Zion market research says the online gambling will get to USD 94.4 billion by 2024
The Zion Market Research after a study in 2018 came out with a report that the worth of the global online betting and gambling market will hit USD 94.4 billion globally by 2024. It would be recalled that as at 2017, the market share of the online gambling & betting in the entire world stood at about 45.8 billion. However, with the spate of rise in everything that has to do with online gambling and betting, the body, which is involved in economic statistics, has come out to say that according to their research, the figure of 2017 is expected to double before 2024. This is because the CAGR growth rate of the market stood at 10.9% by 2018, and is expected to remain this way till 2024. More in – depth information will be presented in this article.
When they talk about online betting or gambling, it is good to note that what they mean is any form of staking and wagering that happen on the internet through mobile, tablets, laptop and desktop computers. Here, it covered those games that could be played whenever the player deems fit, including the races, sports, bingos, roulette, blackjack, poker and a few others.
The place of cryptocurrency in it
Now, one that will get many people, but not experts in the field surprised is the fact that this growth is being driven by the crypto currencies. The rise in use and value of the coins is actually expected to be the cause of the projected growth in the market. The gains people enjoy from the crypto currencies as against the traditional money system is also the reason for this. There are some forms of legalization needed when one wants to gamble with the traditional money.
But most of these are actually not needed when the coins are involved. At the forefront of this cryptocurrency trend, is the Bitcoin, which is actually the first currency to be used for online casino payments. The crypto market had an actual value of USD 17.7 billion, and this is expected to witness a massive increase in the next 5 years.
The place of VR in this
Another trend that will also make the value of the global online gaming market to grow will be the VR trend that is coming into gambling. The fact that the VR headsets are being adopted by many players currently is a pointer to this. There is also a projection that this will gain more weight in the years to come. With the headsets, you will experience a much better gambling. That is why it is currently being adopted by majority of the casino sites.
Currently, some of the online casino games like roulette and blackjack could be enjoyed in virtual reality. A look at the shipment of virtual reality sets within the second quarter of 2017 revealed that there was a 25% increase. It is instructive to note that back in 2016; the same level of growth was witnessed at the same time. This is supposed to be one of the driving factors for the proposed massive growth in online gambling revenue.
The development rate by regions
Since the North American region is more advanced in technology than the entire world, it is expected to witness the highest growth in value, with the United States of America expected to be the driver. After the North American region comes the European region, and here, the UK is supposed to be the state to witness the most significant developments. After this, we will now have Asia and the Latin America.
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