Global online gambling market will have an upward trend for the next five years. There’s nothing to stop its growth. Even considering conservative numbers, the online gambling industry can reach $94.4 billion globally within the next five years.
The estimated figures are up from $45.8 billion in 2017. In fact, it shows a compound annual growth rate of around 10.9 percent from last year to 2024. The study included all aspects of online gambling including online poker, pay per head solutions, sports betting, and horse racing.
The study included a market attractiveness analysis that considered the game form, regional segments, and other factors. The researchers benchmarked each component based on their growth rate, general attractiveness, and market size. For instance, they looked at the bookie betting market in New York.
Global Online Gambling Market
Most of the growth of the global online gambling market came from legal European markets, including the Czech Republic, Malta, Poland, France, and more. In addition, they saw potential growth in the Asia Pacific market.
The increase in global internet access contributed to the growth of online gambling worldline. In 2016, around 46 percent of the world population have access to the internet. The number is 2.5 percent higher than in 2015, according to a bookie pay per head provider.
Many online gambling operators are offering cryptocurrency payment options. Pay per head reviews experts see this as a factor to the rise of online gambling. Since 2017, the value of cryptocurrencies was around $17.7 billion. Its value is expected to increase in the next five years. As a result, the use of cryptocurrencies in online gambling within the same period will also increase.
Europe is the biggest contributor to the success of the global online gambling market. It is because many countries legalized online gambling, including Italy, France, and Spain. Coming in second is the Asia Pacific region, followed by Latin America.