Live Gambling Market – Growth, Trends, and Future Predictions
The online gambling market is one of the fastest-growing segments currently. It is growing at an unprecedented rate with new live casinos being set up every day. It is estimated to generate revenues of $75 billion by the end of 2023. During this time, the live casino market is expected to grow at a CAGR of 8.77%, which is quite high.
In this article, I’ve tried to find the reason behind the rapid rise of online gambling all over the world. Also, I’ve made a prediction of what the future holds for live gambling in a coming couple of years.
Reasons Behind This Growth
It is the technological advancement of the 21st century that brought casinos to your PC and smartphone. According to International Data Corporation (IDC), 58.8% of the world’s population has access to high-speed internet in June 2019. This number was less than half at 24.6% in June 2009. The increase in internet penetration in the last decade has opened up lots of opportunities in online market segments. The success of live gambling is one of them.
However, apart from technological progress, there are also some other factors working. The global market is mainly driven by increased per capita income. The dynamic change of our lifestyle, improvement in living conditions, high-spending nature, and rising apprehension of the latest technologies will be the driving force behind the evolution of the live casino market in the upcoming years.
Dynamics of the Global Gambling Market
The arrival of mobile apps and free access to live platforms will boost demands in the global live gambling market. Various famous casinos are investing heavily in developing platforms for gambling from anywhere. Platforms such as lag-free mobile apps and websites are being built to facilitate a massive potential customer base.
Also, with the implementation of AI technologies, online casinos are being able to offer games that were previously not available. AR & VR technologies introduced a bunch of new features and elements to make the games more interesting and user-friendly. VR add-ons make the gambling experience more engaging than ever.
The increasing number of online casinos will put up with the growing demand for online gambling during the forecast period of 2019-2023. The rising popularity of this service will cause an evolution in the gambling market in the upcoming years.
Global Gambling Market Segmentation
The advent of online gambling sites that provide different approaches to various casino operators to earn some quick bucks and expand profitability while using digital channels is driving the growth of the segment. The global market of online casinos has become quite large in the last five years and is expected to get even bigger in the next few years.
Market segmentation can be done in three different ways based on product offerings, platform type, and geographical location. Here are the details of those types.
Product Offerings
- Online Betting – Online betting market is pretty large with players like Bet365, Betway, and Paddy Power Betfair dominating the market
- Online Casino – This is the main focal point of this article. Live casinos are the market leaders in online gambling segment
- Online Lottery – Online lottery is a comparatively newer segment. TheLotter, Lotto Agent, and Lottoland are some of the famous players in this segment
Platform Type
- Desktop – All these online gambling businesses started with a desktop site. Some customers still prefer a webpage over mobile apps
- Mobile Apps – Apps are the future of online gambling. They are much more convenient and full of features than a traditional website
Geographical Locations
- North America – North America, along with Europe, is already an established market for online gambling. The largest portion of revenue comes from the US and Canada.
- Europe – Europe is the second-largest market of live casinos. Countries like the UK, Germany, Italy, and France have a thing for online casinos.
- Asia Pacific – This is currently the largest growing region, mainly because of the late economic prosperity of mainland China. Also, Australia, Japan, and India have good customer bases.
- Latin America – Countries like Brazil, Argentina, and Mexico have huge potential and could be key players in the upcoming years.
Final Thoughts
The live casino market alone is expected to fetch half of the revenue of the online gambling industry by 2023. It is expected that online casinos will generate $45.7 billion in revenue by 2023. This is far greater than the present revenue numbers of $30.6 billion.
The global live casino market has surely come a long way in this decade. It will continue its growth in the upcoming decade also. With increasing demand, newer business entities will join the market in the future, thus increasing the options and help propel the growth even further.