The global online gambling market is expected to grow at a compound annual growth rate of more than 12% from now through 2028. Gambling is highly sensitive and responsive to new technologies and innovations.
The unprecedented growth of online gambling activities, such as online casinos and betting on sites like WoomBet, has propelled players in the online gambling market to adopt new technologies to survive the competition. One such technology which is widely making inroads into the industry is augmented reality and virtual reality. The gambling industry has the highest potential to use AR and Virtual Reality technology in the future.
Top gambling vendors would go for creating a Virtual Reality casino environment during the forecast period. The implementation of AR technology provides online casinos with various options for improving and developing their gaming offerings. In casinos, this technology can introduce a range of new features. It can combine the best elements of live gaming and software with virtual reality add-ons and overlays to make a more engaging experience for its customers.
Live casinos have been very popular among gamblers worldwide. These casinos offer live dealers and real-time feeds that help replicate the experience and feel of a real-world land-based casino. These casinos are becoming popular among high-end paying customers who have been using real money in the past. Live casinos are gaining popularity worldwide, especially in the U.K., where online gambling has become very popular. Live casinos are gaining immense customer adoption, and major players such as Ladbrokes, William Hill, and Flutter Entertainment are already offering such an experience.
Online gambling has attracted legal scrutiny ever since the sport took off. Owing to the fine line of difference between the game of skills versus the game of chance, the overall business model has had to undergo several changes to laws & regulations across regions. Various countries worldwide are imposing restrictions on online gambling as they find it which could lead to financial loss.
Thus, the imposition of restrictions can become a major restraint for the online gambling market as the vendor will lose out on the market from the region where online gambling is banned. Several states in the U.S. are imposing restrictions on online gambling and are even posing fines against some online gambling platforms for disobeying the laws.
The global online gambling market by product is segmented into casinos, lottery, betting, poker, and others. In 2022, the casino segment dominated the industry with over 52% market share. Further, online casinos are becoming popular worldwide. Playing a plethora of casino games from the comfort of one’s own home has given impetus to the idea of online casinos, and revenue growth has been gaining much traction worldwide.
Online casinos have yet to encroach on the largest traditional markets for casinos, such as Las Vegas and Macau. The advent of live casinos has given traditional casino owners a different approach to earning money and increasing profitability using digital channels. Live casinos have bettered the prospects of earning more revenue for traditional casino owners who faced the shortage of guest arrival as one of their biggest challenges.
