The internet has changed the way we do things. It has influenced how we communicate, interact, learn, and even carry out our day-to-day activities. Today, someone doesn’t need to drive down to their friend to know how they are doing or head down to the nearest shopping centre to get solutions. He or she can do so from the comfort of their own homes. Well, it is no different for punters who indulge in online gambling. With a click of a button, one can access dozens of wagers in an instant. It is not difficult to see why online gambling is gaining momentum pretty fast. 

The global online gambling and betting market was valued at about $4.8 billion in 2017 and is projected to hit the $94. 4 billion mark by 2024, rising at a healthy compound annual growth rate (CAGR) of around 10.9% from 2018 – 2024, according to Zion Market Research. 

The report highlights the analysis and projection of the betting industry on a regional and global scale. It enlists historical data for 2012 through to 2017, along with a prediction from 2018-2024 as per the revenue in US dollars. It leads us to the question, why is the online gambling and betting industry prevalent? What are the forces behind the thriving online casino and betting sector? 

From legislation to gambling on-the-go to convenience, there are many reasons why the industry is expanding exponentially. But to make it clearer for you, we’ll break it further. 

Gambling on-the-go

Estimates show that there are over 5 billion people with mobile devices today – and more than 50% of these connections are smartphones. Thanks to the infiltration of mobile devices, it is now easy for people to do things on the move – whether it’s emailing, shopping, banking, dating, and even online gambling. The availability of responsive gaming platforms makes it easy for enthusiasts to access and indulge in their favourite activity wherever and whenever. 

Legalization of sports betting

Sports betting is now legal in the US and many other countries including the United Kingdom, Spain France, Brazil, Australia, Canada, China, Colombia, Costa Rica, Ghana, India, Kenya, Mexico, New Zealand, Nigeria, Peru, Russia, Philippines, South Africa and so on. The decriminalization of betting has opened up the activity to punters who were otherwise restricted by the law. More and more people are indulging in sports betting because it is legal to do so. 

Technological advancements

Thanks to innovations, operators are now able to deliver a flawless user experience on their platforms. Today, gaming software creators like Playtech, NetEnt, Microgaming, and many others are focusing on mobile use to tap into the billions of users. They are developing advanced software that is compatible with mobile devices for even better user experience.

Availability of internet

Unlike the old days when Wi-Fi was limited to big restaurants and all, there’s Wi-Fi everywhere today, including shopping centres, airports, grocery stores, and local restaurants and cafes. This makes it easy for punters to indulge without blowing through their data.

Privacy

I addition to convenience, online gambling is also gaining popularity among people who love to gamble in secrecy. Since everything is done in one’s comfort, it is easy to keep it private.