In 2019, the online gambling market was around $50 billion. Experts estimated that it could double its value to $100 billion by 2026. The estimated CAGR for the online gambling sector is about ten percent from 2020 to 2026.
Global internet betting involves gambling on various games, including casino and sports online. Some familiar games in the market include bingo, roulette, keno, slots, lotteries, and poker. Online gambling grew in the last eight to ten years. As a result, players can easily access games and improve market growth worldwide.
Several factors led to the fast growth of internet gambling in the past decade. Also, internet infrastructure improved in recent years. More people gained access to faster internet speeds. As a result, there’s an increase in internet usage worldwide.
Factors to the Growth of Online Gambling Market
Also, more people use mobile devices in the last five years. Mobile gambling apps allow people to bet online anywhere they are. Pay per head bookie providers expect the trend to continue ion the next couple of years. Thus, it will fuel the growth of the gambling industry in the following years.
In 2019, sports betting was the most significant contributor to the growth of the internet gambling industry. Pay per head services and other allied providers will continue to experience greater success until 2026. During the same period, the CAGR of sports betting worldwide will be 11 percent.
Sports betting software will be in demand until 2026. It is expected to occupy a significant share of the online gambling market. However, the service sector will experience its fastest growth during the following years.
In 2019, most players used their desktop and laptops to bet online. However, experts expect the mobile sector to grow fast in the next five years. They attributed it to the increasing usage of smartphones in developing countries.