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Online Gambling & Betting Market Predicted To Reach $94.4 Billion By 2024

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In the latest report published by Zion Market Research, the online gambling and betting market is predicted to skyrocket to $94.4 billion—a huge jump from its $45.8 billion value last year. 

The report, entitled “Online Gambling & Betting Market by Game Form (Poker, Casino, Sports Betting, Bingo, Lottery, Horse Racing Betting, and Others) and by Component (Hardware, Software, and Service): Global Industry Perspective, Comprehensive Analysis & Forecast, 2017-2014,” indicated several reasons behind the anticipated growth.

One of the reasons cited was the rise of cryptocurrencies. In the recent years, this digital form of money gained huge traction from consumers worldwide. Online business and companies have started accepting cryptocurrencies. The online gambling industry also grabbed the opportunity to be among those who show support for virtual money. 

According to ZMR News Journal, Bitcoin was the first cryptocurrency to be accepted as payment for certain online gambling platforms. The popularity of this type of money has undeniably reached greater heights that the total value of cryptocurrencies last year was revealed to be $17.7 billion. 

The anticipated rise in the use of cryptocurrencies in online gambling is believed to positively impact the growth of the online gambling and betting market. This is, of course, not that surprising considering that gambling with cryptocurrencies does not require legalization unlike real money. 

Another reason mentioned by the report is the widespread adoption of virtual reality technology. VR technology and its applications provide a more life-like experience to gamblers as opposed to the traditional 2D websites and apps. Many brands are anticipated to jump on the bandwagon and release games with VR technology. 

As of late only blackjack and roulette games have VR support. When more online casino games gain VR support, more players are going to choose the advanced gaming experience VR provides over standard gaming. It’s also worth noting that global AR/VR device shipments witnessed a growth of 25 percent during the second quarter of 2017. 

Zion Market Research’s report has similarities with Statisa’s outline on the growth of the online gambling market from 2009 to 2020. The latter also expects a significant market size increase in the coming years. However, the data the two reports presented are not really alike. 

Zion Market Research’s report recorded a total of $45.8 billion in 2017, while Statista reported a total of $47.11 billion for the same year. Statista goes on to predict that the market will reach $51.96 this year, before rising to $55.19 billion in 2019 and to $59.79 billion in 2020. Statista’s outline does not include predictions for the years to come after 2020, but it’s possible that if it did, it would have listed a somehow similar figure for 2024. 

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