The global gambling market has been on the rise for several years. The industry’s experts also project that the growth will continue in the foreseeable future. Reports also indicate that the gambling industry did not take a hit from the COVID-19 pandemic that affected many industries. The availability of online casinos like the Spin Casino ensured that players could enjoy online roulette and other prominent casino games, from the comfort of their homes. So, what are the market trends and technologies shaping the industry?
What are the market trends?
According to reports, the 2020 global gambling industry reached a value of more than 465 million USD. Moreover, the information also suggests that this number will keep increasing in the near future with technological advancements.
This means that online casinos will continue welcoming more members in the coming months. Other reports claim that by the end of 2021, the worldwide gambling market’s value could grow to as much as 516 billion USD. All the trends indicate that the future of the gambling industry is bright.
In 2019, studies estimated that the online gambling market was valued at around 54 billion USD. Experts also claim that the industry has the capacity to reach more than 127 billion USD with an 11.5% CAGR.
How is Technology Shaping the Industry?
Gambling and technology go hand in hand. For instance, as online gambling grows, the demand for a better user experience becomes bigger. Here are some notable technology trends shaping the online gambling industry.
Cryptocurrencies are still a new phenomenon in the online transactions sphere. Bitcoin has emerged as the most popular cryptocurrency in the market. As a result, several top online casinos have adopted the use of Cryptocurrencies because of their benefits.
Some of the attractive benefits associated with Cryptos include anonymity, security, and faster transactions. With time, more online casinos are expected to continue adopting this technology on their platforms.
Live Dealer Games
Research has confirmed that many gamblers love live dealer games and live sports betting. These games allow online gamers to sit on a virtual table moderated by a live dealer. Others even allow players to chat with each other.
On the other hand, live sports betting or in-game betting is the preferable form of betting. This kind of betting allows gamblers to wager during a live match. Usually, a live betting odd is only available for a few seconds. Therefore, using a betting app makes it easier for you to bet live.
With the arrival of online gambling in the 90s, many people believed that it wouldn’t go any further. However, the availability of smartphones forced online businesses to shift their strategies.
At the moment, the mobile gambling sector accounts for large amounts of the global gambling industry. Also, apart from smartphones and tablets, wearables like smartwatches have become more advanced that players can use them to place bets. This also promises to influence the future of online gambling.
It is apparent that the future of the gambling industry lies with technology. Therefore, if you want to predict how the industry will look in the next five years, you must look at technological trends. So far, technologies such as Artificial Intelligence, Virtual Reality, and Wearable devices seem to influence the industry significantly.