According to a recently released study published by Market Research Future, the global online gambling market is thriving. While this is a trend that can be seen worldwide, certain regions have been impacted more than others, with particular growth noted across Asia.
Though Europe continues to hold the largest overall market share, it is Asia-Pacific that is expected to register the highest compound annual growth rate (CAGR) between now and 2025, due to factors such as increased foreign investment and the growing popularity of mobile gaming in the region.
Technological advancements and an increase in users
It’s fair to say that the online gambling sector has never been more successful. Worth an estimated $46 billion, its value is expected to increase exponentially over the next four years, so that by 2024 its price tag will exceed $94 billion.
Such growth is being driven by a number of factors, especially in Asia-Pacific, where the popularity of online gambling continues to rise at a rapid rate. According to the experts, this is primarily driven by two trends: snowballing technological advancements and an ever-growing audience.
The rise in smartphone usage is a prime example. Enabling technological advances that can be marketed to a much greater audience than before, it is transforming how the world of online gambling works, with more people than ever now choosing to game via their mobiles.
In response to this growing market, developers and providers are being forced to become continually more competitive. One of the ways they’re doing this is by offering new and diverse products, from jackpots and live casino through to the ability to play bingo slots for real money. This only drives the cycle, with this broadening appeal attracting a more diverse audience than ever, and ensuring that their attention is not only captured, but maintained for the long term.
A safer and more satisfactory experience
While the factors we mentioned above are doing much to broaden the appeal of online casinos and mobile gaming to Asian audiences, it is not only about improving the player experience, but erasing any negative connotations associated with gaming on the internet.
One key concern that many users have shared is the dangers of online transactions, but one way that these worries are being erased is by the increasing adoption of cryptocurrency by online casinos.
Making transactions both safer and speedier, this – along with more broad-sweeping security measures being put in place – has helped to reassure players that their security concerns are taken seriously and that online casinos are making a concerted effort to protect players from fraudsters and hackers.
Further growth expected
While the global gaming markets have experienced rapid growth in recent years, most particularly in Asia, this trend does not look set to abate any time soon. In fact, further gains are expected, with the online casino market forecast to register a growth of 13.2 percent by 2025.
The most significant increases are expected in Asia-Pacific, where it is believed that swelling foreign investment and an ever-growing audience are both likely to contribute. For gamblers in these areas, this could spell exciting times and plenty of opportunities to try new and novel products.