The global online gambling market is expected to grow almost twelve percent over the next seven years in year-on-year growth, according to Research and Markets, one of the world’s largest market research firms.
The firm has recently released a report from the gambling industry with forecasts and trends that include details such as gambling product areas, including sports betting and online casinos, along with players’ device choices by popularity and forecasts for each international market, including the United States, Latin America and Europe.
Reportedly, the online gambling market is expected to register a Compound annual growth rate of almost 12% by 2027 to the tune of nearly $130 billion.
Over the forecast period, experts are suggesting that the market will gain traction and become growingly popular across the world with the possibility of a freemium introduction to the industry that may unfold over the next one to seven years.
The figures, though largest predictions, show that there has been a strong increase in smartphone gambling and easier access to platforms that allow consumers to play casino games are driving the market forward.
In addition, reduced costs for mobile devices and increased internet access are looking to be major contributing factors the market growth over the forecast period.
According to reports, the current and ongoing global Coronavirus pandemic has also been a major contributing factor in accelerating online gambling demand and and with the use of digital currency and increase in gambling website, the industry is expected to see growth and expansion across all major regulated markets.
Furthermore, over the next decade, additional contributing elements of the gambling industry are see many operators experience a rising trend in both betting and gambling, including increased gambling advertising, such as online casinos and sportsbooks, desktop casino software applications, online advert agencies, legalisation of gambling and expansion of major corporations in to new regulated markets.