Why Is Online Gambling Becoming More Popular? / Commodities / Gambling

Online gambling isalready a huge market and if predictions are anything to go by, it’s only goingto get bigger. In 2017, roughly $45.8 billion was spent by people gambling atonline casinos, sportsbooks and other sites. By 2024, that figure is expectedto rise to a staggering $94.4 billion. There are several key reasons as to whythe market is projected to experience so much growth over the next few years.Here are a few of them.

MobileCasinos

Just over 15years ago, the first mobile casino technology was launched. This opened up a brand-newway for people to gamble online and paved the way for hundreds of mobilecasinos and sportsbooks to flood the market. Thanks to these, people don’t haveto be at home on their desktop computer or laptop to gamble – they can do so whereverthey want, so long as their mobile has a steady internet connection. Many ofthe best online casinos, such as MrCasinova.com, make their mobilesites as user friendly and touchscreen compatible as possible, so that mobileusers can enjoy a smooth, reliable gambling experience while on the go.

BetterGames

Another keycontributing factor to the growth of the online gambling market is the games.There are several hundred companies creating online casino games and they’reconstantly coming up with new ideas and innovations. For example, the slots youcan play at online casinos these days are way more advanced than the ones thatwere being released several years ago. Not only do they have exciting gameplayfeatures such as thousands of ways to win, immersive bonus rounds and symbolswith all sorts of special effects, they also come in an ever-growing range ofthemes – many are branded and themed after popular IPs, such as films,celebrities and TV shows.

E-Sports

E-sports, orelectronic sports, are huge tournaments that involve competitors playing videogames. They’re organised events that usually take place with several hundredpeople playing for the win. The competitors, who are often professionals whospend much of their time gaming, can compete individually as well as in groups.The e-sports betting market is growing extremely fast and is a key reason as towhy the online gambling market as a whole is experiencing increased growth.Back in 2015, roughly $315 million was spent gambling on e-sports in the USalone. By 2020, that figure is estimated to rise to a huge $23.5 billion.

FavourableLegislation

Online gamblingis still classed as an illegal activity in many parts of the world. Even inplaces where you can gamble online, the legality of it is often complex and nottoo clear. However, in recent years a number of regions have started legalisingonline gambling, mainly as a way of generating a new source of income forgovernment operations. A few US states such as New Jersey, for example, haveallowed residents to spend real money gambling online.

By William Platt

Copyright 2020 © William Platt - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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