There has never been a better time to be an online casino. 2020 has seen many of us spending more time than ever before online, glued to our phones and devices, looking for ways to spend time (and, often, money).
And this trend doesn’t look like it’s going anywhere soon. Many experts are expecting an annual increase of anywhere between 3.1 and 10% year on year, with the global online gambling market projected to reach an eye-watering USD 127.3 billion by 2027, according to this report (“Online Gambling Market Size, Share & Trends Analysis Report by Type (Sports Betting, Casinos, Poker, Bingo), by Device (Desktop, Mobile), by Region (North America, Europe, APAC, Latin America, MEA), and Segment Forecasts, 2020 – 2027″) on the matter.
Games such as lottery, bingo and poker, as well as traditional online slots games are flooding the market at an unprecedented rate in the US and Canada in recent years.
This is predominantly due to the proliferation of smartphones, increasing internet coverage and internal industry competition, which drives down the prices of starting bets and ups the chances of offers, deals and starting wallets, whereby online gambling sites give players a small amount of money in their accounts to gamble with before they put their own money in. “According to the American Gaming Association (AGA), as of 2018, approximately 2,800 sites are active online”, a number which is predicted to rise exponentially in the coming years.
Due to a variety of factors, including cultural, legal and corporate reasons, the UK is the current one of the world-leading in online gambling, though this is set to change. As key UK online gambling companies such as William Hill PLC and Paddy Power Betfair PLC (Flutter Entertainment plc) and EU licensed companies such as Dreamz.com set their sites on Canada and Asia-Pacific in 2020 and beyond, these regions will see an upturn in both domestic and international competition, driving starting costs down and increasing the appeal for many online gamblers. It is hard to say, but if the online gambling industry is to increase at the same rate in the next seven years, we’re in for a big online casino boom, the likes of which we have never seen before.