Online gambling as an industry is going to continue to grow, and no one is going to be able to stop it. Based on conservative figures – numbers that don’t include certain countries’ misguided attempts to overstep their boundaries – the online gambling market could reach $94.4 billion worldwide within five years, up from the $45.8 billion that was reported just two years ago. This represents a compound annual growth rate (CAGR) of about 10.9% between last year and 2024.
The forecast comes via Zion Market Research. It released a report on the subject, covering everything from online poker, sports gambling, horse racing and more. Zion explains, “The report gives a transparent view of the online gambling & betting market. We have included a detailed competitive scenario and portfolio of leading vendors operative in online gambling & betting market. To understand the competitive landscape in the online gambling & betting market, an analysis of Porter’s Five Forces model for the online gambling & betting market has also been included. The study encompasses a market attractiveness analysis, wherein game form, component, and regional segments are benchmarked based on their market size, growth rate, and general attractiveness.”
Most of the growth can be attributed to legal regional markets across Europe, including in countries like Poland, Malta, the Czech Republic, France and more, and also Asia Pacific. An increase in global Internet access is also facilitating online gambling growth, with around 46% of the world’s population having access to the World Wide Web in 2016. This was 2.5% higher than just a year earlier.
The future increase in online gambling is also going to be driven by cryptocurrency adoption. Zion asserts, “At the beginning of 2017, the total value of cryptocurrencies was about USD 17.7 billion and is projected to rise over the next 5 years. Thus, the usage of cryptocurrencies in online gambling is anticipated to rise during the estimated timeframe.”
The biggest growth segment is expected to be Europe, thanks to increased legalization across the continent. Spain, France, Italy and others have joined or are joining the space, helping to create a huge pool of gamblers. Asia Pacific is also close behind, as is Latin America. Zion didn’t mention how the US falls into the scheme of global growth, but the country has issues it needs to resolve before online gambling can take hold in the country.