The rise of smartphones and widespread internet access has led to a boom in online gambling over the past decade.
With the impact of the Covid-19 pandemic, this growth has only increased.
Recent research has shown that there is no sign of the industry slowing down either, with new projections that the online gambling market will almost double over the next six years.
New research shows steady growth expected in online gambling
Rewind the clock a decade or two, and the online gambling market was a small, budding industry.
Compared to in-person casinos or bookmaker shops, online gambling was insignificant.
Now, however, the market has been growing at breakneck speed with over $57 billion spent last year on online gambling alone.
This growth is expected to continue at a rate of 11.7 per cent, meaning that by 2028, the total industry will be worth more than $114 billion.
That’s an 86 per cent increase over the next six years.
This growth stems largely from the Covid-19 pandemic acting as a catalyst.
With gamblers unable to go to in-person casinos or bookies, many tried online gambling for the first time.
Inevitably, the convenience of gambling from the click of a button at home became preferable to heading out to a casino, causing significant growth in the industry.
Combine this with the general upswing in smartphones and internet access, and online gambling is a clear growth industry.
What can be expected from the industry as growth continues?
Online gambling has already evolved significantly over the last ten years in response to increased demand.
The range of different online slots and gambling tables available online now is vast.
These reviews of the UK’s best online casinos show just how many different options are available to prospective gamblers.
An increase in quantity has also been paired with improved quality, as many online games now have advanced graphics and storylines, making them engaging beyond the financial reward involved.
As well as a deep selection of enticing online games, the variation in proposition bets that can be made on sports continues to grow.
A decade or two ago, bets could be placed on which team would win a match. Now, punters can bet on everything from who will win the coin toss through to what colour the Gatorade the players drink will be.
As the online gambling industry grows, innovations like these will also continue to develop.
How regulations need to adapt to respond?
While growth in the online gambling industry provides great variation for betters and economic stimulation, it also needs to be managed wisely.
Horror stories abound of gamblers going to great lengths to fuel their habits.
As the industry grows, so too will governments be required to increase their level of investment in regulatory measures, to ensure that problem gamblers and vulnerable members of society aren’t adversely affected.
Ireland, for example, has just introduced a Gambling Regulatory Authority, that will have full jurisdiction over online gambling platforms and the ability to tightly enforce regulations.
Moves like this will be necessary around the world, as the industry is set to double over the next six years.
