The Online Gambling Market in North America is Projected to Reach a CAGR of 14.78% by 2025
By Space Coast Daily // April 5, 2021
The online gambling market was estimated to surpass a total of USD 55 billion worldwide back in 2019. This was data that didn’t even account for the surge of online gambling activity as a result of the pandemic in 2020.
Currently, industry analysts and experts are expecting the global numbers to reach a 16.5% CAGR over the next five years. In the North American continent, in particular, market growth is expected to reach as much as 14.78% CAGR.
Of course, a CAGR doesn’t always tell the whole story. In economics, a particular industry’s CAGR or compound annual growth rate is essentially the rate of return that’s required of any investment to grow from the beginning balance to its ending balance.
In layman’s terms, a CAGR tells you how quickly a particular industry can turn a profit within a specific time frame. The higher the CAGR of a particular industry, the higher its profitability is going to be. What the data has been indicating recently is that the world of online gambling is quickly becoming one of the most profitable industries in the world.
Of course, the world of online gambling itself is such a vast and expansive industry that covers a variety of different sub-industries. For instance, any kind of online betting that takes place in a digital space can be considered as a part of the online gambling industry.
Sometimes, it can be manifested in the form of sports betting such as those on football games, boxing fights, or basketball matches. But for the most part, a huge chunk of the online gambling industry also lies in online casino games.
Traditional casinos are commercial establishments that offer people a platform for recreation, communication, and social connection.
But while more and more people have gained access to high-speed internets, a lot of these traditional platforms like casinos have tried to find ways to make themselves relevant in an increasingly digital world. As such, many casinos have sought to create apps and online gaming platforms to cater to that new-world consumerism.
Another reason that the online gambling industry has grown so much over the years is that more countries are making it easier for their citizens to actually participate in the activity. In the past, especially in more traditional eastern nations, online gambling was very difficult to access for potential consumers because of strict laws and regulations surrounding it.
But nowadays, many countries in Europe and Asia have been really showing substantial progress on legislation. Even in the United States and Canada, more institutions, both in the public and private sectors, are really making it easier for consumers to engage in legal and legitimate forms of online gambling.
Both sports betting and online casino sites have to undergo some very strict protocols and meet high standards when it comes to providing their services to the mass public. This is just to ensure the integrity of the operation and to protect the monetary investments of the consumers as well.
There are a number of third-party regulatory bodies in place that oversee the operations of such platforms to make sure that there’s no funny business going on.
Looking to the future, there seems to be a consensus among industry analysts that online gambling is only going to continue to grow. This is a postulation that is only exacerbated by the fact that more people are now adopting technology into their lives for a number of different things.
Aside from that, more and more capitalists and investors are looking at the recent numbers surrounding the profitability of online gambling. This can only lead to a steady growth for an industry that has already experienced substantial development and progress in recent years.