Generally, the global online gambling market is divided into various categories: sports betting, casinos, poker, bingo, and more. For all these categories, you can bet in live or virtual forms. Three factors that make up the online gambling practice include a prize, risk, and consideration. While most players consider gambling as a form of entertainment, some professional gamblers are keen on benefiting from the games played. Whichever the case, the online gambling sphere has seen a rise in demand over the years.
In 2021, Custom Market Insights, a research company, conducted a study on the demand of the Global Online and Betting Market size. At that time, the shared revenue was valued at USD 57 billion. However, the projected share revenue by 2030 was placed at USD 153 billion at a compounded annual growth rate (CAGR) of 12% within the 2022-2030 period. The elements considered in the forecast included strategies, sales, and revenues of key market players like Paddy Power, Betfair, William Hill, Bet365, and more.
The Canadian gambling market is one of the regions that has seen a boom in recent years. There has been an increase in the number of online operators who can now be regulated in the country thanks to the Ontario iGaming regulation. Better yet, casinos licensed in other regions, such as the Boo Casino which is regulated by the Malta Gaming Authority, operate legally. Hence Canadian players have access to a huge selection of gambling sites.
Market Expansion Factors
Some factors that are likely to fuel market expansion of the global gambling markets during the forecast period have been highlighted below:
Increased Investments in the Industry
The success of online gambling relies on a set of cost-effective payment solutions. Most cash transfer companies have expressed interest in providing affordable services that will see a large pool of customers joining this industry. Technological investments such as virtual and augmented reality are equally important in building a vibrant online gambling industry.
Professional gamers have realized that there is massive potential in online gambling. They have resorted to investments in sports betting, and some will buy stocks from companies to boost its financial and strategic capacities. More participants include investors who would be contacting regulators, suppliers, and financial consultants to streamline the online business.
Technical advances will certainly take the online gambling industry to a new level. The future will involve innovations such as mobile geolocation, social casinos, and virtual currency. Some companies are already working on incorporating facial recognition, which will certainly boost the market. Cryptocurrency is already taking shape as a significant payment method that will become mainstream in a few years.
Convenient Payment Platforms and Sponsorships
Canada and other parts of the world have experienced heavy penetration of mobile phones and the internet. For these reasons, online gamers have easy gateways to make payments. The fact that this industry accepts online and mobile money transfers will see a massive transformation by 2030. It is easy to expand using these platforms because they are efficient and secure.
Another strategic growth decision is sponsorship. There are many global events, such as the European football competitions and the FIFA World Cup. Online gambling operators will expand their territories by sponsoring teams in these competitions. This is a perfect marketing strategy since these competitions are watched worldwide.
