The online gambling business is taking a rapidly growing stance in the global platform. Undoubtedly, the gambling platform is very lucrative and seeing a very shining prospect this year. As the COVID-19 pandemic has left a great impact on the casinos, the gambling industry has seen a rapid drawback.
However, the growth is undoubtedly impactful in the online platform as the pandemic has made everyone sit at home and pass their pool of time. As the physical gambling entities are having a shutdown, the players have found their way towards online gambling.
So, if you are wondering about launching your own online gambling business in 2021, then here we have 5 reasons to encourage you. Read on.
Theonline gambling sector came to play since the launch of online casino gambling. The first gambling site was Intertops that started in 1996, which gave the business a kick start. Before the starting of online casinos, the first fully functional gambling software came to light by Microgaming. The software was secured by CryptoLogic to ensure a safe transaction. This led to the first online casino in 1994.
Activities like placing wagers on various sporting events over the web were quite popular with the gamblers globally, and the industry found its way ahead. A huge number of companies entered the market. Thus, the industry has seen a large annual growth of 28% from the last decade. Simultaneously, the addition of the latest and advanced technologies with the increase of the incoming disposable rate is propelling the market growth.
On the other hand, 2020 has seen more loss in the revenue rate in every sector due to the pandemic. But the online gambling business has gained a boost. Hence, the global online gambling market can potentially grow by 11.94% at CAGR during the forecast period of 2020-2025.
Before corona, life was absolutely different. The physical casinos have seen much of the crowd, which made the online gambling run at a very nominal speed. People barely had time to spend more on online platforms. The size of global online gambling had an estimation of USD 53.7 billion in 2019.
The closing of physical casinos, banning live sports, joblessness, and boredom all have given a huge boost to online casino gambling in terms of both revenue and speed. As per the study of the UK's Gambling Commission, 1.2 % of people have acquired an addiction to online gambling. And the figure is increasing by 2.5%, while 9.2% have shifted to online gaming like casino games.
Since sports betting took a hit due to the pandemic, the online gambling industry has seen an immediate surge in these years. Since 1.2% of people have gained an addiction to online gaming, it is more like the lion tasted the human blood. And there is no way of looking back. It has opened up a huge prospect for the online gambling business, which is going to get continued in full swing.
The market size value had been USD 53.7 billion in 2019; it reached USD 59.6 billion in 2020. The expected reach from 2020-2027 is up to USD 127.3 billion with an annual growth rate of 11.5%, which opens up huge opportunities for online gambling startups in 2021.
Are you not yet convinced? Well, let us encourage you more. Here are the 5 reasons why you should start your online gambling business with fresh ideas in 2021. Have a look.
The entire industry of gaming and gambling saw a huge impact due to the COVID-19. A huge number of matches and sports events got canceled due to the pandemic. However, there is a sudden surge in the growth of the online casino gambling and gaming industry. People are warmly welcoming the mode of going online in mostly everything, including gaming and gambling. The brick-and-mortar casino got replaced by online casinos, which are making gambling stay unaffected.
#PlayApartTogether is quite a popular trend to help in slowing down the spread of COVID-19. The gaming industry is also maintaining the WHO guidelines for promoting social distancing. Companies like Amazon Appstore, Activision Blizzard, and Riot Games came forward to encourage the gaming spirit online.
As per the prediction of Statista, the global online gambling market will reach its value near 92.9 billion in US dollars by 2023. However, the gambling industry always strives to meet the expectation. The market of gambling is expecting an increase in the forecast period. The size of the market is near $59 billion, and it is expected to get doubled by 2023.
The inclusion of the ever-changing innovative technologies is playing a very pivotal role in the growth of the online gambling world. In 2018, Great Britain came up with registrations of around 36.6 million online users for gambling. From that number, 33.6 million users were actually active.
However, the business in 2021 has the spirit to bring in rapid change. Along with technology inclusion, cryptocurrencies are having a huge impact on the online world. Hence, the security offered by cryptocurrencies is quite strong and adds ease to payment methods.
The online gambling industry has the most investment, which is massive in number. If you have a look at the stocks, you can get tempted to invest in the market. Online gaming is having a growth of about 10% annually as of 2019, out of which 12% of the share is spent on gambling.
The revenue of gambling got tripled during June and September of 2020. And the stocks jumped up more in the middle of April in 2020.
With this current pandemic situation, as many sports are not seeing the green signal, the gambling industry is coming off with huge benefits in recent times. The options of gambling include placing bets, online casinos, award functions, and many more. Also, the entry of new kinds of gaming is taking the industry by storm, which is opening up more areas for gambling in 2021 and onwards.
Since the online gambling industry is showing tremendous growth in recent years, starting a new business is not going to be a bad idea at all. A huge number of investors, operators, and innovative technologies are creating huge areas of opportunities to raise your new gambling business and have easy growth, along with your new ideas. All you need to find a right vendor who can develop a stunning and extra-ordinary gambling app that can grab the attention of gamers.