Global Online Gambling Market To Near $1 Trillion By 2021, New Research SaysValue Of All Online Wagers Will Approach 13 Figures |
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The amount of money bet online is expected to approach $1 trillion by 2021, according to a study by Juniper Research.
The $1 trillion isn’t revenue for online gambling platforms. Morgan Stanley estimated that the amount of online gambling revenue in 2014 was $37 billion, so online casinos win a small percentage of all the bets placed.
According to Juniper, the value of wagers this year will be $550 billion, so the market will nearly double over the next six years. The group also said that online bets would approach the entire spend on all digital goods and services.
The “majority of net growth” is attributable to mobile, the group said.
There’s been a “general trend” towards online gaming regulation, Juniper said. However, there are countries that have actually “hardened their stance in recent months and have moved towards outright prohibition.” Roughly three dozen countries ban online casinos.
Europe is where many of the roughly 85 nations across the world that allow online gambling are located. Europe is also where roughly 40 percent of worldwide online gaming revenue is generated. There’s still a lot of room for growth given the fact that about 56 percent of the world’s population is banned from accessing online casinos in their own countries.
Another key Juniper finding was that while Bitcoin has made been adopted by some top online gambling firms, it will likely not become commonplace in the industry.
The U.S. state of New Jersey, which was more than 90 percent of the regulated online gambling market in America, saw $3 billion in online bets in 2015. Only around 12 million Americans live in states with legalized online casino gambling.
Despite the growth of online betting, there’s been serious consolidation in the industry over the past two years. Regulatory costs have gone up, providing incentive for some firms to merge.
“The research argued that within an increasingly consolidated and maturing sector, providers had intensified their focus on securing customer loyalty,” Juniper said. “It observed that leading players were exploring a range of options to achieve this.”
“User engagement goes a long way towards drawing in return business,” research author Lauren Foye said in a press release. “Providing features such as news and media on favorite [sports] teams, as well as personalised offerings based on past betting activity, enables greater engagement and is likely to reduce churn.”
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