According to a recent market research report published by Transparency Market Research, the global online gambling market is expected to reach a value of US$ 128.2 billion by 2026, increasing at a compound annual growth rate (CAGR) of 11.8% to 2026. While in 2017, Europe held the leading share of the global online gambling market, online sports and casino gambling in the USA is catching-up and New Jersey is leading the way in the US, recording an impressive 53% month-on-month rise in revenue in January 2019.
New Jersey’s reported $33.6 million in revenue in January 2019 marked the 23rd consecutive month for revenue to exceed the $20 million mark for its online gaming sector, and the numbers have bumped up substantially since the introduction of betting on sports online in NJ in June 2018. The online gaming trend is just at its beginning here, as the embryonic industry in the United States becomes part of a truly global online gambling phenomenon.
Why is internet gaming growing so quickly?
Online gambling and betting, also known as internet gambling or wagering, is gambling on sports or casino games over the internet on PCs, smartphones and other mobile devices. The ability to gamble anywhere, anytime is now a reality in many parts of the world. If you have a Wi-Fi connection, it is more the rule than the exception nowadays across the globe that you can place a wager online.
Other than online sports betting, some of the popular most popular games include roulette, poker, baccarat, slots, and lotteries. Online gaming has proliferated across the globe over the last decade. The easy accessibility of these games and the lure and realistic possibilities of winning fast and easy money are the primary factors fueling the growth of online gambling and the growth in betting markets worldwide. Despite the incredible growth, nevertheless, online gaming is still in its infancy and regulators are struggling to play catch-up as technology most often moves at a lightning pace, whilst bureaucracy is less impressive in its ability to adapt to change.
That said, the rise in the worldwide presence of mobile internet devices, an increased adoption and trust in wagering through various new online modes of payment such as web-wallets, and a relaxation of regulation (in some geographical areas) have assisted in producing a booming online casino and sports betting market across the world.
Many parts of the world & the majority of U.S. don’t have online gaming
Still, challenges and hurdles exist for the online gaming sector to overcome and make it a real global online gaming revolution. Several major countries (including India and China) and the majority of U.S. states have made online wagering illegal, thereby restricting the market growth opportunities. Moreover, some countries have unregulated online gambling industries which muddy the waters and complicate developing the market growth of a true international online gaming industry.
According to the Transparency Market Research report, the sports betting segment of the gaming industry is anticipated to expand at 14% until 2026, while the online casino sector to grow only slightly slower (about 12%) until the end of the report’s forecast growth period.
Meanwhile, the desktop segment of the global is anticipated to expand at a steady compound annual growth rate of approximately 6%, while mobile betting booms at an exciting 16% until 2026.
It’s exciting times ahead for the industry and particularly for online gamblers here in the U.S. at a national level, as we look forward to enjoying the online wagering freedoms that other countries have enjoyed for some time.