The online gambling industry boasts the convenience of playing your favorite casino games or making sportsbook wagers from the comfort of your home rather than having to visit a brick-and-mortar casino. However, the fast-paced nature of today’s modern world makes it hard to travel for recreational activities sometimes.
The market size of the worldwide online gambling industry reached $231 billion in 2021. The American Gaming Association reported that the United States specifically generated $52.99 billion in the online gambling industry.
Back then, the online casino industry growth was projected to increase each year leading up until 2024. How is the casino industry expected to grow between 2023 and 2024? Let’s find out!
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Projected Gambling Industry Growth in the Next 5 Years
The global online gambling industry accumulated a value of $79.8 billion in market size in 2022. The IMARC Group projects that the United States online gambling market will reach $133.9 billion once 2028 comes.
The compound annual growth rate is expected to be about 8.5% per year from now until 2028, which is how the IMARC Group reached its projection. Sports betting makes up 60% of the global online gambling market share while casino satisfies another 30%. Miscellaneous gambling activities assume the last 10% of said market share.
Why is the Online Gambling Industry Growing Quickly?
Internet access is more widespread while people are starting to have more disposable income. Overall, people in the United States are experiencing a raise in disposable income by about 0.5% every year between 2018 to 2023.
People having more disposable income means that they can take the chance to wager on their favorite casino games and sportsbook bets with the possibility of turning a profit in winnings. Keep in mind placing a bet does not mean that you are going to win every time you play a casino game.
Which Platform Do People Participate in Online Gambling the Most?
Mobile devices are the most popular way that people prefer throughout the globe to gamble. Of course, some people like to gamble via desktop or tablet, but using a mobile device is the most convenient as it can be done from anywhere on the go as long as you are connected to a mobile Internet connection.
About 37% of the worldwide population, equating to about 2.9 billion people, do not have an Internet connection. However, some people are still connected to the world via a smartphone connection which makes it possible for them to continue participating in online gambling activities at their leisure.
Conclusion
The online gambling industry will continue to grow exponentially in the United States and worldwide in the coming years because of advancements in technology, the availability of the Internet, and an increase in people’s disposable income.
What is your favorite casino game or way to gamble? Let us know in the comments!
