The global gambling market in 2021 was around $400 billion and it’s expected to grow even more because of the new technology that improves the gambling experience. When it comes to online betting, it will reach almost $100 billion in 2023 which is the biggest growth in the industry in the past few decades.
If you follow sports news, you can see how much money is being spent on players and other expenses. For example, in soccer, a few players have reached the value of over $200 million. This was unthinkable only a couple of decades ago but the prices are still going up. Gaming is another industry that helped sportsbooks make more money.
Gaming As Part of the Gambling Industry
One of the reasons why online betting has become even more popular in the past few years is gaming. There are only a few games people can bet on but it opened a whole new market for any sport that’s added by the bookies and casinos.
Some of the games include CS GO, League of Legends, Dota 2, and FIFA. Even though most of the audience are young people, there are a lot of them making bets online. Depending on the platform, some of them accept cryptocurrency as the main payment method. This means that there isn’t any information about the client and their age.
Young people that bet on gaming are usually introduced to it by popular streamers but it’s highly recommended not to gamble if you are underaged. The casinos that operate with crypto still have to be regulated but that will take some time considering how big of a deal it is.
Crypto Casinos and Technology
Another very important reason why online betting has gained traction is blockchain technology and cryptocurrency. As soon as companies realized they can use crypto as the main payment method, everyone jumped on the opportunity.
But, new technology is actually the biggest change because gambling has become safer and more private. Players don’t need to provide any personal information or credit card information in order to play. They will just connect their crypto wallet and deposit or withdraw funds.
There is one issue, there are many sites that have problems with withdrawing money. So, make sure you play on a reputable website that has a large community. They tend to be safer and more regulated. This is the problem because it becomes very easy to open an online casino if you have the funds for it.
Online Gambling on a Phone
In-person gambling is still very popular because of the unique experience people have when playing. But, because you can waste a lot of time and money, many players have switched to online gambling.
In the beginning, people played on PC but most of the online gambling is done through phones. Almost every popular website is optimized in such a way that you can play any game on your phone and there are even applications you can download and play. This opened a new market to the gambling industry and it’s expected that every casino will have its app.
Future of Online Betting
Virtual Reality has come a long way from the first project and big companies like Facebook and looking into it. Their goal is to switch to VR and allow people to interact with each other like in real life. This will allow us to have in-person meetings and check the projects that are yet to be done.
The gambling industry is also a big part of this considering that there are already a few VR casinos opened. The problem is that there are not enough people using it compared to traditional gambling. You can join a VR casino and play poker or even get a job but it will take another few years to enhance the technology. As soon as it becomes more affordable, better resolution, and accessible to everyone, we will have another big change in the industry.