Online Gambling market to be worth $ 305.5 billion by 2027

A report published by analysts at TechNavio has predicted that the online gambling market could be worth a whopping $ 305.5 billion by 2027. The report went on to state that the online gambling industry was worth $ 155.51 billion in 2017. This would see an increase by as much as $ 150.5 billion at a computer annual rate (CAGR) of 11.03 % to hit a market value of $ 305.5 billion.

Online Gambling market to be worth $ 305.5 billion by 2027

A report published by analysts at TechNavio has predicted that the online gambling market could be worth a whopping $ 305.5 billion by 2027. The report went on to state that the online gambling industry was worth $ 155.51 billion in 2017.

This would see an increase by as much as $ 150.5 billion at a computer annual rate (CAGR) of 11.03 % to hit a market value of $ 305.5 billion.

The analysts of the report stated: “The growing demand for mobile gaming is notably driving the market growth. Smartphone penetration is increasing due to the declining average selling price (ASP) of the devices. Smartphones provide a convenient and intuitive interface to play casino games, which is resulting in users migrating from desktops to mobiles to play.”

It has also been noted that the increase in usage of mobile devices as well as easier payment methods has made mobile gambling apps far more popular. It has been predicted that smartphones are the main driver of the online gambling industry in the coming years.

Safety and Security Challenges

The analysts also state that the gambling industry is facing major challenges that include ‘elevate data security issues’ along with credibility issues on gambling platforms.

“Online gambling websites have become prime targets for cyber attackers and scammers. Gambling websites capture vital information about users, such as bank details and credit card numbers, which are vulnerable to hacking. Several offshore-run internet casinos do not have the latest cybersecurity technologies in place, which increases the chances of cyberattacks. Thus, issues like these will hinder the growth of the global market during the forecast period.”

The report also suggested that there is a lack of fair gambling practices as well as responsible gambling standards that could slow down market growth.

The path to market growth

The company also predicts that the Asia-Pacific region could be the main driver of growth in the coming four years. These include countries such as New Zealand, Australia, Japan, South Korea and India which could account for 39 % of all growth in the online gaming market.

North America is also set to contribute towards market growth thanks to the increasing legalisation of sports betting in the United States as well as the launch of more iGaming markets in both the US and Canada.

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