Several forecasts have indicated that there is no slowing down when it comes to the exponential growth that online gambling industry has been seeing year on year. The forecasts are measured via a financial term known as compound annual growth rate (CAGR), which allows for a summarised expectational comparison between current initial value and the forecasted value up to a certain period. This is based on looking at past and current trends, which then experts can transfer into a compounding percentage rate. All sounds a little dry and technical, right? But, the highlight of the matter and the reason for explaining this in the first place is to feature the fact that forecasting shows a CAGR of over 16% between the period of this year 2019 up until 2025.
When looking at these statistics, online gambling is estimated to reach total revenues of over $74 billion (Approximately C$97.8 billion) within the next 3 to 4 years. These forecasts were segmented and analysed in a topical manner where; Poker, Casino, Sports Betting and miscellaneous where all measured respectively. Interestingly enough, one study found that horse racing remains one of the most cogent revenue drives for online betting on the international stage.
Based on the above mentioned segmentations, online casinos were already reported as holding a market share of over half of the entire gambling industry as a whole back in 2017.
Contributors to the aforementioned have been as a result of various trends that have are based both on legislative and technological advancements. As smart phone affordability and availability are at an all time high, online casinos have perpetually invested more resources and infrastructure into allowing gamblers to play on the go. Mobile device based gambling is continuously on the rise and will most likely come to a point where it will overshadow the more contemporary desktop and laptop based gaming that still remains prevalent amongst players. This extra level of accessibility will naturally lead to more people having access to gambling sites, as well as being able to frequent sites on a more regular and ad-hoc basis.
Speaking of accessibility, it appears that regional governments can no longer ignore the need for legal regulation when it comes to the vast amount of people interested in online gambling. With new markets opening up and casinos investing more in localising their sites and battling through regional legalities, in order to provide their services to an ever increasing base of eager potential players, it seems that the growing popularity and demand is something governments can no longer ignore. As can be seen now in Canada, as well as other regions including the US, India, Australia, The Netherlands and various Asian and SAR (Special Administrative Regions); it seems that mainly European based online casinos are spreading far and wide to reach larger and larger customer bases.
As many regions don’t have their own concrete gambling authorities or legislations in place; the grey zones this can represent is something that governments would tend to counteract, especially when the opportunities for taxing and forming their own national gambling networks provide huge incentives. This is especially more of a current issue as the current international climate shows an overall trend towards an increase in per capita income, alongside an increase in dual income households. This naturally allows for a higher disposable income per household, which affords people the luxury of indulging in more entertainment products and services such as gambling.