According to the ResearchAndMarkets.com “Online Gambling Global Market Report 2020-30: COVID-19 Growth and Change”, revenue from online betting is expected to grow 13.2% from $58.9 billion in 2019 and to $66.7 billion in 2020. Online gambling from betting domains is the fastest growing segment for the forecast period 2019-2024.
Updated: October 12, 2021: Gambling revenue from online sports betting is projected to register gains of approximately 8.83% during 2021-2028, according to a Zion Market Research study, after the sports betting industry generated revenue of US$ 131.1 billion during 2020. Online gambling from sports betting domains is the fastest growing segment for the forecast period 2019-2024.
Since online gambling was legalized in the United States by the Supreme Court in 2018, online betting domains are likely to expand their sport betting options in addition to their casino game offerings. The landmark 7-2 Supreme Court ruling gave the option to legalize sports betting to individual states that choose to allow it. North America is now the fastest growing region in the world for online betting.
While it’s very likely many more states will legalize sports betting, states that currently allow legal betting on sports in the U.S. as of July 2020 are Arkansas, Colorado, Delaware, Illinois, Indiana, Iowa, Michigan, Mississippi, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Oregon, Pennsylvania, Rhode Island, Tennessee and West Virginia.
Coronavirus impact on gambling
As casinos shut down and sports betting was all but eliminated due to the COVID-19 pandemic, gambling addicts were still able to get their fix by playing casino games online and betting at online gambling domains.
The online gambling market is comprised of revenue generated from remote gambling on mobile devices and desktop computers, with games developed on betting domains that include slot machines and other electronic games, table games like blackjack, video poker, roulette and craps, and other popular betting games like online bingo and online lotteries. Virtual reality casino games have also become very popular as the emerging gaming technology allows casino gamblers to virtually enter into a casino, and play all of the games without having to risk travelling there in person.
So although gamblers were confined to their homes, the pandemic lockdown only helped the global online gambling market grow as new home-bound gamblers found more free time to try their luck online. With artificial intelligence and cashless, electronic payments, it’s now anticipated that the online gambling industry will reach $92.9 billion by 2023 at a compound annual growth rate of 11.64%.
Legal Sports Betting and Online Wagering
In most European countries sports betting domains are legal and have only continued to increase in popularity. Legal sports betting has a long history in the United Kingdom, and now as the United States is entering the global sports betting market it’s quickly becoming the leader in legalized sports betting.
Legal betting on sports online has been predominant in events like the FIFA World Cup and European Championships, and is also popular in horse racing and greyhound racing. Many popular online sports betting companies now even sponsor different teams as a part of their marketing initiatives for expansion. The country of Canada is mainly unregulated in terms of online gaming, and even Mexico is now reviewing its gambling laws to regulate online gambling within its gambling industry.
With the major U.S. sports leagues all returning, and sports betting now legal in the U.S., betting on live sporting events is poised to explode from the huge pent-up demand sports fans have from months without it. But with the coronavirus pandemic apparently here to stay for some time, many physical sports betting locations and betting houses will either be forced to remain closed or adopt strict social distancing measures, regular closing for disinfecting and store sanitziations, making it hard for die hard sport gamblers visit in person.
There’s NEVER Been a Better Time in History for Online Sports Betting
Tribal governments ‘crippled’ by lost gambling revenue during COVID-19 pandemic
– Wisconsin State Journal, June 22, 2020
If you are a tribal casino, or any casino, that doesn’t offer online betting you are at a huge disadvantage. There’s never been a better time than right now to invest in an online gambling portal for your brand. According to the National Indian Gaming Association, 241 tribes will lose approximately $22.4 billion in 2020, more than half their projected revenue. NIGA chairman Ernest Stevens Jr., told the Wisconsin State Journal, “Gaming for the most part is what we survive on. In a lot of cases, if we don’t have gaming we don’t have dollars. We don’t have a tax base.”
The attorney general for the Forest County Potawatomi Community said the loss of more than $70 million in net revenue from the tribe’s two casinos has wiped out many government services, and led to furloughs for 60% of its employees, “We’ve had to cut our tribal government in half,” Jeff Crawford said. “We essentially don’t have an effective operating budget for providing services. We are down to essential government services to take care of the needs of our members.”
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