HAS THE MOBILE GAMBLING MARKET CHANGED IN 2020
The online gambling industry between 2019 and 2024 is expected to grow at a CAGR (Compound Annual Growth Rate) of 8.1% with the online casino sector being the biggest growth. It is forecasted that the casino industry will generate a total of $525 billion in global revenue. Taking a look at Canada, the total revenue generated by the mobile gambling market with about 12.3 million users in Canada is $905 million. The revenue is expected to have an annual growth rate of 2.4% resulting in a projected market volume of $1.02 billion in 2025.
The rapid growth of this industry can be mainly attributed to COVID-19, which made the whole world stay indoors during the lockdown. Online gambling was one of those leisure activities on the rise that many used to occupy themselves with while staying at home.
Lucas Golberg is the featured author here, he would give us a breakdown of what has happened to the online gambling market in 2020. You should know that the mobile gambling market comprises revenue generated from gaming activities, carried out by means of mobile devices using the internet. This market includes various establishments like online sports betting, casino, bingo, lotteries, and poker games amongst others.
Technology is a major factor that has spurred the growth of this industry. Blockchain, the internet of things, virtual reality are among the top advanced technological ideas that most operators in this industry have integrated into their services to make the online casino experience more exciting and realistic. This is achieved through virtual reality, with VR headsets gaining much popularity as one can enter a virtual casino and play games without having to travel.
One major problem that concerns many online casino users is fraud and cheating, there is this accusation that most online gambling sites are not transparent in their dealings and hide the internal methods and workings of their dealings. These concerns have been addressed by blockchain technology, and with blockchain technology one is able to exactly see what happens behind the scenes which helps in building trust between customers and online gambling platform like Canadian online casino.
When we take a look at the current mobile gambling market and the changes that have occurred in 2020, we find out that there is no better way of understanding, other than taking an in-depth look at the top gambling places in the world and their statistics over the recent years. We will consider the top 5 gambling centers in the world through a combination of regulation, innovation, and effective promotion. The US, UK, Australia, Canada, and Macau have emerged top since the turn of the millennium.
- MACAU: Although gambling in mainland China is illegal, Macau has been a gambling haven as 50% of its revenue is made up of gambling alone. The Macau Gaming Inspection and Coordination Bureau (DICJ) oversees gambling in Macau and it provides support to the Chief Executive of Macau in arranging economic places for the city with over 41 casinos and 18.6 million visitors. Its gross revenue rose from $15.06 billion in 2009 to $36.73 billion in 2020 and is expected to continue rising even when there has been a slight decline because of a clampdown of cash inflow from China and travel restrictions due to the COVID-19 pandemic.
- UNITED STATES OF AMERICA: The US still leads the way in global gambling with places like Nevada, New Jersey, and Delaware. They were the first states to regulate online gambling. Lotteries, casinos, and sports-books are governed on a state-by-state basis. Sports betting is still banned across the US but the law is being challenged with the popularity of DFS (Daily Fantasy Sports). Nevada and New Jersey have legalized land-based casinos with some legal online gambling with approximately 200 million people in the US playing games, the gross revenue was $158.24 billion in 2017 and reached $161.24 billion. It is expected that in 2021 this billion-dollar industry would reach $200 billion.
- UNITED KINGDOM: The UK is one of the original gambling markets and a leader when it comes to regulation courtesy of the UK Gambling Commission. The UK has land-based casinos and poker rooms, bingo, and a regulated national lottery. Both are also allowed to gamble for real money on mobile and online gambling websites. Online and mobile betting account for Gross Gaming Yield (GGY) of 710.19million pounds in 2014-2015. Currently, the Gross Gaming Yield of the gambling industry in the UK is over 20billion pounds.
- AUSTRALIA: Australia has maintained its gaming dominance for more than a decade and has posted some interesting gambling stats in recent years. Individual states have the power to allow local operators to house poker machines. The whole Australian gambling industry is worth over $116 billion with sports betting on the rise as it is now a fan favorite among Aussie gamblers.
- CANADA: Canada has benefitted from its liberal approach towards gambling. The Canadian industry is one of the leading gambling regions in the world. It boasts of one of the world’s key online gambling jurisdictions Kahnawake outside Montreal hosts the KGC (Kahnawake Gaming Commission) which licenses online casinos and poker sites. Estimates show that at least 76% of adult Canadians engage in some form of gambling with that percentage increasing to almost 30 million Canadians. Canada’s betting industry is estimated to generate over $15.5 billion a year.
The generated revenue is on the increase from recent years and 2020 was no different especially with the COVID-19 pandemic. Most gamblers who were frequent to land-based casinos had to employ the services of online casinos causing a rise in the revenue and stats, as there were more online players betting on their favorite online games. Technological advancement will continue to increase the dominance of online mobile gambling in years ahead to come.