On account of the ongoing developments that have collectively brought many industries to their proverbial knees, the online casino sector seems almost impervious to such effects. In accordance with a report published by the world’s biggest market research firm, Research and Markets, the online gambling sector will grow by roughly 13.2%, by the end of 2020. In the middle of a recession, that is not a figure which most industries can even optimistically predict for 2021 right now. The report and its implications become even more interesting as we dig deeper and analyze the stats with real world comparisons.
The Expected Growth: Just How Big is 13.2%?
By the end of 2019, the online gambling industry was estimated to be worth around $58.9 billion. If we take data from the referenced report to be accurate, then we would have to assume that the same sector will be worth about $66.7 billion by the end of this year. This is not only impressive because of the fact that this segment is capable of growing even in the middle of a recession, but also because that rate of growth is much higher than what we had seen in the year before that (9.7%). An additional 3.5% growth rate in a Year-On-Year comparison is quite impressive at any time, but the current conditions make it even more so.
The US Continues to be the Biggest Contributor in Online Gambling, But…
Before proceeding with more details regarding how United States is topping the chart in terms of online gambling revenue generation, it should be noted that China generates more in gambling revenue than even the United States as a whole. However, since it is illegal to gamble online in the country, the Chinese online gambling industry does not exist, at least not outside Macau anyway. The only legal Chinese gambling establishments are in Macau, and they alone managed to generate 1 billion US dollars more than the USA itself in revenue last year. This is both an astounding and a puzzling fact, given that online gambling is allowed to some degree in most sections of the US.
Even then, the US is officially second on the list with roughly $35.5 billion (online + offline) spent on gambling in total last year. However, if we isolate online gambling revenues from traditional gambling revenues, things begin to look a lot more impressive. Contributing roughly 50% of the world’s total expenditure in 2019, the American online betting and gambling industry is indeed the biggest one of them all, in terms of revenue generation and net worth. To find the best online casinos and bookmakers that are making this possible, check out Gambling Online USA. Aside from listing the best and the most reliable American casinos, the site itself is a great resource for all things related to online gambling in the regional US.
Expectations Set Forth for 2021
Another report from Statista predicts that the international online casino and betting industry will be able to reach almost $93 billion by 2023. Note that the observed/predicted compound annual growth rate of 11.64% is practically lower than what the same report predicts for 2020 – 21. This further confirms that 2020 has already been, and will continue to be, one of the best years for online casinos and sports betting sites, even years down the line.
There is another inference to be drawn from the CAGR and it is also prospective for the sector. We can observe that the CAGR is still extremely impressive, even after it becomes a lot safer to roam about next year and in the years after that. Mobile casinos and betting apps will once again become major earners for the segment then, since the universal usage of smartphones for gambling on the go will continue to increase as well.