What to expect from Online Gambling in 2021?
The fourth industrial revolution has led to the development of many industries, especially those operating on digital platforms like online gambling. Here are the things to expect from online gambling in 2021.
Online gambling will be legalized globally
Currently, more and more countries around the world recognize the advantages of online gambling for the economy. Typically, the UK, Australia, and a few countries in the Americas have begun to loosen their controls on online gambling. In 2021, it is expected that online gambling will be legalized in some more countries.
In Asia, some countries like Japan, Macau, the Philippines have long viewed gambling as a form of entertainment. Therefore, in these countries, the online and traditional casino business is considered legal. According to experts, in 2021, Asia is the key area for the strong development of online casinos.
Online gambling will attract more participants
Although the online casino does not bring excitement like real casinos, it has the fun of playing with millions of other members around the world. Besides, the advantage of online casinos is that players can anonymously play anywhere and at any time. These advantages are attracting more and more participants. Currently, online gambling accounts for 34% of the entire gambling industry and is expected to double by 2021.
A fast-growing market
In segments of the gambling business, online gambling is most thrived by the development of technology with the Internet, cloud computing, electronic payments, and smartphones. In the past,
many people never gamble because they cannot afford to go to the traditional casinos. However, with the development of technology, they can easily become online gamblers.
Research and Markets forecast the worldwide revenue of online gambling will reach $ 635 billion by 2022, with an annual growth rate of 5.7%.
Since the online gambling market allows players to use virtual currency, it reduces the burden and risks of carrying cash like when playing at land-based casinos. At home, more and more people are participating in online gambling, thus creating growth opportunities for this market in the future. Besides, Research and Market also reported that the use of mobile devices for online gambling purposes is on the rise.
Although the online gambling industry has grown, revenue from the land-based ones still outpaces online casinos, which accounts for only 10% of current revenue. This could be a hindrance to online gambling in the long run.
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