Online gambling

Online gambling will reach $1 trillion in 2022 –

Based in Chineham, England, Juniper Research Limited is a forecasting and advisory company for digital technology markets. Its team of analysts aims to provide surveys, tailored forecasts and white papers regarding technology trends and market movements. Over the past few years, they have noticed that an increase in the adoption of digital products, coupled with positive regulatory changes regarding cash app online casinos and sports betting platforms, is expected to lead to increased betting. bets reaching a global total of over $1 trillion in 2022. More than the deficit added to the US national debt each year, a significant increase from the estimated total of online bets placed in 2017 of $620 billion .

According to Juniper’s eSports, Let’s Play & Watch Play: Monetization & Engagement Strategies report, old and new online casinos are driving the rise of internet betting, accounting for approximately 40% of all bets placed from a distance. The American Gaming Association claims that more than three thousand gambling sites are floating in the digital sphere. Most of them are internationally regulated and based in countries like Panama, Curacao, Costa Rica, and Malta. New ones seem to pop up every week, mostly due to the rise of cryptocurrency games. This sphere may lack gaming regulations, but it offers fast transfer speeds, various game options, and anonymity.

Lauren Foye, the former principal analyst at Juniper who authored the cited research, now employed as head of research at Zero Carbon Academy, believes the infusion of new technologies is driving growth in the casino section of this market. Foye says – “New channels, kike chatbots can boost customer engagement by providing 24/7 support and delivering personalized offers.” Increased social interaction, live entertainment and gamification concepts are also expected to play a major role in increasing this industry’s player pool, which Juniper’s numbers will double by the end of 2020 compared to 2018. .

Positive Online Gambling Reform Is Happening Globally

Prior to 2013, no US state permitted online gambling by its residents. Americans were forced to gamble at offshore locations that would accept them, which they have been doing since the industry was born in 1996. New Jersey was the first jurisdiction to allow its citizens to try their luck at chance in real money casinos. platforms after allowing sports betting licenses to local operators. However, the latter encountered difficulties in application.

Today, aside from the Garden State, five other regions have legalized casino-style internet entertainment. These are West Virginia, Pennsylvania, Delaware, Michigan, and Connecticut. The last two were the most recent entries to the fold. Over twenty US states allow sports betting, many of which allow mobile betting through dedicated apps and websites.

Rumor has it that many other sections of the United States are preparing to implement laws that would allow various forms of internet betting within their borders. They do so because they have seen that it can offset fiscal shortfalls and minimize the adverse effects of the ongoing COVID-19 pandemic and the impending global recession crisis. This is evident in states that have permitted the pastime, such as New Jersey and Michigan noted over $1 billion in online casino revenue in 2021.

The same wave of legalization is happening in Europe. In 2021, Germany and the Netherlands were two massive regions in the Old Continent that established internet gambling regulations and launched national self-exclusion programs. At present, other countries have also expressed interest in doing the same.

Global Online Gambling Revenue Grows Every Year

Pune-based market research entity Fortune Business Insights, founded in 2019, recently released a report which proclaims that the global online sports betting, lotteries and casino market will swell at a stellar compound annual growth rate. by 11.4% through 2028. At that point, it is expected to reach a size of $158 billion. That’s a staggering leap from the estimated $66 billion market size in 2020.

Factors contributing to the growing popularity of internet betting are the growing demand for smartphones, advances in data transfer technology and the fact that gambling is becoming less taboo in all corners of the world. Additionally, powerful US land-based gaming operators buying UK operators online will also play a role in this US and global market expansion. This is so because wealthy entities acquire those that have already built the necessary infrastructure to quickly offer their acquiring companies the ability to offer their services over the Internet.

For this reason and other aspects discussed above, Technavio forecasts that the US market will experience increased growth momentum, at 12.47% per year, which will bring the difference in potential market expansion between 2021 and 2026 to about $2 billion.

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