The online gambling and betting industry is constantly growing, evolving and keeping up with changes in technology. According to a report by Zion Market Research, the market accounted for £36.14 billion in 2017 and is projected to reach £74.49 globally by 2024, growing at a compound annual growth rate of about 10.9% between 2018 and 2024.
Here, we look at some trends that may contribute to the market’s growth in the future.
- Improvement of Mobile Platforms
Mobile-based gambling sites are no longer an option but a prerequisite for punters. In 2018, mobile gaming accounted for 51% of gaming activities in the industry. In fact, mobile gambling generated £21.75 billion as compared to PC games and consoles that made £18.80 billion and £17.09 billion respectively.
Gamers prefer mobile gaming as it is convenient – they can gamble whenever and wherever they are. Additionally, it doesn’t require a lot of memory and capacity to be accessible. With the creation of mobile apps, mobile-friendly content, state of the art designs and high-quality graphics, the future of mobile gambling is bright.
- Use of Cryptocurrencies
The rise of Bitcoin, Ethereum, Litecoin, and other cryptocurrencies is projected to drive the online gambling industry growth. Cryptos are gaining popularity due to benefits over other conventional payment methods. The total value of cryptos at the beginning of 2017 was £13.97 and is anticipated to rise over the next half-decade.
- More Gamification
Online casinos are incorporating more game-like elements to attract gamers and offer something unique to fight market saturation and competition from gaming consoles. Developers are using narrative, avatars, storylines, tournaments, leader boards, loyalty points, power-ups, unlockable content and levelling-up to keep them interested while playing.
- Virtual Reality
The development of virtual reality (VR) technology has gained popularity in recent years. Its adoption is projected to fuel the growth of online gambling and betting industry. VR headsets provide an unmatched gaming experience and online gambling sites are opting for the technology. Games currently available in VR include roulette and blackjack.
These are just some of the future trends that we can expect in the online gambling and betting market. Other trends to expect include live casino, blockchain implementation and use of artificial intelligence.