The global iGaming market is growing at double digits pace despite all the challenges. Estimates say that global revenue in global gaming will increase from $458 billion in 2022 to over $640 billion by 2025.
Several factors contribute to such growth numbers. First, mobile broadband availability increased globally and is reflected in existing and new markets like Africa, Asia and South America. With more than 6 billion smartphone users worldwide, there is a massive pool of potential customers for iGaming companies.
A lesson from Ireland
Lately, we have seen betting companies closing physical shops around Ireland. Some have significant networks of betting outlets which proved to be unsustainable. iGaming market faced some pressures from the legislative authorities and other groups, but the most significant change is coming from user habits.
More and more bettors and gamblers opt for online sportsbooks and casino websites. Physical shops are becoming less relevant and can be costly to manage. The biggest iGaming names will probably leave some brick-and-mortar places open because of the branding, and there are still clients that prefer visiting betting or casino outlet.
Why is iGaming so successful?
There are numerous benefits from online betting and casino sites. Convenience is the most glaring difference. You can go online at any moment and from any place to play games or place a bet. In addition, you can enjoy new Trustly casino sites, which offer secure payment methods with more flexibility than cash. Physical casinos can’t match online platforms’ number of games, type, and modern UI features.
Online casinos have games for all types of players, even the pickiest. Lately, these websites offer live casino games that emulate the experience of standard casinos, adding to the appeal of iGaming, and removing the critical advantage of traditional casinos. Players can socialise and communicate with other players and live dealers while playing a real-time game against live opponents.
How will this affect the global gambling market?
Big gaming companies are monitoring the situation closely. Still, although we saw Dublin’s High Street physical gambling shops closing due to poor performance, it will not negatively affect the global gambling market.
A shift from physical to overwhelmingly online gambling is already taking place. Of course, some traditional gambling centres like Las Vegas, Atlantic City, Macau, Monte Carlo and others will still operate. Still, smaller betting shops and casino venues globally might decrease traffic further. Simultaneously, online casinos and betting companies are booming. You can find new players on the market daily, and it’s because of all the reasons from the opening paragraphs. More smartphone users, better mobile networks and increasingly more convenient payment methods are creating a whole new gambling world.
Users can now deposit money in over 25 ways in some online casinos. In addition, modern payment methods are instant and often come without a fee. As a result, there is a big market for crypto casinos that deal with cryptocurrencies. Their advantage is more security, anonymity for the users, and removing the third-party mediators from the payment process.
Online gambling trends 2022
Analysts estimate that the online gambling and betting market will grow at 10.9% annually until 2028. Markets, where gambling and betting sites can advertise their products, rise the most. Providers also have unique products like tournaments, special welcoming offers and new gambling content. Examples are live casino games, VR and AR gaming. The betting sector is high on live betting, opening up numerous new betting markets on top of standardised offers.
Global legislation changes helped the rise of global gambling markets. Favourable rules in Germany, Spain and France and the opening up to betting in the US considerably sparked the market’s growth. However, Asia is set to overtake Europe’s dominance with the continuous growth of people with access to the internet.
Most new users visit online gambling sites via mobile phones, but desktop users are still a relevant group. Mobile users take up to 80% of all users globally, a trend recognised by companies and software developers. Therefore, designing a gaming website must have mobile-first philosophy. Games should also play smoothly on all mobile devices, even lower-end devices.
If you’re one of the users moving from physical to online gambling or betting, there are a few things to look for. First, a valid gambling licence is crucial. To get the licence from a reputable licencing body, online casinos must go through a third-party check ensuring all software is by the standard and has a valid random number generator, a key component for online casino games. If the iGaming website comes with the appropriate licencing, look for game selection, user experience and payment methods before you decide where to play in an online gambling arena.