The Global Gambling Market is growing and is expected to surpass revenues of $525 billion by 2023. As online gaming and betting spreads across North America and Europe, the demand is increasing rapidly.
The increase in online gambling available through mobile devices is extending the demand to many users around the world, driven by an increase in per-capita income combined with growing interest.
This industry is growing and increasing its offering so that it appeals to a wide range of users. Take a look at some of the key features driving this growth.
Products and Platforms
The three top products are Casino, Betting, and Lottery. Casino products make up more than half of the market share, and they are expected to grow at a rate of around 3%.
There are many popular games, including slots, blackjack, roulette, and craps. Betting is another popular product, where players can place bets on the outcome of sports, races, and other events.
There are many bets that players can make within sports, which leads to a lot of interest and ways for players to engage.
There are different platforms available, including land-based and online. Online can be split into desktop and mobile, with mobile growing rapidly and providing players more convenience and ease of play.
In fact, the growth of mobile platforms is driving the growth in this market. There are many platforms to choose from, including the online casino NetBet.
High Penetration of Smartphones
One of the driving forces in the growth of the gambling market is the high penetration of smartphones.
It’s expected that the number of smartphone users will surpass 3.6 billion by 2023, thanks to the declining price of smartphones combined with developments in the infrastructure of networks.
In addition, players are shifting from desktop to mobile access to gambling at high rates.
They no longer need to be confined to a desk or their homes and can access gambling online no matter where they are. This is driving significant opportunity for growth in online gambling.
What Is Driving Growth?
In addition to the high penetration of smartphones, one of the driving forces is increasing interest in online gambling. The ease of access through mobile apps has opened the market significantly.
The use of technological innovation in casinos is another driving force. It is expected to grow at a rate of around 13.9%.
Market segmentation is significant because players expect a degree of personalization. The market needs to be segmented based on demographics, geographics, psychographics, and behavior.
The future of the gambling market is online, where they are experiencing massive growth. In addition, the growth of mobile platforms has given the marketers huge amounts of data so that they can customize user experiences.
Segmentation allows marketers to reach people and deliver what they want, which is in large part responsible for the growth in this industry. Segmentation allows people to receive content based on their interests, which increases user interest.
In betting, for example, segmentation allows marketers to make sure that people receive information on betting on the sports they enjoy watching. This makes it more likely that those users will engage. This is what drives growth in the market.
The geographical segmentation is divided into APAC, Europe, North America, Latin America, and MEA. Players in these regions can have experiences that interest them.
For example, some sports are more popular in certain geographical locations, and marketers can customize these experiences. In addition, users will have access to the sports that they are interested in gambling on.
The global market for gambling is growing in large part because of the increase in mobile apps available to players worldwide. More people have smartphones, and as this number increases, the opportunities for the gambling market grows.