The global online gambling market is set to surpass $172 billion by the end of the decade due, in part, to the increasing penetration of mobile phones and players’ penchant for on-the-go gaming.
New data published by Acumen Research and Consulting shows that the global iGaming sector will grow at an impressive rate of around 11.6% a year between now and the end of the decade. Much of this growth will be due to the increased number of mobile phone users and those with tablets and other devices combined with access to high-speed internet.
Over the last two decades, online gambling has established itself as one of the fastest-growing and most resilient sectors. It has amassed millions of players the world over who log on to gamble on desktops, laptops, tablets, and mobile. In 2022, some operators are even looking at gambling through wearables such as smartwatches and intelligent home assistants such as Alexa. In terms of games, every kind is available, including card games, lotteries, and others such as slots at Paddy Power Bingo. Each game time is available in multiple different styles and themes. For example, at Paddy Power Bingo, you can play slots themed on films, books, celebrities, and musicians, all with graphics and soundtracks.
The choice has become so vast, and it has been further enhanced with new technologies such as bitcoin, blockchain, VR, AR and high-speed streaming, delivering live dealer games of outstanding quality.
In the last ten years, the demand for entertainment on the go has grown significantly. As we get more accustomed to smartphones, we also expect more from them, likewise with our PCs and laptops. We want crisp graphics, great sound, fast loading times, and games that work well across iOS and Android systems. This has left gambling companies scrambling to keep up and continue pushing out good quality offerings that meet players’ evolving demands.
The increased use of smartphones and their continual development will mean an even greater demand for online gambling in the future. For now, sports betting is the most popular kind of betting carried out on mobile devices, but the report from Acumen notes that live-action betting and slots are on the up. This will be driven further forward by integrating smart payment methods such as crypto, Apple Pay, and various mobile wallets.
Don’t neglect desktop
But while mobile gambling continues to soar, operators mustn’t neglect the desktop sector. The data suggest that desktop gambling is still responsible for a significant chunk of revenue due, in part, to larger screens and higher levels of visibility.
One area of interest for operators is progressive apps. These look like applications but work from within the browser, without any need for downloading a standalone application. Offering these for use on multiple devices is a smart move for developers and operators, alongside offering regular applications.
Going forward and to keep up with industry trends, operators need to be aware that the way people consume entertainment is changing. Mobiles, smart devices, and others such as TVs and laptops will all need to be able to provide the various forms of entertainment, including gambling, that they require. Therefore, a multichannel approach is required when strategising offerings, along with keeping up with trends such as those outlined in the report, and more.