The rise of online gambling is in full force. Year to year stats are pointing up, showing signs of a healthy infrastructure and emphasizing rapidly growing numbers. The online gambling industry was worth roughly $30 billion back in 2011. In 2017, the industry’s worth was estimated at $50 million, with new projections suggesting roughly $73.45 billion by 2024.
Mind you, we’re only talking about the online gambling portion of the market, not gambling in total. These are serious numbers, and its growth is a direct result of several key factors that shaped the industry throughout the last few years.
Key Factors That Helped Online Gambling Flourish
Here are three key contributors that helped boost the value of the online gambling industry:
The Rise of Online Gambling Sites
Back in the early 2000s, long before the smartphone era and invention of online gambling sites, people had to visit brick and mortar casinos to get their wagers in. Yep, they had to walk there and do it in person… Crazy, I know!
Those were simpler times, that’s for sure, but it’s safe to say the gambling industry has come a long way since then. Nowadays, there are tons of online gambling sites featuring dedicated desktop and mobile options. Gambling on the go is all the craze now, so a move towards a more mobile based betting experience was completely logical.
Unfortunately, we don’t have the exact numbers, but we firmly believe the rise of online gambling on mobile devises has greatly influenced the overall value of online gambling. The convenience factor is of crucial importance, and all the best sports betting and casino sites recognized it.
The Rise of Esports Gambling
Have you guys heard about esports? It’s a relatively fresh industry featuring organized, professional competitions in various video games such as CS:GO, Fortnite, and League of Legends. It’s a massive industry with lots of money on the line. For instance, last summer, Kyle Buigha Giersdorf (16) earned $3 million by winning a Fortnite event.
Surprisingly enough, there’s a massive demand for esports betting options. We aren’t even talking about just the biggest events but a year-long coverage of a multitude of esports titles. People are crazy about esports betting, with esports becoming a standalone category on most top-tier betting sites and online gambling apps out there.
Considering the fact all esports fans are tech savvy, we can safely assume the majority of them are using either online gambling websites or dedicated apps. In other words, esports and online gambling growth is deeply connected.
Online Gambling Legalization Movement in the US
In the last two years, ever since the PASPA ruling, we’ve seen plenty of online sports betting action coming from the US. The states are finally free to choose how they’d like to approach online sports betting. States like New Jersey, the PASPA ruling leader, have already started their online sports betting empire, while others are either joining in or actively deciding whether or not to pursue the newest trends.
Wrapping Things Up
The rise of online gambling apps, the legalization movement in the US, and the rise of esports gambling are the three key contributors to online gambling’s rapid growth. The online gambling industry isn’t going anywhere, and it will probably keep on rising with more and more markets readily available for bettors all across the globe.
Online gambling is a worldwide phenomenon, whether you like it or not!