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It’s no surprise that online gambling and gaming industry is growing – especially since the use of smartphones and tablets has become so commonplace. Mobile casinos are now the norm, with any operator that doesn’t offer at least a mobile optimized site fast falling behind.
The iGaming industry has hugely benefited from the growing popularity of smartphones, but other technological advances such as blockchain technology have also had an impact, as has the global health crisis that forced the world to go digital in new ways.
Looking at the numbers, it’s clear that iGaming is on a winning streak: it is projected that by 2022 the global iGaming industry will be worth $58.34 billion, with a compound annual growth rate of 8.52%. Mobile casinos have played a huge role in this growth, and they don’t seem to be taking a back seat any time soon.
A Changing Shift In Gaming
Online sports betting has also benefited from recent global restrictions, with many people migrating online for entertainment. With stadia standing empty, this virtual pastime is predicted to grow to a worth of $90 billion by 2025. Mobile casinos that feature a sportsbook have skyrocketed in popularity too, as they offer the best of both worlds.
Similar growth is expected in online casinos in general, including online Poker and Bingo.
Globally, jurisdictions are getting to grips with the digitization of the gambling industry and adjusting regulations to manage this emerging development. Economies around the world are focusing on gambling licenses that will help both themselves and the iGaming industry – getting a financial boost through taxation and plowing those profits into social projects.
Looking Towards The Future
Local economies have been hit hard over the past year and a half and there is a growing awareness that the futures of many industries will be digital. Even before the global health crisis, many different societies around the world were moving more and more towards digitized lifestyle – smartphones, smart watches and online profiles overtook landlines and hard copies of documents a long time ago. These days it is a simple process to sync information across devices – and living in this digital world just increases the appeal of online gambling and mobile casinos.
iGaming is expected to continue to grow exponentially in worth and popularity over the coming years. With Apple now being more open to allowing gambling apps in their store, a whole new user base has been given easy access to mobile casinos too.
This next stage in gambling is yet to emerge fully, but it is guaranteed that the ongoing digitization of the iGaming industry will bring huge financial rewards to all involved.