Key Industry Trends in the Global Online Gambling Market in 2022
The global online gambling market has gone through some innovations and revolutions in recent years. Thanks to the growing demand for more mobile devices, an increasing number of gamblers are turning their attention to online gambling.
Over the years, the online gambling community has experienced some interesting trends that define its popularity and global acceptance. 2022 isn’t an exception.
Some key industry trends in the global online gambling market in 2022 are discussed in this article. Let’s start with a general overview of this market.
Online Gambling Overview
According to the “ Online Gambling Global Market Report 2022, by Game Type, Device, Component,” the industry is expected to record a significant growth from $73.42 billion to $115.13 billion between 2021 and 2026 at a compound annual growth of 10.4%.
North America tops the list of fast-growing regions in the online betting business. Online gambling is becoming more regularized in the region, a move that drives the market further among North American countries.
Numerous sources claim that the initial growth was triggered by the COVID-19 pandemic as the global community was locked behind the door for a long period. Many people turned to gambling and other forms of entertainment to keep themselves busy while the deadly pandemic ravaged the world.
Since then, the online gambling market has continued to grow in leaps and bounds as most people who became online gamblers during that time and the existing online gambling community prior to the pandemic continue to maintain their membership.
Improved Internet access and increased smartphones adoption are other factors behind the market’s growth in recent years. Gambling Commission reported in 2022 that mobile phones remain the leading source of online gambling accessibility among young people who make up a larger percentage of the gambling community. 80% of gamblers in most countries gamble via mobile devices, making them the most populous section of the global online gambling community.
Cisco Company reported that globally, the number of smartphones users will record a CAGR growth of 7% while the number of internet users is expected to hit 5.3 billion globally by 2023. This growth will have a significant effect on the online gambling market.
Key Trends to watch out for in the Global Online Gambling Market in 2022
As previously mentioned, the global online gambling market has witnessed a fair share of trends with a huge impact on the business.
Here are some of the key trends in the global online gambling market you should watch out for in 2022:
1. More Competitive Landscape
The global online gambling market is made up of global and regional players. To give their brands more visibility in the global market, major players in the business are paying more attention to acquisitions and mergers, product innovation, and partnerships.
Key players always compete on user experience, gambling content quality, offerings, brand equity, and other factors that make the landscape more competitive than it previously was.
The introduction of new technologies into the online gambling business is another factor that drives competition to the roof. More gambling platforms are doing everything to overcome competition and give their users the best user experience through more games, better platforms, and others.
2. Improved Betting Apps
Modern online gamblers’ better gambling experience can be attributed to the ease and convenience of gambling irrespective of their location. Betting applications contribute to the convenience because it allows gamblers to effortlessly log into their favourite gambling platforms and place bets or play games.
Over the years, there has been a significant improvement in betting apps. Gambling platforms have embedded several attractive features that make gambling a lot easier and fun. For instance, with several integrated payment methods, gamblers won’t have a difficult time funding their accounts or withdrawing their earnings.
Their intuitive user interface makes each gambling platform easy to use while social media integration enables users to connect with other gamblers across social media platforms, share ideas, interact, and build a mutually-beneficial community.
Other impressive features in modern betting applications include rewards, customization options, betting guides for beginners, livestream events, players and team overviews, and others.
3. Social Betting is on the Rise
A great attribute shared by all physical casinos is that it allows gamers to form a network where they can discuss bets, exchange ideas, and generally form great relationships.
Recently, social betting was incorporated into the gaming industry where gamers can recreate the relationship setup existing in offline casinos. They can chat, share ideas, and generally create a bond outside their gaming environment.
Many top players in the industry are already promoting social betting through their products.
4. Wearables are Gaining Popularity
Smartwatches gained popularity primarily for fitness tracking before they became a powerful tool for messaging. Over the years, the gambling industry has incorporated wearables into its system to improve user experience.
Thanks to their simplicity, lightweight, and closeness to the wearer’s body, gamers can play games or place bets conveniently on a whim wherever they are.
Modern wearables are designed to make gaming more appealing. With reduced interaction buttons, they can concentrate on their games as they have limited information to deal with.
VR headset is one of the most popular wearable technologies highly adopted in online casinos. The technology transports players to a casino world where gamblers can interact with their environment and other players.
Other popular wearables with an immense impact on the gambling community are live dealers, google Glass, OculusRift, Apple Watch, Fitbit, and others. These technologies can take players to a 3-dimensional world, see through the dealers’ eyes, and perform several other functions that affect the user’s gambling experience.
