Recently, a new report from Transparency Market Research has surfaced, predicting immense growth for the online gambling business over the next ten years. There’s a lot to come from the ‘iGaming’ industry over the next ten years or so, and TMR has put together a fresh report to offer critical insights into that growth. There are expectations that a CAGR of 11.5% will be reached between 2022 and 2031.
That means that the global market valuation of $62 billion in 2021 will swell to around $182 billion by 2031. It’s a phenomenal track prediction that’s essentially being powered by advancements in the diversity of gambling technologies being made available to bettors, including virtual betting games. As the likes of VR betting, esports betting, and the US betting markets become more popular, the value of the global market is compounding and soaring above all previous expectations.
Innovation is Key
There were plenty of points covered in the report published by Transparency Market Research. For instance, those who compiled the report touched upon the early success of VR casinos – a relatively recent innovation that puts bettors in one of the most immersive online betting environments possible. Further to that, the technological crossover between the betting and cryptocurrency industries has opened up many more gambling channels for crypto-based gamblers.
As gambling becomes a much more social practice, online casinos are looking to fuse community-led elements into their platforms. We’re now seeing casino-based gambling rise in popularity on streaming platforms, for example. It’s being brought into the spotlight for an entirely new market, and people are actively discussing these platforms more than ever before. As more markets open up – particularly in the United States – some of the stigma surrounding gambling is being effectively eradicated.
This report, which extends to some 326 pages in length, covers a wide array of betting companies, from Betway to Betsson and from Bet365 to William Hill. It’s a hugely competitive market out there and more operators are surfacing than ever before, and they’re all eager to innovate.
Some of the key findings from the Transparency Market Research report are nothing but encouraging for the future of the betting industry:
- Europe boasts one of the best-established gambling markets on Earth, with the region openly embracing emerging technologies
- North America is witnessing a complete transformation in online gambling
- The market has become cross-platform compatible, with users being able to openly shift between devices
- Live streaming is becoming a popular feature on many top-tier gambling platforms
- There’s a surge in betting interest in sports like football and cricket
Will the betting industry stay on track long enough to deliver the immense results that are being predicted?