The online gambling market worldwide expects to enjoy tremendous growth in the next six years. A recent study by Global Market Insights estimated the market will reach $160 billion by 2026.
Credit smartphone growth, improved infrastructure and easy accessibility for a major boost in betting. The research also cited newer technologies such as virtual reality, 3D animation, live table games and mobile-friendly gaming as factors propelling growth. The convenience of cashless payment and more women in casinos are also drivers, according to European Gaming.
Online gambling segments include bingo, lottery, poker, casino, and sports betting, with the latter among the fastest growing segments. While still popular, the lottery segment could be in for slower growth in the coming years.
Asia Pacific and India online gambling experienced a significant increase in activity due to the coronavirus pandemic which led to lockdowns and the closing of casinos. There was a 43 percent jump in online poker throughout the United States after the lockdowns and social distancing mandates took effect. The country had a 255 percent gain in first-time players.
