The Online Gambling Market is Increasing Rapidly Given Mobile Play and the Vast Array of Online Games
The global online gambling market is expected to be worth $73.45 billion by 2024, according to Hexa Research.
NEW YORK, July 11, 2019 (Newswire.com) - Online gambling is a growing market and is expected to increase in value in the coming years. The accessibility of online gambling on mobile devices, such as smartphones and tablets, coupled with rising disposable income is speculated to set the stage for growth.
The global online gambling and betting market was valued at U.S. $46.9 billion in 2017 and is projected to exhibit a CAGR of 11.4 percent during 2018 – 2026, according to Coherent Market Insights. The number of internet online gambling users worldwide reached 3.4 billion in 2016.
The growth is credited to the vast number of online gambling platforms made available. There is a growing trust that gamblers have with online payment options and an increase of gamblers using mobile devices to play. The increasing use of digital currency has also contributed to the growth of online gambling.
Online gambling companies are also working to diversify the kinds of casino games offered. They are providing players a comprehensive range of online casino games from a variety of software developers including NetEnt, Amatic. Betsoft, Pragmatic Play, Microgaming, and Evolution Gaming, which offers games with real dealers.
Online gambling companies are also accepting a number of different payment methods including credit cards, Skrill, Neteller, PaySafeCard, Trust Pay, QIWI, Boleto, Safety Pay, and more. With some online gambling platforms, players can also use Bitcoin to fund their accounts.
Given the favorable environment, the online gambling market is poised to be a big win for both players and online gambling companies in the next several years.