With the growth of Smartphones, it has become a boon for the market. In accordance with a forecast period, it is seen that the CAGR has become 9.8% as per the current figures.
In the year 2018, the betting industry witnessed a major revenue growth in the Sports sector. The online betting market increased to a significant extent, geographically. With Europe, Italy, the UK, France, and many more markets are legalizing betting in their countries, this industry is also expected to grow at a rapid pace.
By the year 2025, the mentioned industry is expected to make about $102.9 billion. It has become possible because of the rising penetration online and the growing usage of Smartphones amid the millennial. Additionally, many gaming platforms offer numerous forms of gamble games like poker, online bingo, sports betting, and many more.
There are many reports available online that highlight various aspects that include an assessment of the market by utilizing the value-chain analysis. It also covers numerous qualitative and quantitative aspects like market drivers, restraints, and trends.
The landscape of the current consumer base also suggests that users prefer online betting when compared to offline ones.
Here are certain factors that have contributed to the development of this industry:
The introduction of mobile casinos
As we are moving towards digitization, the introduction of mobile casinos has helped a lot when it comes to gaming online. These smartphones offer flexibility and easy adaptability for many people across the world. It gives them a chance to sit and gamble from remote locations. Also, there are many features added to the apps to make it user-friendly and appealing.
Blockchain methods and Cryptocurrencies
Block-chain has gained a lot of attention from many business insiders and people who love to gamble because of obvious reasons. When casinos were introduced online, there were many discussions held on the security services that it offers. However, as time passed by, cryptocurrencies and block-chain are considered as safer methods for transactions. It also reduced the cost incurred in gaming significantly.
Virtual Reality has made it possible
Virtual Reality and Cyberspace has contributed a lot in making this industry grow at a better and rapid pace. It came into existence in the year 2017 and since then has dominated the market significantly. The best use of visual interactions, special effects, and physical interactions has stimulated the players. It has given the right direction by setting standards above par excellence.
These are a few of the vital factors that have contributed a lot to the significant growth of the business all over the world.