Gambling market: a $73 billion revenue estimated in 2023
Although the gambling industry in Atlantic City has faced many past difficulties, the global online gambling market is doing very well and the future looks bright. This was recently stated in a study by ResearchAndMarkets.com. According to the study, it expects to generate a full $74 billion in industry revenue by 2023, and the industry expects an annual growth rate of approximately 10% between 2017 and 2023.
The success of mobile apps
This massive growth of the global online gambling market can be explained by several factors. Above all, the success of mobile apps in China, the US, Italy and the UK has contributed to this.
A changing lifestyle
Changing lifestyles with higher spending, improved quality of life and increased use of new technologies have also been factors. Growth is also driven by rising per capita income and the number of dual earner households, meaning that people can spend more money.
The global market for online gambling has several key players. As competition increases, so does the investment of operators in advertising and the improvement of supply in order to maintain their leadership positions, as more and more players around the world are available.
Many markets are still in their infancy
In many industrialized countries, the online gambling market is already mature. But there are many countries, such as India, where this industry is still in its infancy. Again, the market will gradually grow, which will increase the overall turnover of the online gambling industry worldwide.
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