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The future looks promising when it comes to the global scale of the gambling industry. Experts predict that in the next few years or so, the industry will grow tremendously. With technological advancements, to the ballooning of iGaming software providers, revenues are expected to skyrocket globally online in the future.
As we move beyond 2024, gaming software will significantly have an impact on the future direction of the gambling industry. We expect that the market growth will come from the United States, and also the Asia-Pacific due to the current new laws that are lenient towards the industry.
Future of Online Gaming
A Trend in Growth of the USA and Asia Pacific Markets
The future of online gambling looks promising. Its growth initially depended on the UK and European markets, but now, the major entrant is the USA. The Asia Pacific market will also soon expand.
The Rise of Electronic Sports
In the last couple of years, the esports has been trending. It has gained traction to become among the leading mainstream online gambling. Its competitiveness has international recognition with a massive following and enormous rewards for winners. Esports currently is one of the fastest-rising online gambling markets. The future looks brighter for the e-sport which can even lead to a drastic increase in gambling revenues.
Blockchain Technology
Blockchain technology is promising as it has a decentralized system that has a fast and secure payment. Developers, on the other hand, can also monetize their gambling apps. Lastly, the technology allows a verifiable scarcity of collectibles and virtual objects.
Strict Gambling Laws and Regulations
In the future, issues related to fraud of accounts or transactions may be a significant concern, mainly due to the popularity of the industry. Drastic measures will come into effect concerning security, which in turn will slightly slower growth soon.
Increased Number of Internet Users in Online Gaming
The number of web users globally has increased, thanks to the expansion of affordable smartphones. Experts say that an estimated 1 billion people across the globe play online gambling games using their phones. The number of internet users will increase further in the years to come leading to an increase in gambling demand.
Online Casinos are still a dominant force
Increase in Revenues
The online Casino will increase its revenue in the future. The casinos represent the second-largest global revenue. The UK online casino revenues are estimated to be £2.6 billion and are expected to rise further in the future.
Growth of the European Gambling Market
The European gambling market will grow from €19.9 billion to €24.7 billion in 2020. The online casino share in the market is 32.1%, currently with an expected increase. With stiff competition in the European market, online casino game developers specialize in specific online casino games such as bingo, poker, or bookies hence triggering growth.
The leniency of Online Casino Laws in Some USA States
Previously the US had stringent rules and regulations when it came to online casinos. However, some states in the US recently became more lenient towards online casinos, which is likely to foster more revenues and growth. The online Casino friendly regulations are currently in New Jersey, Nevada, Delaware, and Pennsylvania.
In the USA Hence Promote and Increase the Casinos.
States such as Kentucky, West Virginia, and Michigan, among others, are currently considering online casino legalization soon, which will increase revenues on a global scale tremendously with White Label Casino Software Providers.
Conclusion
Gambling moving into 2024 and beyond is here to stay. With development companies embracing trends and maintaining versatility, the gambling market will grow even further in the coming years.
