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The gambling market could be in for a further boost as new predictions suggest the global online gambling industry will grow by almost 50% over the next five years.
This prediction would take the industry from $103B to $169B by 2030, with the current market size being due to the increasing legalization of online betting across numerous countries.
It’s according to Mordor Intelligence that these figures could see the light, as they state the “online gambling industry continues to evolve rapidly, driven by unprecedented digital transformation and increasing internet penetration worldwide.”
The advancement in mobile technology is also said to have been a factor in the analysis, with there now being more mobile application-based lottery games and casino platforms.
How will the online gambling market grow and what are the trends?
The Intelligence-focused company suggests the legalization and relaxed ordinance on gambling is one of the drivers. This comes as a number of states have brought in new legislative frameworks to regulate and enable online betting.
“The regulatory landscape in Europe continues to evolve positively, with countries implementing modernized regulations to ensure fair gaming practices,” the research states.
The evolution of API developers is also said to play a future role in the industry as this has led to enhancements for online lottery operators.
“Modern APIs have become instrumental in helping operators deliver personalized experiences to players, with features like Live Tables API aggregating data across multiple casino vendors to provide real-time, in-game statistics, table availability, and game features that extend gameplay and increase user engagement.”
Now that the infrastructure is in place, operators are able to introduce new features and functionalities to meet the evolving and changing demands of players.
The improved internet connections, advances in security, encryption, and streaming technology are reported to be another major trend which has revolutionized the mobile gaming experience.
“The improved internet connectivity has enabled operators to stream live casino events globally, allowing consumers to bet on a wide range of events while enjoying enhanced security features and encryption protocols that protect their transactions and personal information.”
With technology advancing quicker than ever before and with the introduction of augmented reality, the future of the online gambling market could be an interesting one.
Featured Image: AI-generated via Ideogram
