Online gambling is already a huge market and if predictions are anything to go by, it’s only going to get bigger. In 2017, roughly $45.8 billion was spent by people gambling at online casinos, sportsbooks and other sites. By 2024, that figure is expected to rise to a staggering $94.4 billion. There are several key reasons as to why the market is projected to experience so much growth over the next few years. Here are a few of them.

Mobile Casinos

Just over 15 years ago, the first mobile casino technology was launched. This opened up a brand-new way for people to gamble online and paved the way for hundreds of mobile casinos and sportsbooks to flood the market. Thanks to these, people don’t have to be at home on their desktop computer or laptop to gamble – they can do so wherever they want, so long as their mobile has a steady internet connection. Many of the best online casinos, such as MrCasinova.com, make their mobile sites as user friendly and touchscreen compatible as possible, so that mobile users can enjoy a smooth, reliable gambling experience while on the go.

Better Games

Another key contributing factor to the growth of the online gambling market is the games. There are several hundred companies creating online casino games and they’re constantly coming up with new ideas and innovations. For example, the slots you can play at online casinos these days are way more advanced than the ones that were being released several years ago. Not only do they have exciting gameplay features such as thousands of ways to win, immersive bonus rounds and symbols with all sorts of special effects, they also come in an ever-growing range of themes – many are branded and themed after popular IPs, such as films, celebrities and TV shows.

E-Sports

E-sports, or electronic sports, are huge tournaments that involve competitors playing video games. They’re organised events that usually take place with several hundred people playing for the win. The competitors, who are often professionals who spend much of their time gaming, can compete individually as well as in groups. The e-sports betting market is growing extremely fast and is a key reason as to why the online gambling market as a whole is experiencing increased growth. Back in 2015, roughly $315 million was spent gambling on e-sports in the US alone. By 2020, that figure is estimated to rise to a huge $23.5 billion.

Favourable Legislation

Online gambling is still classed as an illegal activity in many parts of the world. Even in places where you can gamble online, the legality of it is often complex and not too clear. However, in recent years a number of regions have started legalising online gambling, mainly as a way of generating a new source of income for government operations. A few US states such as New Jersey, for example, have allowed residents to spend real money gambling online.

By William Platt

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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