The global online gambling industry will continue to grow until 2027 and beyond, according to the latest market study. The market size worldwide will reach $127 billion by 2027, with a CAGR of 11.5 percent from 2020 to 2027.
Also, the online gambling South Korea market will gain traction over the same period, along with other markets worldwide. Online wagering will continue to grow in popularity across the planet. Researchers expect the freemium model to open more opportunities for stakeholders in the next couple of years.
Several factors lead to the upward trend of the online gambling industry worldwide. One of the reasons is the increased use of smartphones. As a result, people can easily access casino websites if they’re connected to the internet.
Global Online Gambling Industry Trends
More countries are improving their internet infrastructure. As a result, more people have access to the internet. Based on betting odds reports, mobile apps, and other cost-effective mobile apps for wagering would contribute to the growth of the market.
In 2018, the American Gaming Association reported that around 2,800 sites are active and offering various gambling activities, including online slot machines, bingo, lottery, and poker. Also, online gaming service providers and operators can enter deals with individual customers to gain access to betting services for money. As a result, the industry will attract more players.
Electronic gaming devices are cheap to operate and available everywhere. They have built-in software that copies the experience of a real casino. For instance, Video Lottery Terminals use advanced technology that can turn it into video slot machines and digital poker games.
The coronavirus outbreak increased the demand for online gambling. Also, improved security of digital payment portals would contribute to the growth of the industry up to 2027. The market will continue to gain momentum in the next couple of years.