The rise of online gambling is in full force. Year to year stats are pointing up, showing signs of a healthy infrastructure and emphasizing rapidly growing numbers. The online gambling industry was worth roughly $30 billion back in 2011. In 2017, the industry’s worth was estimated at $50 million, with new projections suggesting roughly $73.45 billion by 2024.
Mind you, we’re only talkingabout the online gambling portion of the market, not gambling in total. Theseare serious numbers, and its growth is a direct result of several key factorsthat shaped the industry throughout the last few years.
Key Factors That Helped Online Gambling Flourish
Here are three key contributors that helped boost the valueof the online gambling industry:
- New data released by the UK Gambling Commission (UKGC) shows that gambling during lockdown is on the rise, especially now that restrictions are gradually being eased. The latest information collected from the largest online operators showed a “notable recovery” in sports betting, especially once the German Bundesliga restarted.
- The figures revealed that consumers are logging on to online gaming sites and betting for entertainment while stuck at home. The online gambling industry has seen a huge uptick in player traffic. The food delivery industry has seen a 63% increase while online retail and subscription services are not far behind at 61%.
The Rise of Online Gambling Sites
The rise of online gambling apps, the legalization movement in the US, and the rise of esports gambling are the three key contributors to online gambling’s rapid growth. The online gambling industry isn’t going anywhere, and it will probably keep on rising with more and more markets readily available for bettors all across the globe.
Back in the early 2000s, longbefore the smartphone era and invention of online gambling sites, people had tovisit brick and mortar casinos to get their wagers in. Yep, they had to walkthere and do it in person… Crazy, I know!
Those were simpler times, that’sfor sure, but it’s safe to say the gambling industry has come a long way sincethen. Nowadays, there are tons of online gambling sites featuring dedicated desktopand mobile options. Gambling on the go is all the craze now, so a move towards amore mobile based betting experience was completely logical.
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Unfortunately, we don’t have theexact numbers, but we firmly believe the rise of online gambling on mobiledevises has greatly influenced the overall value of online gambling. Theconvenience factor is of crucial importance, and all the best sports bettingand casino sites recognized it.
The Rise of Esports Gambling
Have you guys heard aboutesports? It’s a relatively fresh industry featuring organized, professionalcompetitions in various video games such as CS:GO, Fortnite, and League ofLegends. It’s a massive industry with lots of money on the line. For instance,last summer, KyleBuigha Giersdorf (16) earned $3 million by winning a Fortnite event.
Surprisingly enough, there’s amassive demand for esports betting options. We aren’t even talking about justthe biggest events but a year-long coverage of a multitude of esports titles.People are crazy about esports betting, with esports becoming a standalonecategory on most top-tier betting sites and online gambling apps out there.
Considering the fact all esportsfans are tech savvy, we can safely assume the majority of them are using eitheronline gambling websites or dedicated apps. In other words, esports and onlinegambling growth is deeply connected.
Online Gambling Legalization Movement in the US
In the last two years, eversince the PASPA ruling, we’ve seen plenty of online sports betting actioncoming from the US. The states are finally free to choose how they’d like toapproach online sports betting. States like New Jersey, the PASPA rulingleader, have already started their online sports betting empire, while othersare either joining in or actively deciding whether or not to pursue the newesttrends.
Wrapping Things Up
The rise of online gambling apps,the legalization movement in the US, and the rise of esports gambling are thethree key contributors to online gambling’s rapid growth. The online gamblingindustry isn’t going anywhere, and it will probably keep on rising with moreand more markets readily available for bettors all across the globe.
Online gambling is a worldwidephenomenon, whether you like it or not!
Since physical sports events were canceled or rescheduled because of the COVID-19 pandemic, we’ve seen a notable rise in eSports betting and online gambling in the past few months. True, virtual sports have been a big deal even before the health crisis, but at the moment, estimations are that it is a $900 million-worth business.
The eSports industry has been growing more than 40% each year. It is expected to be worth $1.8 billion by 2022. The numbers show that over 600 million people follow, bet on, and participate in it. If you look at the stats, you’ll understand why this type of gambling is on the rise.
NewsHighlights
- eSports give rise to competitive gaming betting and gambling
- The pandemic affected eSports tournaments, but the industry adapts
- eSports expected to reach $1.8 billion worth by 2022
eSports Booming Industry
What started as leisure, entertainment into the late hours of the night by groups of friends competing against each other in a video game, has become a multimillion industry today, and an official, legit sport.
The eSports industry has become increasingly popular, with over 600 million people participating in it and following it. It revolutionized the concept of sports betting and fandom. Currently valued around $900 million, this market has given rise to competitive gaming betting.
The Impact of Skin Betting
Now, how did that happen? Well, games like Counter-Strike Global Offensive and DOTA 2 introduced a process called “skin betting.”
It began when skins, aesthetic updates that allow players to change the appearance of their weapons, were introduced in the desktop version of the games. Players could win these skins through gameplay, buy them, trade, and sell them for real money.
Skin Betting Lawsuits
Numerous sites that allowed these skin betting activities appeared. As this seemed like unlicensed wagering, Valve Corporation, the company behind these games, was served with a lawsuit.
The suit claimed that the company was complicit in creating, sustaining, and facilitating a market that allowed players to skin bet. The company made it clear that it has no affiliation with any betting site.
But as the industry continued growing, it created more opportunities for online gambling. That’s mainly due to the introduction of eSports tournaments.
eSports Tournaments
eSports tournaments completely changed the “conventional betting on sports.” While we would previously bet on live matches, where players would do sports physically, now we’re watching players sit in front of their computers and play a video game.
Yet, eSports went mainstream for some reason, and the more it grew, the more money was poured into the tournament. The International 2017 for DOTA 2, believe it or not, had the world’s largest prize pool in an astounding $24,787,916 prize pool.
Effect of COVID on eSports
The COVID-19 crisis has left no industry untouched, including eSports. Organizers had to cancel or reschedule the World Championship, which was set for August, and the Pokemon Championship Series (June) because of social distancing measures.
Nevertheless, thanks to its nature and ability to go remote, this industry will survive. People who want to watch live play can still do so through streaming platforms like Twitchand Steam. Many major tournaments have gone online, and some have adapted to an online-only format.
The Future of eSports and Online Casino Gambling
Online Gambling On The Rise 2020
It is clear that eSports have come a long way and have yet to grow. Expert analysis shows that this industry would reach $1.8 billion by the year 2022.
Betting on the outcome of games is becoming more popular. Numerous online casino sites, like Betonline, Bovada and MyBookie allow spectators to bet on eSports tournaments and events.
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Legit online casinos are always on track with global trends. In addition to their gaming portfolio, they have allowed players to bet on eSports. Online betting has certainly evolved a lot, and as long as new things emerge, the industry will keep up.