The Global Gambling Revenue for 2021
Gambling is a multi-billion dollar industry with fans and players all across the globe. It is also one of the highest government-regulated industries in the world. However, these regulations change from country to country and state to state. So there has always been a disparity in the market demand based on demographics, the USA being one of the biggest players.
The global gambling market is on a steady rise thanks to international casinos’ robust and reliable services. International de-regulations and innovation have also caused a drive in the market demand. In addition, the Covid-19 global pandemic has catalyzed the popularity of online gambling platforms among betting fans. The top international online casinos were responsible for the massive surge in online betting. The best guide for the international gamblers here enables you to identify the most popular and reputable gambling sites with a real chance of winning money. You can select the best casino for your needs from a list of top-rated online global casinos based on reviews and ratings.
How the Pandemic Affected the Gambling Market
Like all other businesses in the international market, the gambling industry took a hit when the global pandemic and the subsequent restrictions barged in. When governments imposed lockdown and restricted domestic and international travel, the brick and mortar stations and casinos saw a sudden drop in foot traffic. This limited the need for in-person gambling services resulting in an all-time low in net annual gambling revenue. In fact, in 2020, the global market saw a drop of at least 13% in gambling revenue in the aftermath of the Corona panic.
One of the exciting things to note here is that, despite a decline in the net global and net offline gambling market, online gambling marked an 8.8% growth despite the dire economic conditions and global instability. The development of the offline market relies on the return of foreign and domestic travel and significant events. Since most of the ban imposed during the pandemic was lifted, the gambling industry is anticipating a much higher CAGR in the year 2022.
Moving Toward Online Gambling
Everything in the world is subjected to evolution; this is the same in the case of gambling too. Since governments around the world started to legalize gambling, the demand for trustable gambling platforms went through the roof. With individual governments enacting different gambling laws, there arose needs for ethically compliant betting platforms that operate entirely under the law. With the advancements in technology and the growth of the internet, businesses found a new market – international online gambling sites or apps.
Online gambling includes game types such as betting, casino, lottery, poker, online bingo, and others. These are played using desktops, mobiles, and other devices. Among these, mobiles are dominating the world of gambling as it is one of the most popular online gambling outlets. In 2019, mobiles contributed around 60 billion USD to online gambling revenue.
Online gambling sites are now evolving to entail advanced technologies like Blockchain, IoT, VR, AI, and others to deliver a nuanced gambling experience. For example, companies are now using AI to teach the app/website user-based personalizations, VR for an immersed offline experience, and blockchain for gambling transparency.
The Growth of Online Gambling During the Pandemic
The online gambling market has been on a steady rise since the last decade. However, we saw a spike in the number of online gamblers and gambling platforms in the year 2021 during the pandemic. This was because of the lockdown restrictions and increased internet traffic. Several countries identified this as an opportunity to widen their economy and started to loosen their online gambling laws. The gambling sites then began to attract new customers by offering attractive bonuses and loyalty rewards. In the US, the online gambling revenue is estimated to be up by 300% more than that of the previous years’. Since the advent of online gambling, there has been a greater level of acceptance of gambling as a leisure activity.
The online gambling industry is experiencing strong growth. The estimated average global online gambling revenue was around 64 billion USD in 2020. In 2021, the industry has reached a net revenue of 72 billion USD; this is a 12% increase in the CAGR. The market is estimated to grow over 100 billion USD in 3 years. The gambling boom in 2021 after the 2020 global pandemic letdown was mainly contributed by liberal government policies and the economy adapting to the new normal.
The gambling industry is in its prime and is expected to grow exponentially in the coming years. This means that there is a massive opportunity to earn by gambling. If you don’t know how to, don’t worry, the art of gambling can be mastered with books.
Despite the new virus strains and an unstable economy, the gambling industry had a boom in 2021 when tourists started to return to the brick and mortar stations and casinos. In the US alone, the 2021 gambling revenue hit an all-time high of 53 billion USD (based on the American Gambling Association report); in 2020, this was merely 30 billion USD. The 2021 revenue is a whopping 20% increase from the previous recorded high (2019).
The same trend is reciprocated in the global gambling market; the net 2021 revenue is estimated to be around 280 billion USD. The closure of commercial activities resulting in operational challenges had a negative impact on the business throughout 2020. However, the industry seemed to have come back to track when the government-imposed lockdown restrictions were lifted late last year.