Online gambling has been on the rise for years and this year, in particular, was fruitful and lucrative, with the market growing beyond its previous records. This is true both for gambling and sports betting. There are a few reasons behind this change and some of them have been a long time coming.
Covid pandemic and the restrictions that came with it have moved more players online for safety and convenience reasons. However, the trend goes beyond that and it’s mostly driven by new and foreign markets that have recently become interested in online gambling.
The recent developments in the Indian gambling market, as well as those in China, have created a wide new pool of players that gamble and bet online. Indian market is an especially lucrative one because it’s easy to adapt and expand into it.
The games that the players from India play the most are usually very similar or the same ones as games in the west. The players are also tech-savvy and having good internet access and a mobile device is quite common in India. All of this combined with the growth of the middle class makes it easy for Indian gamers to gamble and bet online.
Sports betting is especially growing in the US. During the last year, it generated a profit of $1.5 billion. This is an increase of 69 percent from the year before that. During the first quarter, the growth was 275 percent which is the record since the time the industry first started measuring its growth.
Online casino gaming is now legal in six states and that’s one of the reasons why the market is growing so fast and finding ways to new players.
SuperBowl was always a central event for sports betting and it was also a good indicator of how online betting is growing and becoming a bigger part of the industry. In the previous years, about $400 million bets were placed on that day alone and that was a record as well.
This is a good indicator that the betting is moving from brick and mortar establishments to going online since most of that bets were made online. This is going to increase in the years to come since that’s the way the younger demographic is going to gamble.
Increase in legalization
A big part of this rise is the legalization process behind it. Gambling is now legal in more states than it was ever before. The most recent legalization happened in Tennessee and Virginia. It’s believed that more states will follow along since there are jobs and tax revenue there.
At this point, sports betting has been legalized in 21 U.S. states, including New Jersey, Nevada, and Pennsylvania, along with Washington, D.C. However, bigger states, with a lot more potential players — California, Florida, and Texas — have yet to legalize betting. Many believe that they will soon.
The rise of cryptocurrencies
Gambling online has always had its downsides and most of them are about safety and trust online. That’s what has driven some players away from the online casinos since they didn’t believe that the transactions are reliable. The rise of cryptocurrencies as methods of payment is changing all that.
The way the virtual currency is set up makes it impossible not to get your payment on time and in an instant. Bitcoins are also a good way to stay away from some legal issues since most governments still don’t have the rules in regards to using virtual currencies.
Who’s Gambling Online?
This isn’t an easy question to answer since there are is a recent rise in interest in online gambling, but there are some trends that can be a good indicator of the changes in demographics. Gambling was always a hobby for the middle class and since more people in the world are now a part of that group, there are more players to bet and gamble.
Online gambling and especially mobile gambling is also more prevalent with the younger players that are used to living and therefore playing online as well. However, as time goes by players of all shapes and sizes will embrace online casinos.
The shape of Things to Come
If these trends are to continue chances are there will be more online players than ever before. That’s because playing online is becoming more convenient and easier to try. Young players that are used to playing online will also continue to do so in the years to come.
This means that online gambling will soon become a bigger part of the industry and chances are that the growth will continue with new casinos, new games, and new markets, as well as new payment methods.
Sports betting and gambling has skyrocketed last year and that’s just the most recent development of a long-term trend. Part of it was caused by the inability to gamble in real-life casinos due to the pandemic but the market has already shifted towards online gambling before that.
It’s more than a billion-dollar market at this point and it will probably grow more as the Asian and Indian markets continue to grow. That’s the future of the industry since there’s a lot of tech-savvy players and a lot of disposable income with the potential of further increases. Investing in the gambling and sports betting industry is therefore a smart thing to do right now and in the years to come.