The size of the global online gaming market was estimated at USD 53.7 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 11.5% from 2020 to 2027. High internet penetration and the increasing use of mobile phones by individuals to play online games from home and in public places are driving the market. In addition, factors such as easy access to online gambling, legalization and cultural recognition, corporate sponsorship and celebrity endorsement also contribute to market growth. It is expected that the increasing availability of low-cost mobile applications around the world will continue to drive market growth.
With the increasing use of the Internet, the growth rate of online casinos has also increased significantly. In addition, growing awareness of the latest technologies and the increasing disposable income of individuals is expected to drive market growth. Developments in the online sector run parallel to the annual growth of Internet casinos. These developments are made in order to achieve the desired credibility in the gaming zone.
Therefore, online casinos are focusing on investing in information solutions that provide continuous support to players, ensure the credibility of operations and prevent illegal transactions. Many online casinos offer a free game version of some of their games, which opens up growth opportunities for the market. Online gambling can be considered a global activity from both a technological and organisational point of view.
Many countries legalize online gambling because it offers a high rate of employment and contributes to the generation of income. In India, for example, online gambling has been legalised in Sikkim and Goa. In addition, participation in online gambling enables players to experience gambling activities in real time via Internet services. The growing number of sports fans around the world has fuelled demand for sports betting. The majority of bets are placed on boxing, baseball, football and hockey, which in turn drives the market.
The increasing development of new technologies such as Virtual Reality and Blockchain is also driving the growth of the industry. This may be due to the fact that several companies are now integrating blockchain technology into their online gaming business. This helps them to ensure transparency in gaming activities and provide an improved user experience. In addition, block-chain-based gaming platforms are fully decentralized and free from third-party influence. On the contrary, cybercrime in the industry is increasing at a rapid pace. Signal manipulation by fake apps and app-based hacking are some of the major concerns that are hindering market growth. The danger of app-based hacking is also increasing in the online gaming industry. In addition, compulsive gambling can affect a person’s health and personal relationships and lead to problems such as depression or debt.