The Online gaming industry has been enjoying a rampant growth in recent years. Based on the statistics report from Research and Markets, Online gambling market was worth $35.96 billion in 2014 and is forecasted to grow up to $66.59 billion by 2020. There is a rapid growth in the use of mobile devices like smartphone and tablets for online gaming purposes. Many new players prefer to enjoy playing casino games in the comfort of their home rather than travelling to a land-based Casino. Based on the available data, the online casino industry is envisaged to post a Compound Annual Growth Rate (CAGR) of 10.81% for the years 2016-2020.
One of the primary growth drivers of online casino industry is better gaming infrastructure along with free plays and lucrative bonuses offered by the online casinos to attract newbies. Due to the increasing demand for online gaming and technology advancements like Virtual reality and augmented reality that can offer an immersive gaming experience, more and more new players have started trying their luck in Online Casinos.
More than 80 nations have legalized online gambling as of 2017 and Europe is one of the biggest online gambling markets which enjoy the maximum growth. Europe has the maximum number of countries with established regulations for online gambling and many new countries like Netherlands are adopting new online gambling regulators to seek additional tax revenues.
Apart from the European Countries, United States, UK, New Zealand, China, Philippines, Taiwan, India and Japan are the other countries which have enjoyed a significant growth in Online gambling market. Online gambling has grown year on year in the last decade and it has changed the general perception of the society. Poker and Bingo have been the most popular online casino games apart from Roulette and progressive slots.
Europe and USA have been opening up new markets by making online gambling legal in certain jurisdictions which is a positive sign for the industry. The UK is also a major contributor to the global online gambling revenue and based on available data, Online gambling accounts for 33% of overall gambling revenue in Britain. The Gross Gambling Yield for the Fiscal year of 2016 by all the online gambling operators in the UK was £4.5billion which was a 10.5% increase compared to previous year. Based on the reports, Online gambling market in the United States is expected to grow up to $4 billion by 2020.
In Asia Pacific region, countries like Singapore have banned online gambling altogether and there is not much growth here. Other Asian countries like South Korea and China have also banned illegal gambling sites and made strict regulations for online gambling. In the United States, online gambling is legally permitted only in 3 states while others have different restrictions for same. In such regions where there are strict government regulations, the growth of Online Casino industry has been very minimal. Some of the popular Online gaming companies which have been growing constantly during the recent years are 888holdings, Ladbrokes, Pala Casino, TVG, Bet-at-home.com, BetAmerica, Camelot, Bwin.party, Watch and Wager, Sportech and Paddy Power etc.
New Zealand is one of the countries which have witnessed a decent growth in the Online gambling market with many new Casinos getting launched recently. Some of the most popular online casinos in NZ have games that include Blackjack, Slots, Roulette and Video Poker. Online casinos in New Zealand allow users to deposit and play games with real money using New Zealand dollars. The online casinos are very secure and have a huge collection of games with excellent gameplay experience similar to that of a live Casino. India is also a rapidly growing market for Online Casinos in Asia apart from China and Honk Kong. Some of the online gaming websites in Asia like Dafabet have managed to double their revenues in the past few years as well.
Since online casinos allow players to bet with virtual money, it has reduced the risk of carrying cash which is required in a real casino. Also, Online Casinos support mobile gaming as well which allows players to enjoy their favourite games from anywhere using smart phones or tablets. Attractive promotions and bigger bonuses are what that sets the Online casinos apart from their traditional counterparts. Online Casino industry will keep growing across multiple geographical locations with VR based casinos dominating the market in future.