The online gambling market is estimated to grow at a CAGR of 7.91% between 2016 and 2020, according to the latest report, titled Global Gambling Market 2016-2020. The growing middle-class population who are more open to indoor sports like gambling and their increasing income capacity are the two main factors behind the growth of global gambling market during the stipulated time frame.
The most interesting highlight of the report is the role of smartphone which has emerged as the key driver of this trend. The smartphone penetration among the young generation is the deepest and due to the growing FOBO (Fear of Being Offline) almost every youth is connected to the internet and carry his/her world with him/her. Consequently, some of the leading traditional casino centres, likes of Red Flush, are actively focusing on promoting their apps on various app stores.
The offline and online push is resulting in increasing demand for the overall gambling games, which is eventually leading to expansion existing casinos and opening of new casino centres across the world.
The other important reason behind the flourishing scenario of gambling market is the ease of government regulations in many countries. The online gambling sector was first regulated by British. It is also being predicted that by 2020 the number of online gambling industry is going to increase as more states are going to legalize this online gambling. And one of the advantages of legalizing the online gambling market is that it will improve employment opportunity and also at the same time it will benefit the government informing the tax. And undoubtedly this advantage is the reason that is motivating the rules around the world in legalizing online gambling.
Mobile Casino: The Flourishing Business Worldwide
In 2005, Jupiter Research forecast that global mobile gambling services would generate revenues of more than $19.3 billion US dollars by 2009. In 2010, Gartner analysts showed the 2009 global mobile gambling revenues at $4.7 billion and forecast $5.6 billion for 2010. Such a large discrepancy between the 2005 forecast and the 2009 reality is attributed to the unexpected 2006 US prohibition of all internet based gambling.
To have an idea on the spectacular growth of mobile gambling, we can take a look for example over the UK mobile market in order to realize just how much mobile devices are now part of our lives.
The mobile gambling market, as of 2017 is still in flux. The European Union still does not have a unified mobile gambling legislative framework in place. Each European country has their own set of widely different laws which regulate mobile gambling ranging from Finland where a government monopoly operates internet casinos to Norway which is in favour of complete prohibition of online gambling.