There is no doubt online gambling is extremely popular. There are many reasons why online gambling, at both sportsbooks and casinos, has grown in recent years and we will look at some of the reasons in more detail on this page. The question is, are we at the peak of online betting and what is to come in the future?
Online Betting Figures
Come the end of 2021, the value of the global online gambling and betting industry was $61.5 billion. Throughout 2020, online searches for sports betting and casino games were at an all-time high. There were additional factors in play throughout that period as many people were asked to stay at home. This led to more people than ever before playing online casino games as they searched for things to do with their free time. The size of the online gambling market in 2022 was $58.2 billion, which is lower than 2021 but as explained, there were reasons behind the peak in figures coming into 2021. So, in terms of online gambling, have we reached a plateau?
Projected Online Gambling Numbers
According to projections, we have yet to hit the peak of online betting. It is believed that by 2028, the online gambling industry will be worth $145.6 billion, which is a significant increase from where we are today. The compound annual growth rate of the online betting industry is 12% and sports betting is expected to have the greatest market share as we approach 2030. One of the reasons why online sports betting is going to continue growing is because there are many regions where online sports betting is yet to be made legal. This is going to change over the next decade, with the United States being a prime example. There are many states in the US where online sports betting is yet to be fully licensed and regulated but that is going to change. We expect to see many states legalize sports betting soon and that is going to lead to more people betting online.
Online casino searches were at an all-time high during lockdown. There were many factors behind the rise in online casino searches, including the fact people were stuck at home and could not visit land based casinos and professional sport was limited. With a lack of sports on which to bet, sports gamblers were turning to casino games for their betting. With slots based on sport, it was the best way to enjoy a wager for those who were missing the thrill of betting on real sport. The introduction of sweepstake casinos has boosted the industry numbers because thanks to their format, they are legal, even in regions where standard online casinos are illegal. The adoption of cryptocurrency is another reason online casinos are going to continue thriving in 2023 and beyond. Online casinos have witnessed growth in the number of gamblers using cryptocurrency, especially from regions where online casinos are restricted.
So, in terms of past performance, we are at the peak of online betting. However, it is not going to stop and we expect to see the online gambling market, in terms of both sportsbooks and casinos, continue to grow.