2024 Online Gambling Market Forecast
Online Gambling Market is Set to Soar
It’s no secret that the online gambling industry is set for remarkable growth in the next few years. We’ve seen it already as we journey through 2024, and it’s not showing any signs of slowing down. Driven by technological advancements, innovation and increasing internet penetration worldwide, nothing can stand its way.
As the landscape of digital entertainment evolves, the online gambling sector is making use of artificial intelligence, blockchain and virtual reality to enhance user experiences and expand its reach. In this blog, we have taken a look at what 2024 is looking like for the online gambling market, and what’s driving the industry's recent growth.
Go Gambling's Online Gambling Industry Forecast for 2024
It doesn’t matter if you’re looking for an online casino with virtual gaming experiences or an online casino with multi-language support, you won’t be short of choice. In fact, there are 175 online casinos currently operating in the UK. But, that doesn’t mean that the market is saturated. If anything, it’s the opposite, and we have some big forecasts for the online gambling industry going forward.
If you have been keeping up with the digital world, you will know that mobile gaming is big business. This has given online gambling a significant boost, and it’s going to continue as we move through 2024. With more users accessing gambling platforms via their smartphones and tablets - largely drawn in by the accessibility, ease and convenience of gambling from a device - operators and online casinos have started optimising their platforms for mobile use. This is something that we expect to continue, especially as mobile gambling is expected to eventually surpass desktop websites. Who knows, eventually, gambling in person could be a thing of the past.
We also expect that big changes to gambling regulations are on the horizon. The Gambling Commission has been tightening regulations for a while now, with the aim of promoting responsible gambling. This has the potential to shape the industry in a big way. The introduction of stricter affordability checks and stronger advertising controls aims to create a safer gambling environment in the UK, which could boost public confidence and participation.
Of course, some types of online gambling stand out as being more popular than others. According to a survey from 2021, the National Lottery is the most popular type of gambling in the UK, with 61% of people claiming to have participated at one point or another. This will come as no surprise, considering 45 million people take part. Following that, it was sports betting, largely due to the increased interest in horse racing, Euro 2024 and the World Cup 2023.
Innovation is Giving the Online Gambling Market a Boost
Innovation is a bit of a buzz word at the moment, and it’s thrown around a lot when we’re talking about the rising popularity of online gambling. That’s because a lot of people have turned to online gambling due to the convenience, accessibility and ease that innovation has brought to the table. There’s no denying that the online gambling market has reached unprecedented heights in recent years, and innovation really is driving things.
Technological Advancements
Technology has come a long way in recent years, and it’s one of the driving forces behind the online gambling industry’s significant growth. With the advent of artificial intelligence (AI) and machine learning, user experiences have been improved, which has attracted more people to online gambling. Personalised recommendations, improved fraud detection and fair play are all appealing to players. Customer service has also been improved, as some of the best online casinos have enlisted the help of chatbots.
Virtual reality (VR) and augmented reality (AR) have also changed the way in which players interact with online casinos. These technologies are immersive, and they provide a more engaging and realistic gaming experience. Players can feel as though they are in a physical casino, from the comfort of their own home or workplace.
Blockchain Technology
Whether you’re investing or shopping, if you’re online, the thought of using cryptocurrency has probably crossed your mind. It’s certainly made its way into the online gambling market. Many secure online casinos, including the best PayPal casinos, are embracing blockchain technology by allowing players to withdraw, deposit and bet using crypto. By providing a decentralised ledger, blockchain ensures that all transactions are safe and secure. Plus, the use of cryptocurrencies also comes with anonymity and lower transaction fees, and it’s hard to ignore the appeal. When looking for a safe online casino, a lot of players purposely look for platforms that utilise blockchain technology.
Increased Internet Penetration
It’s possible to link the growth of the online gambling market to increased internet penetration. This is especially true when it comes to emerging markets, such as Latin America, Asia and Africa. These regions are continuously increasing their internet usage, which is opening up new opportunities for online gambling operators and casinos. With more people accessing the internet, there are more people available to gamble online. Governments in these parts of the world are also starting to recognise the potential economic benefits of regulating online gambling. This could lead to more favourable regulatory environments, which in turn encourages people to trust that online gambling is an enjoyable, fair and secure pastime.
Increased internet penetration is not only bringing new players to the market, but it’s also encouraging existing players to spend more time - and, of course, more money - on online casinos. With high speed internet connections providing a seamless gaming experience, regardless of where players are, user satisfaction is at an all time high.
At GoGambling, we are excited for these forecasts and innovations, and we’re looking forward to seeing how the online gambling market develops in the next few years. 2024 is the year that online gambling has really solidified itself as a key part of the industry, and we know 2025 is going to take this even further. As technology develops and online casinos prioritise innovation, there’s really no stopping what the market is capable of.
