The global gambling market continues to grow and shows no signs of slowing down, according to a Research and Markets report on its compound annual growth rate (CAGR).
The industry market was valued at $449.3 billion in 2018, showing a CAGR of 4.1% since 2014.
It is predicted that it will be worth $565.4 billion by 2022, boasting a growth rate of 5.9%.
The report named casinos, sports betting and lotteries as the large contributors to the profits of the gambling world.
Lotteries held the biggest slice of the profits pie, holding 46.1% of the gambling market in 2018.
It noted that offline gambling in land-resorts is still more popular than online gambling, but that is likely change in the future.
The report predicted that VR gambling is soon to be the fastest-growing segment of the casino gambling industry.
A separate report from Coherent Market Insights claims that between 2018 and 2026 the gambling industry will see the most significant growth it has seen in decades.
It estimates that the market will be worth $123.5 billion by 2026, due to an increasing population and the increase in the number of people using the internet around the world.
In Asia, the gambling market is expected to grow by 14% between now and 2022, due to the relaxation of gambling laws, more people in the continent having access to the internet, and the growing availability of gambling websites with attractive offers.
The report claims that relaxed gambling rules in Brazil, Argentina, Australia, and Ghana will also widely contribute.
A wide link is being found between how accessible countries make gambling, and how many people currently take part.
The slot machines set for Chicago’s airports are set to generate $37 million each year, despite being taxed at 72%.
It is thought that the growth in popularity of cryptocurrency and virtual currency has helped the online market to grow because both casinos and their customers alike prefer these currencies for making speedy deposits and withdrawals.
According to Bitcoin, over 24.5 billion bets have been placed using Bitcoins in the last two years.
The company claims that it offers ‘privacy-centric’ gambling, alongside a quicker solution to fund casino accounts, pay out jackpots and reward players.
Mobile gambling is also on the increase with the introduction of online gambling and mobile gambling applications.
A wider range of new and exciting online games could also bring new audiences on to the gambling scene.
Just last week we reported on a British Colombia woman who won $1 million playing slots. With jackpots like that, it isn’t hard to see why people enjoy gambling.
It is expected that the legalization of sports betting across the USA is set to bring in a whole new crowd that wouldn’t normally gamble.
Key gambling operators in the current market include 888 Holdings, Bet 365, William Hill, Betsson, BetAmerica, Kindred Group, Paddy Power, Betfair, and GVC Holdings.