The gambling industry has seen unforeseen success in 2020, the growth seems to be carried forward in the year 2021. As per a report of PR Newswire the gambling industry market value was estimated at $465.76 billion. With an annual growth rate (CAGR) of 10.8%, the market value becomes $561.03 billion in the year 2021. The prime reason for this growth is Covid-19
The advent of the technologies such as AR, VR, blockchain, and machine learning will drive more growth towards the gambling industry. Online gambling emerged as a significant market opportunity for many small and large organizations. Also, numerous countries around the world have legalized online gambling, which brings new opportunities in terms of revenue generation. If the growth of the gambling industry also influenced you, then this blog will come in handy to you.
In this blog, we have concluded a lot of information including gambling industry statistics, revenue, and challenges. This information will help you decide whether you need to invest in the gambling industry or not.
Gambling Industry Statistics
The Covid-19 has led to a global disturbance that has not been witnessed after the second world war. A large part of the world’s population has been put into lockdown. No one can imagine what the world will look like when it returns to normal. But one thing is sure that the world will never return to how it was before the Covid-19 outbreak.
The pandemic has put a sound effect on every sector of the economy, some sectors are crippling, while some see a surge in the demand. The gambling industry is one such industry that is dealing with the increased demand.
The digital era has played a vital role in the significant growth of the gambling industry, especially in the past few years. All credit goes to digitalization and technology advancement. The gambling industry is always seen as the best source of entertainment and provides a variety of opportunities to individuals to make fruitful rewards.
The online gambling industry is going from strength to strength with each passing day. One of the prominent reasons behind this is that online gambling is less risky in comparison to traditional days of gambling. In addition, online gambling is much more convenient as it allows the players to step in and play anytime, anywhere they want to.
As mentioned earlier, it estimated the value of gambling to be $465.76 billion in 2020. The market is further expected to touch down the mark of $647.7 billion before 2025. If we talk about gambling by country, then Australia is dominating the online gambling industry. As per various studies, an average Australian spends more than $1200 on gambling. It might not be surprising to say that more than 80% of Australian adults are involved in gambling.
After Australia, Singapore is lined up to be the most favorable gambling destination in the world. On average, Singapore citizens spend $600 every year on betting. That won’t be fair to say that other countries are not taking gambling seriously. Countries such as the USA and India have also seen unforeseen scope for online gambling.
Gambling Industry Revenue
It is no secret that online gambling revenue has increased across the globe during the Covid-19 pandemic outbreak. The revenue of the gambling industry comes as no surprise by considering the risen number of smartphone users.
With a current total addressable market, around 20% of the world’s population is directly or indirectly involved in the online gambling industry. As mentioned above, the online gambling market revenue is estimated to be $647.7 billion by the end of 2021. This is just a forecast amount, the total revenue could be more than the estimation.
Since online gambling has been legalized in most of the world, the popularity of the online gambling world extends to unforeseen heights. Therefore, online gambling will generate a lot of opportunities for all scales of business.
Gambling Industry Challenges
Despite the immense success of the online gambling industry, there are some serious challenges the online gambling world might face. Before expanding your feet in online gambling, you need to overcome these challenges to make the most out of online gambling. Evolving technologies, uncertain regulations, are some of the key gambling industry challenges. Besides these, there are some other challenges as well that we have outlined below.
Regulations are one of the foremost challenges facing the online gambling market. Most online gambling sites and applications tend to operate across the globe, as you know not all countries in the world view gambling as legal. Many countries have not legalized gambling yet, some countries still have imposed several restrictions on gambling. Even countries like the USA have imposed different regulations on the different states.
Regulations are no doubt meant to offer a safer and enjoyable gaming experience to the players. However, some of these challenges are affecting the circulations of online casinos.
It can be seen as a good thing that many countries are favoring the legalization of online casinos. Before launching an online gambling website or application, you need to find out the market where online casinos are legal to avoid any complications.
Cryptocurrency has become one of the most favored payment options in the world of online gambling. This led many gambling websites and applications to integrated cryptocurrencies as one of their payment methods. However, there are many issues with the integration of cryptocurrencies. The biggest issue with cryptocurrency adoption is that it favors anonymity while regulators want transparency. The regulators face difficulties in tracking the transactions.
The constant growth in the field of technology has led many organizations to invest in the online gambling industry. Therefore, people who want to jump on the bandwagon of the online gambling world need to make smart moves to outshine the competitors.
Fortunately, technological innovation can make you stand out from the competition. A reliable casino game development company can help you integrate powerful features such as secure payment systems, multiple device compatibility, and sound marketing strategies to make you outs. Partnering with the BR Softech will set you in the right direction to launch your successful online casino game.
Since the gambling world revolves around financial activities, the best level of security is essential to maintain trust among the players. Brands that wish to build a high reputation and revenue need to make sure their platform is free of all errors and secure from hackers. Even a single mishap can ruin the brand’s reputation and make you suffer in the market. Thereby investing in strong security standards is a mandate.
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5. Getting Most Out of the Latest Technologies
As technology is changing at a very fast pace, it is tough for individuals to keep up with the latest technologies. A lot of investment and time is needed to find out the most suitable technologies to integrate with casino game applications. For this purpose, it would be best thought to collaborate with a casino game development company that has prior experience in the world of online gambling.
The Final Call
As you can see, the online casino gambling industry is a highly profitable business. Therefore, it is a worthy idea to invest in the online gambling world. A game development company like BR Softech can help you a lot to accomplish your goals.
BR Softech works with a bunch of skilled developers and designers who can professionally accomplish your business goals.
BR Softech Pvt. Ltd. excels in providing cost-effective IT Solutions. Established in August 2010 with over 10+ years of rich experience. An Apex rated IT serving company around the world. Our team of innovative and creative designers deals in web designing, mobile/ software development and other digital marketing services intending to deliver outstanding digital outcomes.