Industrialization of Online Gambling
The online gambling industry is expected to reach $153 billion by 2030. The industry will grow at a CAGR of 11.7% over the projection period (2022-2030).
Investments in Online Gambling have increased. High-stakes gamblers are interested in buying shares of publicly traded online gambling giants like BetOnline and DraftKings. Innovations in business structures, game styles, in-play sports betting, and smartphone geolocation are all noteworthy. Facial recognition software powered by artificial intelligence and bitcoin is the target of these investments.
Customers are choosing online live casinos over traditional land-based ones. Evolution opened a third live casino studio in Michigan. Live casinos are gaining popularity among first-timers because they don't require real money to play. The growth of land based casinos bodes well for online gaming in the coming years.
Online gambling is a prime target for cybercriminal attacks. Market participants are trying to address the problem by raising customers' knowledge and encouraging them to install anti-virus software. Businesses employ external programs to safeguard their websites and ensure the safety of online payments. The use of the internet in gambling or sports betting is prohibited by federal law.
DraftKings bought Golden Nugget's iGaming brand and customer database. Online sportsbooks promote themselves by becoming corporate sponsors of other teams.
The market for online gambling can be broken down into numerous subsets based on game type, platform, and geographical location.
Sports betting, casinos, poker, bingo, and others make up a portion of the global online gambling sector. The Sports Betting industry subsector is projected to expand at a CAGR of 12.5% during the study period. Machine learning, Artificial Intelligence (AI), virtual reality (VR), and blockchain are increasingly being used by sports betting companies.
The market share held by desktop computers is expected to increase at a CAGR of 11.4%. Mobile devices are the largest market category after the Internet. Mobile gambling is expanding due to the proliferation of smartphones. The number of people with access to internet and smartphones is fueling the expansion of the mobile device subsegment of online gambling business.