The high rate of internet adoption across the globe has resulted in the online gambling market explosion. Before the introduction of online gambling platforms like casinos and betting sites, you had to travel to physical betting locations to place your wager. Currently, things have changed; you can gamble online from the online platform of your choice.
In 2020, it is expected that the online gambling market will be on the rise. Below, we discuss some of the reasons why the market will be big this year.
Gambling Will Grow On Major Markets
The online gambling market is expected to spread across the globe. Some of the major markets have been penetrated by online gambling, including the UK, some parts of the US. More markets are embracing online gambling, partly due to the enormous tax revenues it generates.
Many other markets are expected to join in this year. The main challenge has been regulations, but as more markets establish regulations, online gambling will likely be encouraged.
Emerging Technologies Improve the Online Gambling Experience
The convenience of betting online has made it the preferred gambling mode for many gamblers. Emerging technologies such as Artificial intelligence and digital currency will contribute to the rise of the online gambling market.
Most online casinos have embraced emerging technologies that have greatly enhanced their user experience. For instance, most casinos have mobile applications or mobile-friendly websites that enable gamblers to place their bets on their phones. The current population prefers the comfort of transacting from their phones.
The casinos have also made it safe and comfortable for gamblers to deposit and withdraw their money online. As digital currencies continue to gain popularity, it is likely to fuel the online gambling markets.
In 2020, sports betting is expected to be on the rise. The prevalence of online casinos enables this growth. Sports is arguably one of the most loved activities on earth.
Online casinos have provided a platform for sports lovers to make money while they enjoy their favorite games. The internet and mobile phone penetration have made it easy for casinos to reach more fans.
Sporting betting is expected to rise to a higher level this year. This rise will also fuel the growth of the online gambling market.
Expansion of the Online Gambling Market
The online gambling market is expected to expand even more this year. Specific trends will cause this expansion.
It is projected that there will be a rise in the number of female gamblers online. Female gamblers tend to prefer to bet in private where there is less intimidation from their male counterparts. This shows that there will be the continued growth of online gambling in 2020.
The growth of the online gambling market will also be fuelled by the penetration of debit and credit cards. These cards allow gamblers to access foreign websites using international cards. This will bring to the market those that had been previously barred by money transfer issues. This trend will also push the growth of the online gambling industry this year.
Online gambling’s popularity and growth is expected to continue an upward trend. As regulations are improved to protect the gamblers’ interests better, the industry will grow even further this year.
Technological advancements will also be a massive boost to the industry. Digital currencies, powerful smartphones, and more intelligent applications are likely to take the industry to the next level this year.