A new report recently released has predicted that the global online gambling and betting market could see such tremendous growth in the newt few years, that it could be worth a mind-boggling $94.4 billion by 2024.
The report, entitled Online Gambling and Betting Market by Game Form: Global Industry Perspective, Comprehensive Analysis and Forecast, 2017-2024, was published by Zion Market Research.
According to the report, the gambling and betting market around the world was worth $45.8 billion in 2017. The international market will rise nearly 11% each year from now until 2024, thus reaching the predicted $94.4 billion by then.
The report offers several reasons why the industry is set to grow so much, essentially doubling its value in the next six years.
The first reason is the rise in popularity of cryptocurrencies in the past few years. This fact has certainly fueled the industry’s growth, and is set to continue to do so. By paying in cryptocurrenices such as Bitcoin, gamblers have been able to ensure swift, discreet and convenient payment for their online gambling entertainment. Cryptocurrenices are thus gaining popularity over the more traditional forms of payment. By the beginning of last year, the value of cryptocurrencies was $17.7 billion, and this number is sure to rise over the next few years.
The use of Virtual Reality technology in online gambling is also set to spur the growth of the industry significantly, according to the new research. More and more players are adopting VR headsets when they sit down to play their favorite games. Online casino software providers, tapping into this trend, are already creating VR-compatible games for top-notch online casinos – and this seems to be just the tip of the iceberg.
Currently, online gamblers can enjoy Virtual Reality blackjack and Virtual Reality Roulette at some online casinos, however more games will be made available in the coming months and years. Online poker room, PokerStars, for example, is currently in the beta stage of creating a VR online poker platform, which is set to go live by the end of the year. In the second quarter of 2017, there was a 25% growth in VR gaming, compared to the previous year, and that number is definitely set to grow by 2024.
