Online Gambling Bets Expected To Reach $1 Trillion By 2022

Online Gambling Bets Expected To Reach $1 Trillion By 2022

By Trey Killian | February 22nd, 2018

It’s no secret that online gambling has come a long way since its humble beginnings in 1994. From the first online casino launched in Antigua and Barbuda has sprung an industry that could be, according to recent gathered data by Juniper Research, reaching exciting new heights in a few years.

The report claims that online gambling wagers will reach a total of $1 trillion globally by 2022, which will surpass the amount added to the U.S. national debt every year. The expected rise will be due to “an increased uptake in digital products, coupled with new, positive regulation." This year alone, total wagers are expected to rise to $700 billion up from just over the recorded $620 billion figure in 2017.

The report also predicts that the number of online betters will double by 2022, increasing to 684 million players. Research author Lauren Foye additionally pointed to technologies based around social media and improved customer support and how such technologies will ultimately pay big dividends for the industry in the future.

“We believe new channels, such as chatbots, have the potential to drive customer engagement, through delivery of personalized offers, alongside 24/7 player support."

Startup Leads Diverse Field of Providers

According to the report, start-up provider LetsBet is helping to lead the way and upsetting the worldwide gambling status quo. By providing live streamed content and a greater emphasis on social interactions among players, LetsBet is a good example of the model current and future online casinos will employ to marry technology with traditional gaming fun.

But the incorporation of live stream technology is hardly exclusive to LetsBet. PartyCasino, LeoVegas, Casimba, Casino of Dreams, Grand Ivy, Dunder and Matchbook all employ a Live Casino experience to immerse customers all around the world in a unique virtual gaming experience. With this wealth of options of millions of prospective gamers, it’s no wonder why such optimism for growth is abundant.

Online gambling provider the Kindred Group also reported exponential recent growth in their fourth quarter of last year, climbing from £152.8m to a new high of £238m in gross winnings revenue. CEO Henrik Tjärnström released this statement accompanying the report of the company's earnings:

"Strong growth across our major markets and an exceptional sportsbook margin approximately 50 per cent above the long-term average, have resulted in record revenue and profitability for Kindred Group in the fourth quarter of 2017. Our investments in marketing and product development have also resulted in an all-time high in EBITDA and number of active customers."

Online Casino Mr. Green announced a massive revenue growth in 2017, and bookmaker William Hill is expected to exceed previous 2017 profit expectations. Phillip Bowcock, CEO of William Hill, mentioned increase efforts in the U.S. market and "building an omni-channel proposition" while additionally "continuously improving how we enable customers to gamble responsibly."

"We have delivered a strong result in 2017, reflecting our focus on rejuvenating online, growing the US and building an attractive omni-channel proposition. At the same time, we are continuously improving how we enable customers to gamble responsibly."

North American Market Ripe for Growth

The report also mentions the North American market as a potentially humongous opportunity for astronomical growth. This could provide a bright spot for the industry in lieu of the somewhat unexpected move by Australia, a most promising market, to ban poker and essentially eliminate a huge portion of the online industry.

Favorable legislation on the part of U.S. states, most recently Pennsylvania in 2017, as well as a pending Supreme Court decision regarding Christie vs. the NCAA have all contributed to the spearheading of a bold pro-legalization of online gambling movement. The SCOTUS decision could have a resolution early this spring and could in a best-case scenario legalize sports gambling across the U.S.

The already legal New Jersey industry has reported exponential development over the last few years and should legislation continue to put up record numbers. In 2017 the industry pulled in $65.5 million in revenue and in January of this year alone the industry has reported a record-breaking revenue of $21.96 million.

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