Among all the things that have become popular in this Covid-19 lockdown period and showed the great possibility for the future, online gaming is undoubtedly a worthy one. Anyone who reads statistics or analyzes the development of this sector will realize that its popularity is rising seamlessly with time. Being stranded indoor due to the lockdown, people welcomed virtual gaming platforms as viable alternatives to their brick-and-mortar gambling venues. Besides, younger generations seem to prefer virtual platforms more.
This is the appropriate time for the casino operators to become aware of this growth and join the mainstream as fast as possible. Analytics of Fortune Business Insights (FBI) predicts that the world online gambling industry will worth more than $158 billion by the year 2028.
According to a report released by this business research company, online gambling is already a $66 billion market with a yearly growth rate of 11.4% over the upcoming seven years. FBI indicated to Covid-19, and the lockdown brought about to control the infection rate for forcing casino operators to implement online models and distance offices. These incidents played the main catalyst’s role in the growth of this segment.
Europe to Lead the Online Gambling Growth
Another article published by New York University also pointed out the quick growth of digital gambling in Canada in the lockdown period. Canada’s Concordia University, in a similar report, has stated that people’s expenditure in online casinos hiked sharply by 67% in April last year. It seems the coronavirus situation has triggered the momentum for the digital gambling industry.
Even though many countries, including the U.K., seem to handicap the gambling industry, Europe will observe the healthiest growth and market share, which was $30.92 last year. Europe will get the most exposure to this growth by incessantly observing a higher CAGR rate. North America will be in the second position in terms of earning revenue.
In addition to all this, iGaming will capture more attention as it is implementing all the latest technologies like AI and blockchain. According to the FBI, these advanced technologies will contribute to making the online gambling industry safe and secure.