According to the market research report released by Technavio, the market for online gambling will rise up a CAGR at 11% in their forecast period. The main reason for the increase is mainly because of the rise of the demand and use of mobile gambling. The report also states that there is a high concentration with a few players who take in a larger share of the market. Of course, priceperplayer.com allows regular individuals to be part of this market.
Their report, Global Online Gambling Market 2018-2022, explains the various aspects of the gambling market. Let’s talk about some of the points raised in the report.
Gambling Market for 2018-2022
Their report touches on the market as divided by lottery, betting, and casino. To compare with 2017’s year, casinos made up 45% of the market. However, the projections for casinos will be going down to just 42% by 2022. They estimate a 3% decrease of casino’s share in the market.
Online gambling has also gone up due to bitcoin gambling online. The cryptocurrency is a currency that can be used for peer-to-peer payments. And since a lot of bettors are using bitcoin, a large number of operators have included bitcoin (and a few other cryptocurrencies) in their options. The advantage of cryptocurrency, is that one can use it across borders in their transactions, the fees are lower, and much more secure and faster than normal currency used.
The report also touches on the contributions of gambling to the economies of the countries that have legalized gambling. For example, in the US, the gambling industry has contributed 0.91% of its GDP in 2017.
In addition, the lottery market is growing, and creates the potential to increase job opportunities in these countries. Furthermore, the year-on-year growth estimated for 2018 is at 7-04%.