Online gambling is one of the fastest-growing and most lucrative industries in the world. According to a report by Grand View Research, the global online gambling market size was valued at USD 63.53 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 11.7% from 2023 to 2030. The growing internet penetration, rising smartphone usage, and increasing legalization and cultural acceptance of online gambling are some of the key factors driving the market growth.
But what does the future hold for online gambling? What are the emerging trends and technologies that will shape the industry in the coming years? In this article, we will explore some of the predictions on the future of online gambling based on the current market analysis and industry insights.
Cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin have the potential to supplement or even replace traditional currencies in online gambling. Cryptocurrencies offer several benefits for online gamblers, such as anonymity, security, fast transactions, low fees, and global accessibility. Moreover, cryptocurrencies can enable smart contracts and decentralized applications (DApps) that can enhance the transparency, fairness, and innovation of online gambling platforms.
According to a report by Mordor Intelligence, the cryptocurrency-based online gambling segment is expected to grow at a CAGR of 17% during the forecast period of 2023-2028. Some of the leading online gambling platforms that accept cryptocurrencies are BitStarz, FortuneJack, mBit Casino, and Cloudbet.
VR/AR is another technology that can revolutionize the online gambling experience. VR/AR can create immersive and interactive environments that simulate real-life casinos or other gambling venues. VR/AR can also enhance the social aspect of online gambling by allowing users to interact with other players and dealers in a realistic way.
According to a report by IMARC Group, the global VR/AR market size is expected to reach USD 1.6 trillion by 2028, growing at a CAGR of 42.9% during 2023-2028. Some of the examples of VR/AR-based online gambling platforms are SlotsMillion, Casino VR Poker, and NetEnt’s Gonzo’s Quest VR.
Esports betting is another emerging trend in online gambling that involves wagering on competitive video gaming events. Esports betting is gaining popularity among younger generations who are avid fans of esports games such as League of Legends, Counter-Strike: Global Offensive, Dota 2, and Fortnite. Esports betting also offers a variety of betting options, such as match winner, tournament winner, handicap, over/under, prop bets, and live bets.
According to a report by Global Market Insights, the global esports betting market size is expected to surpass USD 24 billion by 2032, growing at a CAGR of 13% from 2023 to 2032. Some of the leading online gambling platforms that offer esports betting are Betway, Unibet, Bet365, and Pinnacle.
Wearables are devices that can be worn on the body or attached to clothing that can provide various functions such as fitness tracking, health monitoring, communication, entertainment, and gaming. Wearables can also be used for online gambling purposes by allowing users to access online gambling platforms through smartwatches, smart glasses, or other wearable devices.
Wearables can offer convenience and mobility for online gamblers who want to gamble on the go or in any location. Wearables can also provide personalized and customized experiences for online gamblers by using biometric data, location data, or user preferences.
According to a report by Applause, the global wearables market size is expected to reach USD 104 billion by 2023, growing at a CAGR of 15% from 2018 to 2023. Some of the examples of wearables that can be used for online gambling are Apple Watch Series 7, Samsung Galaxy Watch 4 Classic, and Google Glass Enterprise Edition 2.
Social betting is a form of online gambling that involves betting with or against other users on various events or outcomes. Social betting can be based on sports events, political events, entertainment events, or any other topic that users find interesting or engaging. Social betting can also involve creating or joining communities or groups of like-minded users who share their opinions, insights, or tips on various betting markets.
Social betting can enhance the fun and excitement of online gambling by adding a social element and a competitive edge. Social betting can also increase user retention and loyalty by creating a sense of belonging and community among users.
According to a report by GMI Insights, the global social gaming market size is expected to reach USD 40 billion by 2032, growing at a CAGR of 15% from 2023 to 2032. Some of the examples of social betting platforms are BetBull, Betfair Exchange, and Smarkets.
Micro betting is a form of online gambling that involves placing small bets on very short-term events or outcomes within a larger event. For example, micro betting can involve betting on the next point in a tennis match, the next goal in a soccer match, or the next card in a poker game. Micro betting can offer instant gratification and thrill for online gamblers who want to bet on every aspect of an event.
Micro betting can also increase user engagement and retention by providing more opportunities and incentives for users to bet. Micro betting can also leverage the power of big data and artificial intelligence to provide real-time analysis and predictions for various micro events.
According to a report by Borgata Online, the global micro betting market size is expected to grow significantly in the coming years, as more online gambling platforms adopt this feature. Some of the examples of online gambling platforms that offer micro betting are Bet365, William Hill, and Ladbrokes.
Better apps are another prediction for the future of online gambling that involves improving the quality, functionality, and usability of online gambling applications. Better apps can provide a seamless and smooth user experience for online gamblers who access online gambling platforms through their mobile devices. Better apps can also offer more features, options, and customization for online gamblers who want to have more control and flexibility over their gambling activities.
Better apps can also leverage the latest technologies such as cloud computing, blockchain, and artificial intelligence to enhance the security, transparency, and innovation of online gambling platforms. Better apps can also integrate with other applications or platforms such as social media, e-commerce, or streaming services to provide more value and convenience for online gamblers.
According to a report by Mordor Intelligence, the global mobile gambling market size is expected to reach USD 165 billion by 2028, growing at a CAGR of 12% from 2023 to 2028. Some of the examples of better apps for online gambling are BetMGM, DraftKings, and FanDuel.
Safer gambling is another prediction for the future of online gambling that involves promoting responsible and ethical gambling practices among online gamblers and online gambling platforms. Safer gambling can involve providing various tools, resources, and support for online gamblers who want to manage their gambling behavior, limit their spending, or seek help if they face any gambling issues.
Safer gambling can also involve implementing various regulations, standards, and policies for online gambling platforms to ensure fair play, protect user data, prevent fraud, and comply with legal requirements. Safer gambling can also involve raising awareness and education among online gamblers and online gambling platforms about the potential risks and harms of online gambling.
According to a report by IMARC Group, the global responsible gambling market size is expected to grow significantly in the coming years, as more online gamblers and online gambling platforms adopt safer gambling practices. Some of the examples of safer gambling initiatives are GambleAware, GamCare, and Gambling Responsibly America.
Online gambling is a dynamic and evolving industry that is constantly influenced by various trends and technologies. The predictions on the future of online gambling presented in this article are based on the current market analysis and industry insights, but they are not exhaustive or definitive. Online gambling is likely to witness more changes and innovations in the coming years, as new technologies emerge, new markets open, and new user preferences develop. Online gambling is also likely to face more challenges and opportunities in the coming years, as it adapts to the changing legal, social, and economic environment. Online gambling is an exciting and lucrative industry that offers endless possibilities for both online gamblers and online gambling platforms.
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