With over 3 billion people using the internet, and over 2 billion of them active on social media, it’s no wonder that the online casino market has reached new heights in recent years. The global online gambling market was valued at $45.8 billion in 2018 and is expected to grow to $94.4 billion by 2024, at a CAGR of 11.5%. That’s a lot of money changing hands! So, what exactly is driving this growth? Let’s take a look.
More People Are Using the Internet Than Ever Before
As mentioned before, there are now over 3 billion people using the internet. That’s almost half of the world’s population! And, with more and more countries coming online every year, that number is only going to continue to grow. With so many people now having access to the internet, it’s no surprise that the online casino market has seen such tremendous growth in recent years.
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Social Media Is Becoming More Popular Than Ever Before
Not only are more people using the internet than ever before, but social media usage is also on the rise. In fact, over 2.5 billion people are now active on social media, which is an increase of 9% from 2017. This trend shows no signs of slowing down, either; it is estimated that there will be 3 billion social media users by 2021. With so many people using social media, it’s no wonder that online casinos are taking advantage of this platform to reach potential customers.
People Are Spending More Money Online Than Ever Before
In addition to there being more people using the internet and social media than ever before, people are also spending more money online than they ever have before. In 2018, global e-commerce sales amounted to $2.8 trillion and are projected to reach $4.9 trillion by 2021. That’s a lot of money! And, with more and more people spending money online, it’s no surprise that the online casino market is seeing such tremendous growth.
Convenience is Key
One of the biggest factors behind the growth of the online casino market is convenience. Players can now gamble from the comfort of their own homes without having to travel to a land-based casino. All they need is a computer or mobile device and an internet connection. This has made gambling more accessible than ever before and has opened up the industry to a whole new audience.
Another factor that has contributed to the growth of online casinos is the increase in accepted payment methods. In the past, most online casinos only accepted credit cards or PayPal. Now, there are a variety of ways to deposit and withdraw money from your account, making it easier than ever to get started with online gambling. With so many options available, it’s no wonder that the online casino market is booming.
The growth of the online casino market has also been driven by increased competition. There are now hundreds of different operators vying for a share of the market and this has led to a proliferation of new features and offerings such as welcome bonuses, VIP programs, and loyalty rewards. This increased competition is great news for players as it means they have more choices than ever before and can find an online casino that suits their needs perfectly.
The Future of Online Gambling
The online gambling industry is currently worth billions of dollars and shows no signs of slowing down. In fact, with more and more countries legalizing and regulating online gambling, we can expect to see even more growth in the coming years. This can only be good news for players as it will mean more choices, more features, and more opportunities to win big! One of the main reasons for the continued growth of the online gambling industry is the convenience it offers players.
With everything just a click away, it’s easy to see why so many people are choosing to gamble online instead of making the trip to a brick-and-mortar casino. And with mobile gambling also on the rise, we can expect this trend to continue. So whether you’re looking to play your favorite slots or table games, there’s sure to be an online casino that’s perfect for you.
The online casino market is growing at an exponential rate due to a number of factors, including the increasing popularity of the internet and social media, as well as the rising amount of money that people are spending online. With so much money being gambled every day, it’s no wonder that this industry is booming!