The online gambling or iGaming industry is growing at an even faster rate than before. According to several reports, over the last 15 years, iGaming has become one of the fastest-growing industry in the world. In fact, the Current State of the iGaming Industry is at an all-time high with a worth of $66.7 billion.
The iGaming industry contains several parallel markets with sports betting and online casinos with the biggest market share. Obviously, It is imperative to not forget about poker, virtual games, eSports that are also part of its growth factor. In general, gambling reports agree that by 2024, the Online gambling market will be worth somewhere between $127.3 $144.44 billion. At least, if it continues at its current CAGR 11.5%.
For online sportsbooks, casinos and online gambling operators, technological advancements have been at the forefront of their growth. Needless to say, this in turn is presenting many opportunities for sports betting software companies and Sportsbook Pay Per Head Providers.
Current State of the iGaming Industry and its Future
Amongst analysts, the general consensus is that the iGaming industry will remain the most significant part of the gambling market. This is because of the massive adoption of smartphones and cheap internet data plans. In addition, there is the convenience of wagering online anywhere at any time which makes it even more attractive.
At the moment, Canada, the U.S. and Europe have the highest online gambling shares in the world. While gambling is prevalent in Asia, there online gambling laws are very restrictive to player. Thus, they are not able to have a larger share in legal online gaming. However, expect to see loosening of online gaming laws in the near future.
Sociologists believe there will soon be a globalization tipping point thanks to the internet. When that happens, countries will with internet gambling restrictions will no longer be able to contain online gaming. Thus, they will have to regulate it if they want control the gaming industry in their sphere of influence. At the moment, offshore sportsbooks are still allowing players from countries with restrictions to play with them. Needless to say they are not going to stop them from gambling on their site anytime soon!
For operators trying to enter the iGaming market now, it is never too late. This is because new technological advancements are popping up every Day. This is thanks to PPH Providers which allows them to open a gambling operation with minimal effort and investment. For example, PricePerPlayer.com allows them to open an online sportsbook for $5 or less per player!