- Research data released by Juniper Research reveals potential industry growth
- Highlights new and innovative technology, social channels and regulatory changes
A huge rise in online gambling, both in terms of industry growth and those players coming to the sector instead of more traditional high street betting outlets could see the online gambling wagers surpass $1 trillion by or around 2022.
The incredible figure is the conclusion of a new data study that was carried out by UK-based research business, Juniper Research.
It noted that the enormous increase in activity across the online gambling market globally could result in such a huge spike. Juniper’s research has also said that by the end of 2018 that figure could be close to $700 billion (in 2017 it was just over $620 billion).
Tech and innovation are key drivers
The online gambling industry has seen significant growth recently. At the end of 2017, for example, a report from the UK’s Gambling Commission found that the UK’s online gambling sector grew by 1.5 per cent since 2016.
According to Juniper’s research, there are a number of key drivers behind the growth – and the expected growth – of the industry, in particular new innovative technology, additional digital products launched and a raft of new regulations that have given assurance to the market.
In the case of the former, the research – known as Mobile & Online Gambling: Casinos, Lotteries, Betting & VR 2017-2022 – acknowledge a rise in digitally placed wagers, a segment that could comprise more than 40% of all online wagers by 2022.
Lauren Foye, one of the research’s authors is quoted as saying that “We believe new channels, such as chatbots, have the potential to drive customer engagement, through delivery of personalized offers, alongside 24/7 player support.”
Social channels and how online casinos interact with customers and potential customers was also noted in the research, with things like live streamed entertainment and social interaction reported to be important in achieving growth.
What about regulations?
2017 in particular saw a number of important changes to the various global markets, as well as to wider regulation and legislation.
In the US, for example, a number of states attempted to legalize online gambling in order to grow their markets, with some such as New Hampshire and New York – in the case of online poker – being unsuccessful.
In contrast, the reasearch from Juniper points to the example of Pennsylvania, which legalized online gambling, as cause to believe that the US market could be a big one in terms of potential growth.
Naturally, that growth will vary from market to market. Elsewhere around the world, for example, Spain tightened a number of its gambling regulations whereas in the UK casino affiliate sites became the target of a number of new rules.
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