The online casinos and sportsbook industry is growing, and at a faster rate than what experts had previously predicted. Wagers made over the internet are now expected to reach a lofty $1 trillion across the globe by the year 2022. Betting online reached a total of over $620 million during 2017, and this number is slated to move upward towards $700 million over the course of 2018. A main factor in the skyrocketing trend is the wagers specifically made at online casinos. The web-based casinos are expected to make up 40% of total online betting once 2022 comes around.
Lauren Foye is a research author who studies the trends in the online casino market. Foye believes that the spike in growth and more digital bets will be the result of new technology that is introduced to the industry. Advancements that better serve the player include the use of automated casino representatives, or chatbots. The presence of this modern player support would aid in the design of customized offers to each casino member and a consistent 24/7 helpline.
Other information in the provided research suggests that the market will be disrupted and grow because of innovations in player interaction. One such blossoming company is LetsBet, which hopes to present players with live streamed entertainment along the lines of Twitch or Mixer. The company also wants to create a much better social media presence and allow fellow players to connect easily.
The research predicts that more player advocacy and products that better engage each individual will create more loyal players. As a result, there will reportedly be as many as 684 million online gambling users by the year 2022. This amount of players is double the current global community.
More Positive Change
Legislation around the world is also changing for the better. Unfortunately, the country of Australia has fallen victim to tight restrictions related to online gambling. The promising new regulations, though, can be see elsewhere. The United States is a major point of interest as a few more states have allowed online gambling. With more positive legislation making its way to the ballots, the US may soon have a drastic shift in how it approaches online casinos and other sites.
Some of the most popular online casinos like Jackpot City, Mr Green, and Vegas Paradise are reporting considerable growth as the numbers from 2017 become clear. If the research holds true, these gaming sites will only continue to grow. It will be interesting to see what the market reveals over the next few years.