According to a report by Zion Market Research, the online gambling and betting market netted a whopping $45.8 billion in 2017. This market is expected to grow at a CAGR (compound annual growth rate) of 10.9%, and by 2024, the capitalization of the global online gambling industry is expected to grow to as much as $94.4 billion.
Trends in Online Gambling in 2019
Here is what you can expect to see from the online gambling market this year:
- Expansion into New Geographies
Thanks to mobile technology reaching all corners of the globe, and new legislations in different parts of the world in relation to online gambling laws, the online gambling market is going to expand exponentially by the end of this year.
Currently the online gambling markets are centered around the US, Canada, Australia, the UK and Europe. However, going forward, we will see expansion in the Asia, African and Eastern European markets.
In fact, the Eastern European markets, especially in Romania, Poland and the Czech Republic, are making great strides in developing regulations that conform to the EU standards of fair play.
- Online Casinos in Messenger Services
The biggest innovation in mobile gambling was the launch of the online Telegram casino. Thanks to this innovation, iGaming business owners have really been able to expand player base, and players have been able to game with even poor internet connections.
Because Telegram was the first of the messenger services to release its bot for accessing casinos on its platform, it is also the most popular. However, the trend is catching on, and now you can game on WhatsApp, Viber, and even Facebook.
Gambling on Telegram has become popular for numerous reasons – anonymity, high levels of security, easy availability of gambling games without having to worry about regulators (especially in countries where gambling is illegal), easy and speedy operability of these games, formats that allow cross-platform transitions, and so on.
- Mobile Gambling
With mobile technology developing so fast, it is no wonder that the mobile gambling market is also growing rapidly. Today, gambling operators routinely develop two versions of their online gaming platforms – the PC version and the mobile version. In fact, one of the best
According to gambling business solutions company Rosloto Software, the mobile gambling market grew by 37% in 2017, and pretty much the same amount in 2018. It is expected that mobile gambling growth will continue at the same growth rate for the next few years.
- One-Stop-Shops for Online Gambling
There are so many gambling operators launching their online casinos that it is becoming difficult for players to keep track of them all. And in the old days, you would get limited options even if a casino had different types of gambling choices on offer.
Which is why a new trend has begun to emerge where a gambling operator offers players a single platform for most, if not all, their gambling preferences.
Online casino Karamba is one such example, where customers get to play literally all their favorite gambling games on one platform, be it sports betting, slots, bingo, scratch cards, live casinos and so on.
- VR Online Gambling
Another huge innovation in the online gambling market is VR gambling. This is a whole new market segment that is becoming really popular – really fast. Today, when you log into a VR casino, you get to play all the most popular gambling games such as slots, cards and even roulette.
What makes it so appealing is that you can actually move around in a VR casino the way you would in a brick-and-mortar one. You get to create your own avatar and interact with playersin a much more realistic way.
Game providers such as Microgaming, NetEnt and Novomatic are currently the market leaders in online VR gaming. In fact, the first ever VR casino was SlotsMillion, and you need the Oculus Rift VR headgear to play the game. This game gives you a 360° view of your surroundings, so you can really immerse yourself in your gambling experience.
- Gambling on the Blockchain
Another great breakthrough for the online gambling market has been blockchain technology. Online gambling operators are beginning to realize the vast potential of putting their online casinos on the blockchain.
Transactions are super-fast, players get anonymity and security levels are high.
According to Forbes, the decentralized nature of Blockchain technology is what makes it so attractive for game developers.
- Payment Processing Becoming Easier
At one time, you could only make online payments either via a credit card or a bank transfer. Today, you have a much wider range of options – you can play using cryptocurrencies such as Bitcoin, you can use your debit card, you can use payments processing companies such as PayPal, and so on.