The Size and Increase of the Global Sports Betting and Gambling Market
By Space Coast Daily // January 25, 2021
Who says you need to gamble in a physical casino or go to a bookie to place a wager? We live in the 21st century, the time when you can expect to find pretty much everything from the offline world in the online realm.
Casinos and sportsbooks are not an exception. On the contrary, these are actually the two industries that have been going through a major expansion in the last decade. Global betting marketing is growing big time, but how much does it really worth? What are the main drivers of expansion?
Both questions are very interesting and we will try to give you thorough answers in the following chapters. Let’s take a look!
Online Gambling Market Size
What is the actual size of the global online gambling market? The question is difficult because online gambling consists of multiple elements, with the most important ones being online casinos and betting.
According to rough estimations, sports betting holds about 70% of the global gambling revenue. It’s a good starting point for our analysis of the total market size of each component.
But let’s check out the actual figures now. One of the most comprehensive reports dedicated to this subject shows that the global online gambling market size is expected to reach $127 billion by 2027, registering a CAGR of 11.5% from 2020 to 2027.
The report tells us two things in particular:
■ Online gambling is growing at a steady pace. The market is experiencing significant growth every year and the trend doesn’t seem to be slowing down. What will happen after 2027 remains unknown, but our best guess is that digital gambling will keep growing.
■ Online sports betting is going to be worth nearly $90 billion by 2027. Bearing in mind that this sector makes roughly 70% of the overall gambling industry, we can conclude that it will approach $100 billion in the next five years.
Key Reasons for the Explosion of Online Gambling
Online gambling is a gigantic business, but what made it so popular all over the globe? Many factors influence the explosion of digital gambling, with some of them being more impactful than others. Here are crucial reasons that drive the growth of this industry:
Let’s face it – playing real-world casino games requires effort and organization from your side. Contrary to that, online casinos are highly convenient and easy to reach. You can play your favorite games anytime and anywhere you want.
Bonuses and promotions
Online casinos and bookies are not lazy, but rather agile and hard-working. Most of them offer all sorts of promotions and bonuses. For example, the best casino online in Canada is known for creating a broad palette of bonus offers for new accounts, beginner-level players, loyal clients, and similar. It’s a genuine privilege because you can save a lot of money simply by utilizing bonuses and promotions.
What does it take to join an online casino? You need a smartphone and Internet connection. Almost anyone can afford these two things in 2021, which means that accessing online casinos and sportsbooks is easier than ever.
Gambling apps and sites are great
Another thing we need to mention is that gambling apps and websites keep getting better. They are simple, colorful, user-friendly, and easy to figure out.
Online gambling gives you the excitement of a real game
Is there a difference between offline and online gambling? Not so much! The excitement of a real game is guaranteed.
All sorts of games are available instantly
Many real-world casinos do not offer all games you might wish to play. That’s not the case with online gambling because you can find and play literally every game almost instantly.
When you play casino games from your living room, you are free from distractions that are common in physical casinos. Namely, there are no people and you don’t have to listen to all those drunk and loud gamblers who brag about their playing skills.
It wouldn’t be fair not to mention the impact of coronavirus on the gambling industry. Given the fact that so many people avoid going out, it is natural to see gamblers playing online.
It’s perfectly safe
We will conclude the list by saying that online gambling is perfectly safe. The best sites are safe and sound, so you don’t need to worry about hackers and malicious attacks.
The Bottom Line
As one of the fastest-growing industries globally, online gambling and betting deserve special attention and thorough analysis. In this article, we gave you an overview of their market size and discussed the main reasons for such outstanding growth. Are you contributing to the expansion of online casinos and betting? Let us know about it in the comments!