Over the years, the gambling industry went from betting on the streets to betting in online sites. Because of the innovation of technology, gambling became more accessible to many. The digitalization of gambling made its growth faster and more significant.
From the Streets to the Digital World
The driving force behind the market growth of the online gambling industry is the adoption of smartphones and other gadgets to access casino platforms. According to AGA, as of 2008, there are approximately 2,800 online casino sites active online.
The machines that online casinos use like electronic gambling devices are cheap and easy to use. These devices have software that mimics a land-based casino. The transition of gambling industries into the digital world, paired with secure payment options, is one of the contributing factors for the increase in online gambling market growth.
Big Numbers for the Global Market of the Gambling Industry
According to AGA, in 2013, the casino industry, game manufacturers, and other entities in the United States made about $240 million.
In a study published by S. Lock in September 2019, the estimated value of the online gambling industry will become $94 billion in 2024. The market size is about $46 billion, which means that it will double by 2024.
Online Gambling Created New Territories
Because of the innovation of technology, online gambling sites can now penetrate other countries further. Currently, there are still numerous countries that do not allow online casino sites. However, more countries are also creating licenses to respond to the growing demand of online casinos.
Growth of E-Sports
Although E-sports is currently a trend, many betting companies already want to jump into betting with E-sports. Still, many do not consider E-sports as a real sport. But with its attraction to massive crowds and big sponsorship deals, there might be a slight chance that the gambling industry takes on this world.
Online Gambling Industry in the US
In January 2019, the Department of Justice reversed the 2011 Wire Act that says only sports betting are the only one applied in the law. In the revision, the Wire Act now applies to online gambling and online lottery and other forms of gambling across state lines. The states that allowed online gambling are Pennsylvania, New Jersey, Nevada, and Delaware.
Concerns in the Increasing Size of the Gambling Industry
Because of the fast increase in the market value of the gambling industry, there are still concerns about its management and control. Many of the countries already have legislation and licensing agencies that control the operations of online gambling sites. However, many fear that with the limited licensing agencies available, they will not be able to accommodate the increasing amount of online gambling sites. More and more hackers create new