A look at the global gambling market
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There is no doubt that the popularity of gambling in recent years across the world has soared, with people engaging in a number of betting activities. Online gambling is referred to as internet betting or internet gambling, comprising online games and is gaining attention day by day. Technology has assisted and developed the global gambling market to the point where people can gamble from the comfort of their own home on their mobile device or desktop PC. It is worth taking a look at the global gambling market and analysing why it has grown so much as well as looking to see if it will continue to grow into the future.
The role of internet and technology
Firstly, this boom in gambling popularity has been aided by the internet and the development of technology which has facilitated the access to online casino gaming. Online casinos are also popular in the UK where people both visit land-based casinos and flock to online casinos. In fact, online casinos have become so much more popular than land-based casinos as there are loads of benefits including rewards, bonuses and promotions that range from no deposit bonuses to welcome bonuses. The success of online casinos has contributed to the number of new online casinos available on the market as there is such high demand.
On top of this, another reason why the global gambling market is growing is because more and more people are trusting online casinos as a valid form of betting / wagering and the stereotypes around online casinos being a dodgy place to bet. For example, a lot of online casino providers have implemented extra security measures in terms of two factor authentication and secure payment methods to safeguard those who are wanting to bet with them.
Technology has also been instrumental for the growth of the global gambling market as it has helped marketing tactics. With the widespread volume of online casinos, there are also plenty of opportunities for people to interact with one another. This is because there are a wide abundance of forums and live chats where people can discuss tips or simply make friends. With technology, there is also the presence of live casinos with live dealers, ambient sounds and virtual headsets. This means that more people are continuing to become invested in gambling as the bridge between land based and virtual casinos is closing.
Relaxation of gambling laws
In recent years, laws have become relaxed towards gambling in recent years in many countries such as the USA. In fact, there are federal laws in America regulating gambling, and the states and locals have their own laws as well for the same. The Indian Gaming Regulatory Act, 1988 gives the right to Native American Tribes to govern gambling on their lands. In Canada gambling is regulated on the Federal level by the Criminal Code of Canada whose
Section 201- 207 provides for laws relating to betting and gambling. There are various rules regarding gambling in Canada with section 204 of the said Act providing for certain exemptions such as betting on lawful races or sports games and pari-mutuel system on running or trotting.
Alternatively in Singapore, around three-quarters of the population regularly play at casinos. The most common mode of gambling in Singapore is 4-digits, also known as ‘The Singapore Sweep’, which is a lottery-style game. In comparison in Finland around two-thirds of the Finnish population engage in gambling activities on a regular basis. Finnish people also have a preference for gambling in sports, especially ice hockey, and many of them are also keen poker players.
Furthermore, the UK is one of those regions that contributes in a large way to the global gambling market. The market size, measured by revenue, of the Global Casinos & Online Gambling industry is $261.8bn in 2022 and it is thanks to this relaxing of rules in area like the UK. The UK has been very standardised in regulating gambling and making provisions for the same. The major Act regulating it is The Gambling Act of 2005 which has been responsible for establishing a Commission to oversee the activities of gambling and the provisions of licensing. The most popular form of betting in the UK is on horse racing events, but the British also love to gamble on other sports, such as soccer and cricket. In a similar vein, in Ireland gambling is also extremely popular with around four-fifths of the population regularly taking part in some form of gambling such as horse racing, or on other sports, such as football and boxing.
Further afield in Australia around 50% of the population engage in gambling regularly with the most popular type of gambling being horse racing. Other sports that Australians like to gamble on are cricket, rugby and casino games such as blackjack and poker. In Europe specifically, there is no set framework or regulation that provides for laws concerning the same. However, every country of the EU has to adhere with the provisions mentioned in the Treaty on the Functioning of the European Union (TFEU). This criteria outlines rules for the functioning of businesses in any country of the European Union.
In conclusion, the future of the gambling market is looking bright and is expected to continue growing. With laws around gambling easing up all over the world, we should witness other countries legalising further gambling opportunities in the future. With casino operators offering mobile phone app-based platforms to customers that are user-friendly the market is growing at an exponential rate.
