Online gambling projected to grow in 2020 and beyond with the help of advancements in technology
Gambling has always been part of human culture since the dawn of history. But the invention of the internet ushered in a new way of placing bets and online gambling was born in the mid-1990s.
The online gambling niche was tiny back then probably due to the limitations of the technology at that time such as slow internet connection speeds, unstable connection, and low-quality graphics. But as technology rapidly advanced and bettor became more comfortable with doing their gambling online, the niche started to pick up steam and hasn’t stopped inching upward since then.
As of 2018, the global online gambling industry market is around 48.52 billion, according to Grand View Research. But the industry’s growth rate has shown no signs of stopping at all. In fact, it is expected to continue its upward trajectory this year with an estimated compound annual growth rate of 11.5 percent all the way to 2024.
While the lights and glamour of traditional casinos continue to lure in bettors, online casinos have their own charms as well. One such site is LeoVegas casino online. Obviously, one advantage of online betting is that players can do it in the comforts of their own homes and, with the increasing popularity of mobile gambling apps, one can even make bets on the go, according to SpielTimes.
Another factor that is expected to drive online gambling growth is that online gaming is about to get more immersive. This is made possible with the recent advancements of Virtual Reality (AR) and Augmented Reality (AR), which will make online gaming a lot more fun for bettors.
Artificial Intelligence (AI) is already well-entrenched in a number of industries such as self-driving vehicles, advanced search engines, and virtual assistants. But the technology is about to make its entry into online gambling as well as AI can be used to detect possible illegal activities on gambling sites making it safer for players.
Cryptocurrency and blockchain technology was all the rage in late 2017 when the crypto market hit its all-time high. However, these technologies are slowly being integrated into the online gambling scene. Obviously, digital currencies are bound to take over as a means of exchange and payments in the future while blockchain can be used to create more secure gambling platforms.