5. Esports Betting is Gaining Momentum
An industry trend that most bookmakers are proud of is eSports betting. Betting on this platform has changed the narrative for bookmakers who take advantage of their access to more accurate betting, data-driven and improved customer experiences, and in-gaming betting to change the gambling industry.
Some other benefits that bookmakers reap from eSports betting include highly accurate real-time odds, guaranteed data integrity, and a data-driven user experience.
With unlimited access to real-time data and other game-related data, bookmakers have the resources they need to offer their customers a wide range of in-play bets, another game-changer for them. These factors are changing the game for bookmakers as they have everything they need to profit maximally from online betting at their disposal.
6. Integration of Virtual and Augmented Reality (VR/AR)
Virtual Reality (VR) and Augmented Reality (AR) are two other industry trends in the global online gambling market in 2022.
These two technologies will change the face of online gambling for good. VR casinos are developed for players to have a real-life gaming experience that is a reminiscence of the exhilarating experience associated with gambling in a physical casino.
With a VR headset, a casino can simulate a physical casino experience such as real-time play, real sounds, 3D game tables for interaction, game and seat selection, and more.
In-game chats are also possible, allowing you to have a chat at a bar with other players, probably over a drink, creating a real casino experience. You can also light a cigarette and have fun while placing a bet or playing a game.
In the same vein, Augmented Reality combines audio and game visuals to create the perfect artificial environment for gambling. The gaming industry uses this technology, together with VR, to ensure that online gamblers won’t miss out on the fun side of an offline casino environment, facilities, and experience.
7. Cryptocurrency Adoption
When cryptocurrency was introduced in 2009, only a handful of people would have predicted its far-reaching effect on the gambling community. Today, many casinos accept Bitcoin and an impressive collection of altcoins, notably Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Tether (USDT), and others.
Cryptocurrency adoption by the online gambling community is taking the market to a new level. Digital coins allow online gamblers to place bets with ease, irrespective of their locations. Unlike fiat currencies that restrict gamblers to an option or two, players from across the globe can choose any of the supported currencies on a casino platform.
Ease of bets placement aside, security is another important benefit that the gambling community can benefit from adopting digital currencies. Cryptocurrency transactions are anonymous, veiling gamblers’ identities, and protecting their personal data.
8. Football Betting is a Force to Reckon with
The online gambling community can choose from an array of gambling options that include horse betting, card games, lotteries, number games, poker, casino table games, electronic gaming machines, bingo, and others.
However, football betting is leading the pack as more gamblers are passionate about placing bets when their favourite football clubs are playing. They place bets on other football clubs too, to increase their chances of making more money from gambling.
Football betting is the predominant choice for many European gamblers. It is also common in Asia and African countries.
The increase in football betting can be traced to the growing popularity of football in the aforementioned continents specifically and the world in general. With wealthy investors taking over the football business, they are doing everything possible to give the sport the necessary publicity in countries and continents where it was previously relatively unknown.
Besides, football offers gamblers a wide range of betting opportunities. They can choose from a wide range of games and tournaments, place bets on famous players and teams, and the game’s wide availability.
Football’s adoption into the gambling community is doing the magic. With increased publicity comes more money-making opportunities for football lovers and gamblers.
9. Interactive Gaming Systems
Online gambling platforms are becoming more interactive than ever before, giving gamblers a unique and memorable user experience. Technological improvement in the gambling industry has offered gamblers wall panels, touch-enabled kiosks, tables, and other technologies that support interactive gaming.
From the likes of interactive gaming systems such as Sega, Atari, and Nintendo, interactiveness has taken a new dimension with modern technologies like Nintendo Switch, PlayStation, Xbox, and others.
Through these devices, gamblers can effortlessly play casino games better than through the traditional methods.
10. Land-Based Casinos on a Decline
For decades, gamblers had to walk to a brick-and-mortar casino before they could place bets. This requires spending time and money to get to the casino. These are two of its downfalls.
Today, gamblers can effortlessly place bets from the comfort of their homes on their mobile devices. They could gamble wherever they are: at home, in public transport, on a vacation, and wherever they desire to do so.
The gambling convenience offered by an increasing number of mobile devices and better internet accessibility has shifted the focus from land-based casinos to online casinos. This is in addition to more games, more privacy, and a better user experience.
The result is a lower demand for brick-and-mortar gambling facilities, leading to a gradual but consistent decline of land-based gambling locations and facilities.
These are the top industry trends in the global online gambling market in 2022. They influence the market’s performance and determine players’ user experience in the year and beyond. As more innovations are integrated into the online gambling industry, players and other stakeholders can look forward to a more exciting and memorable user experience.
BY CASINOWEBSCRIPTS PUBLISHED 27 May 2022