The global gambling market was valued at about $449.3 billion in 2018, a Compound Annual Growth Rate of 4.1% since 2014. By 2022, the market is expected to hit about $565.4 billion, growing at a CAGR of 5.9%, notes a report from Research and Markets.
Factors pushing online casino market up
The gambling market is made up of casinos, sports betting, lotteries and more. As per the report, lotteries were the biggest segment, accounting for 46.1% of the gambling market in 2018.
Talking about the casino market, the report noted that offline gambling was the biggest segment by sales channel. However, going forward, the report expects that the VR gambling segment will be the fastest-growing segment in the casino market. This comes as good news for the fans of online casino games.
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Another report from Coherent Market Insights expects the global online gambling market to cross $123.5 billion by 2026. Separately, recent news from Denmark should also make fans of online casino games rejoice.
For the second quarter of 2019, the regulated betting and gaming market in Denmark increased by 6%, lead by a robust performance from the online casino sector. Gross gaming revenue from the online casino was up 18% year to year. Of the total online casino revenue, about 72% came from slots, 11.6% from roulette and 8.6% from blackjack.
Thus, it wouldn’t be wrong to say that the online casino industry is showing no signs of a slowdown. In fact, with growing innovation in the industry, the number of players is expected to surge drastically. The websites operating in the segment, are also coming up with more game types and variations to woo new users and retain the existing ones.
Moreover, these sites allow players to enjoy their favorite casino games with the best graphics and audio technology available. Along with the innovation in technology, other factors are also responsible for the growth in the online casino segment. These factors include more people getting access to the internet, the rise in mobile gaming, easing regulations, growing adoption of cryptocurrency and others.