The Global Gambling Market to Reach $876 Billion in Four Years

The newest predictions for the gambling market have reached new heights. Right now the global gambling market is expected to reach no less than $876 billion. This is more than $150 billion more than the prediction just two years ago.

Gambling is a hot topic these years. Even though gambling has been around since the beginning of man, we’ve never discussed it as much as we do now. The discussion is grounded in the constantly growing of this particular industry. An industry that’s now predicted to expand and reach $876 billion in just four years. This is quite an increase from the 2020 estimate which was around $700 billion. The pandemic years have changed the estimate because of the rise in online gambling.

During the lockdown, a lot of people turn to online gambling as a source of entertainment. This boosted the development that was already well on the way. Online gambling has grown steadily over the past twenty years. It’s not only the pandemic but also technological developments and increases in general income that have made a difference.

Blurred lines between online gaming and gambling

It’s not news that the internet keeps expanding the possibilities available to us. Gambling is no exception. There are more online casinos than ever before. All of them offer new bonuses and promotions all the time. It’s possible to get casino promotions right here. But besides this, the selection of games keeps increasing as well. This means that there are now opportunities for all kinds of players. Anyone looking to find a simple slot machine can find it easily. Gamblers looking for more complicated games, almost like video games, can easily find them. This expands the demographic groups that are attracted to online gambling.

These opportunities are all in the sphere of traditional online casino games. But gambling is expanding in many new ways. Today gambling elements are incorporated into regular video games with massive popularity. Also, new types of gambling with cryptocurrency such as NFT games are experiencing extensive popularity. The spheres of online gambling and gaming are merging and the lines are becoming blurred. The same thing is true for streaming services that are expanding their field. A great example of this is the popular streaming platform Netflix which has expanded with streamed games and is considering expanding even further.

People still like to gamble the old-fashioned way

We are always discussing the role of online gambling. But one has to remember that in these stats, traditional gambling still takes up a huge part of the market. People all over the world still prefer to gamble at traditional casinos, buy lottery tickets, bet at horse tracks, play bingo, and so on. All of these various forms of gambling have existed for many years and still contribute massively to the size of the global gambling market. When that is said, it looks like online gambling of all sorts will continue to occupy an increasingly larger part of the market.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.