The online casino industry is expected to stay on a path on increased growth over the coming years. This is according to a recent report released by Hexa Research, a market research firm that provides insights into various industries in order for businesses to better forecast the future for decision making processes.
Online Gaming Industry On The Up
According to the seventh edition of the Hexa financial market report, the online casino industry is expected to continue on an upward growth pattern to bring in a combined total revenue of $647.9 billion by the year 2027. In addition, production and buyer opportunities are expected to continue to occur moving into next year, with the ongoing health crisis having a big part to play in consolidating of the industry. The Hexa Research report also predicts that’s sports betting will continue to grow to an approximate 7.7% of the CAGR.
The figures stand in comparison to the research company’s 2018 reports in which the iGaming industry was expected to hit a figure of $73.45 billion by 2024. A similar market study published Global Online Gambling in 2017 projected a 10.8% CAGR rise from 2016’s figure of $44.6 billion. This rise predicted the online casino industry to reach a value of $81.71 billion by the year 2022. The newly released Hexa financial market report, which sees the industry climbing to $647.9 billion by the year 2027, shows significant predicated growth over this time.
Unpacking The Revenue Growth
One of the key factors that has been driving the growth of the online casino industry is the use of mobile devices. Many operators have attributed increases in share prices to mobile use and mobile search engines. The introduction of high-speed internet access and the introduction of fibre-optic lines to many countries around the world has also led to ongoing growth, while operators are also seeing more people take ownership of online devices. An increase in female gamblers has also apparently led to further expansion.
However, this growth is not without its challenges. Some of the hurdles the online casino industry will need to overcome including enhancing cybersecurity measures for players and introducing better software and data handling processes. In addition, country restrictions and outdated regulations are one of the things that are currently hampering an upward trajectory at the moment.