Report Buyer has just linked a fresh report that makes forecasts about the future of the gambling industry with the different segments soaring cumulatively to reach revenues over $523 billion worldwide by 2023 and grow at 4% of CAGR between 2017 and 2023.
A Global Outlook for Gambling Activities
Wealth has been instrumental in bolstering gambling proclivities. This is one of the main points cited in a freshly published Report Buyer item that makes forecasts about the future of the gambling industry worldwide. There has been a notable increase in the demand for online games as well as a significant uptick in the number of mobile applications across key markets, such as the United States, the United Kingdom, Italy, China and SAR region.
As a result, new players are expected to start joining the industry over the next few years. Online gaming is most notably boosting player bases in North America where legislation is letting up of its established stringent laws, and Europe.
As per the study, the authors took into consideration the period between 2018-2023, making sure to conduct a proper market overview. The report has identified growth enablers, restraints, and trends. It’s true that there has been a lot of new investment and regulation, but they all seem to favor the expansion of the industry.
Shifting from a Traditional Market to Something More
One of the most notable tendencies over the period will be the rise of the live casino with these online facilities starting to constitute the bulk of all operations, although not entirely. There will be a surge of interest in video games, known as esports, which will create enough leeway for new gambling opportunities to be explored.
Another noteworthy point is that blockchain and cryptocurrencies will be increasingly adopted in all forms of gambling, even if they have presently been coming under a lot of fire. The report believes that the “increasing number of Bitcoin and cryptocurrency transactions will augment the development of the global gambling market”.
Being meticulous in their analysis, authors have decided to break down their survey down market by market, examining separate products, platforms and geography. The analysis will focus on seeing how roulette, slots and table games in general will do. Similarly, the report will also focus on the prospects of sports betting over the period as well as horse & greyhound racing.
Esports will be nonetheless one of the key drivers of this anticipated growth in the size of the gambling market. As part of the report, a segmentation of the market is done by region, including:
- North America
- Latin America
In each of the aforementioned regions, there is always an individual bookmaker or gambling operator that dominates. However, as we draw closer to 2023, these operators are increasingly going to dominate a global market, overlooking boundaries and adapting to local legislation.
Is $523 Billion Realistic?
With the legalization of the industry worldwide, we will see these numbers quite likely outpaced. Another estimate puts growth at 8.23% of CAGR by 2025. All these figures are prone to sudden changes and fluctuations depending on what happens on a regulatory and geopolitical level, to wit the growing tensions between the United States and China as a good example.