $45.8 billion. This gives us a CAGR, or a compound annual growth rate of 10.9% between 2018 to 2024. Let’s take a look at what drives the growth in the online gambling industry.

Betting Industry Forecast

online gambling marketThe forecast is based on a lot of factors that cover industries, such as online gambling for casino, poker, horseracing, sports betting, and more. They also cover gambling markets from across the world. As to the growth of the industry, the bulk of the growth is attributed to markets growing in Europe – including countries such as the Czech Republic and Malta, among others. The Asia Pacific market is also included.

Of course, an increase of access to the internet is also a factor. As of 2016, almost 46% of the world’s population now has internet access. The popularity of cryptocurrency is also a big factor in the growth of the gambling industry.

Europe is the largest-growing gambling market. Especially with growth in Spain, France, Italy, and other countries opening their gambling markets. Next to Europe is the Asia Pacific market, followed by Latin America. North America, particularly the US, has not been mentioned, since the gambling market varies each state. itself has a lot of clients from areas across the world, catering to each region’s betting markets.