The worldwide market size for Internet gambling is currently estimated to be around $55 Billion USD. According to a recent report from Zion Market Research, the worldwide online gambling market is forecast to reach an estimated $94 Billion USD by 2024. The newly released report titled “Online Gambling & Betting Market by Game Form (Poker, Casino, Sports Betting, Bingo, Lottery, Horse Racing Betting, and Others) and by Component (Hardware, Software, and Service): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024” covers the various sectors within the iGaming industry.
Online sportsbooks and casino games are the biggest earners for the Internet gambling market. Bingo games and online lottery sales also make up a decent portion of the overall market size. Internet gambling has been around since as early as 1994. The first bets on the web were placed on sportsbooks an online casinos. It wasn’t until several years later before the online bingo and lottery sites entered the market.
Why is Online Gambling Growing So Quickly?
There are a number of factors that have driven the growth of the iGaming market. Mobile gambling makes up a big part of today’s online gambling market and has helped drive the growth of the industry. This trend will continue in the years ahead as Internet access becomes available to more people worldwide through increased usage of smart phones and 3G, 4G, 5G LTE WiFi-enabled mobile devices.
Improved payment options have also helped the gaming industry climb to new heights one year after another. Companies like Neteller, MoneyBookers, Skrill, Paysafe, Euteller and PayPal provide online bettors with eWallets that make it easy to send money to an online casino, sportsbook or poker room. Many online betting websites have also started accepting Bitcoin and other cryptocurrencies as alternative banking options. A number of the top online sportsbooks now offer BTC deposits and BTC transfers out to a Bitcoin wallet of the player’s designation. The rise of demand for cryptocurrency has been another good thing for health of online gambling sites.
New and Improved Online Casino Games
The iGaming industry’s top gaming software companies continue to release new online casino games each month. These innovative new games draw existing players back to the online casinos and they also bring new players in to try out the new casino games. Because many Internet users now use their mobile phones as their primary access point to the web, mobile-friendly casino games have become a feature that a lot of players are looking for when deciding where to play. Innovation of mobile gambling games has been and will continue to be a major driving force that helps the Internet gaming industry grow to record profit levels every year.