Based on Statista, more than a hundred online casino platforms were analyzed to understand the current state of the sports gambling industry and identify its long-term potential. In particular, the base of players, profitability, gaming licenses, problems with gambling, and other stats that should help to form a complete picture of the market are considered. In this post, we are going to shed the light on interesting conclusions about the world of sports gambling.
The Current State of the Sports Gambling Industry
It is almost impossible to determine the exact number of online casino players, as well as to calculate the market value on a global scale. However, experts say that by 2027 the world market will reach $127.3 billion with an average annual growth rate of 11.5%. The forecast of massive growth is associated with the growing popularity of online bookmakers. Moreover, the global introduction of smartphones and low-cost Internet data plans are driving the market exponentially.
At the time of writing, the American Gambling Association (AGA) estimates that there are more than 2,800 active web gambling resources that offer limitless online gambling opportunities. Check useful Katmandu gambling reviews, and you will clearly see that the number of platforms keeps growing.
Some key conclusions of the analysis are as follows:
- In 2020, the global online gambling market reached $66.7 billion;
- Canada, the United States, and Europe occupy the biggest part of the market;
- Artificial intelligence and chatbots will play a vital role in the development of the gambling industry;
- By 2026, the global sports gambling market is expected to double;
- Recent studies have shown that 96% of online players play at home;
- More and more gambling experts are beginning to understand that the transition to the digital segment is inevitable.
Key Trends in Sports Gambling in 2021
Technological advances enable gambling operators to expand their reach and improve customer experience. Today, the gambling industry is working to optimize gameplay, blurring the line between reality and virtuality. Another problem that worries operators is that not all gamers can 100% safely gamble online. But it is going to change soon.
#1 – Cryptocurrencies
One of the key drivers of online sports gambling is the integration of cryptocurrency payments. Ethereum, Bitcoin, and other digital coins are becoming the main payment instrument that most players would prefer to use instead of e-wallets due to the following advantages:
- Instant transactions;
- Complete anonymity of the transfer;
- Long-term growth potential;
- Special offers on crypto gambling;
- Encryption technology stores personal data of the client via the Internet;
- Interest in technology in different countries.
This automatically leads to an increase in demand for cryptocurrency payments, especially for sports gambling. Thanks to cryptocurrency, online transactions are not disclosed to third parties, so the client is securely protected from fraud and hackers.
#2 – Gaming License
There are dozens of organizations responsible for controlling sports betting platforms and issuing licenses, as well as testing institutions that check whether the operator has interfered in the game algorithm. Here are the key regulators that are believed to be trusted in online sports gambling:
- Malta Gaming Authority (MGA) — Malta Gambling Authority. An international license, which offers a wide range of geo options despite its high price;
- Curacao Gaming License — Curacao’s license is considered the most accessible documentation in the gaming market, but it is still a good thing to have;
- The UK Gambling Commission (UKGC) — it is the strictest international casino regulator, which has many conditions for compliance by the operator.
#3 – Restrictions on Sports Gambling
Many believe that sports gambling can lead to compulsive behavior, that it can damage relationships with friends and relatives, careers and even lead to serious mental illness. In fact, it is not so. Professional organizations are already taking care of their customers and creating conditions for safe and responsible gaming. Thus, you can set up a particular max budget size or time that you can spend online while enjoying sports gambling. If you cross a red line, your account is blocked and will hardly commit any mistakes.