When the COVID-19 pandemic hit the globe in early 2020, online betting was going up, thanks to the advent of the smartphone and rapid technological advancements. The pandemic sort of sped up this ascension. With most brick and mortar betting establishments closed in line with lockdown rules, players turned to online gambling platforms to stay in the game.
With all these drivers, the size of the online gambling segment is expected to expand from $58.96 billion (as reported in 2019) to the north of $92 billion in 2023. The projected rate of growth is 12.0 percent. The market is projected to then expand to over $113 billion in 2025 – that’s a CAGR of 10.4 percent (https://bit.ly/2KhVmyw).
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The advent of sporting superstars
If you are a fan of LeBron James, you would be more convinced to bet on the Lakers with the sheer presence of him in the squad. If you are a fan of Messi or Ronaldo, you are more likely to be tempted to start betting on their teams if you see them in the lineup. Millions of people follow Floyd Mayweather on Instagram and would bet on him if he were to hit the ring with a less accomplished boxer.
Sporting superstars have been around for a long time, but fans are closer to them today than any other time before. Sports like football (referred to as ‘soccer’ in some places) has become so popular even in some of the most remote parts of the planet, thanks to the internet, smartphone, and the more relatable sporting superstars
People actively look for rewards
Virtually everyone feels thrilled when they receive rewards. Betting is one of those activities that secretes the dopamine hormone in your brain. It gives you a feeling of thrill and improves your sporting experience. Think about it – instant gains can be very satisfying and fulfilling especially when you get them without any remarkable effort.
With more betting adverts on TV, social media, and the general internet more today, more and more people are being sucked into the addictive world of betting. This has brought forth one undesirable product – gambling addiction.
Gambling has risen to become more of a recreational activity in some countries. More and more people are hopping on board for the recreational value rather than as a money-making avenue. In countries like Great Britain, for example, gambling has been a recreational activity for centuries and it has only gotten better. Horse Racing alone has been a top theme in the kingdom for more than three centuries. However, as more people discover the thrill part of it and bring more money, the government is starting to feel the need to regulate it and make it harder for underage players as well as addicted punters to access it. While the British gambling scene is one of the most heavily regulated on the planet – probably worse than that of elsewhere in the world – the GGY (gross gambling yield) in the country has increased from roughly £ 8 billion (British pounds) in 2010 to approximately £ 14.4 billion in 2018. Historically a big part of the opposition came from social reformers and evangelical Protestants, but the resistance has toned down considerably over the years.
Internet, smartphone, and everything technology
When it comes to the spectacular rise of online gambling among millennials, it is hard to give credit to anything besides the internet and the smartphone. For them, gambling on online casino games isn’t that different than conventional gaming. And now, with deep penetration of fast internet even in the most remote parts of the world, more leading vendors and betting houses are investing in developing fast and lightweight mobile apps that can work seamlessly across many different digital devices. Better yet, the implementation of Virtual Reality and Augmented Reality technologies offer online casinos much better opportunities to provide immersive gambling experiences that make gambling exceptionally attractive to the young tech-savvy punters.
The old schooled players that still cherish a gambling experience similar to that you would find in a traditional casino can use live casinos from the comfort of their homes. Basically, the casino and bookmaker house is now accessible from where you are.
On the flipside, legislation for sports betting and online gambling plays a big role in the growth and expansion of online gambling. In the U.S., for example, more online gambling establishments are starting to adopt more diverse sport betting options following the legalization of sports betting in the Supreme Court in the spring of 2018.