From various indications, 2024 portends to be a profitable year for the online gambling business operators. Last year set up the online gambling industry for more growth.
With land-based casinos closing shop because of the pandemic, the only foreseeable gambling option is online platforms. Based on this, the number of players registering at online gaming sites has risen immensely. In 2024, the online gambling market generated an estimated revenue of $53.7 billion globally.
However, online business is threatened by the activities of hackers and scam sites. The industry must use enhanced security systems else their potential to grow will be affected.
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The Online Gambling Market and COVID-19
Frankly, the COVID-19 pandemic halted so many plans, and most businesses suffered. Interestingly, the reverse was the case with the online gambling market. It was as if the pandemic was the panacea that the online gambling industry has been looking for. It created new online gambling awareness. Some of the benefits the pandemic brought along in disguise for the online gambling market are:
- Increased registrations at online gambling sites
- Competition among online gambling operators
- Improved bonuses and promotions to attract players
- Legalization of online gambling in most countries
During the pandemic, the online gambling platforms were the only option because the land-based casinos were not accessible for visitors. SA CasinoHEX offers a comprehensive list of the top online casinos in 2024 already making huge strides, e.g., Punt casino.
New Online Gambling Entities and Innovations
Considering the huge revenues recorded by the online gambling industry in 2024, more investors will want a piece of their cake. Since the pandemic slowed down the land-based casinos, investors will be looking to tap into the online gaming market. Consequently, new online gambling entities will crop into the market. Meanwhile, some of the innovations expected in 2024 are:
- Blockchain Gambling: Looking at the threat posed by hackers, blockchain technology offers better protection for gambler’s data. In 2024, some gambling websites had adopted the blockchain payment option.
- Virtual Reality: This incredible feature will improve the expected growth in the online gaming industry. Players will enjoy a more realistic and immersive gaming experience.
- Artificial Intelligence: This feature will help gamblers personalize their gaming experience. It analyzes a player’s preference and helps develop a customized page. Somehow, it will also lock out fraudsters and scammers.
- Mobile Gaming: In the past few years, betting entities have relied heavily on mobile devices to grow their businesses. With more advanced mobile devices coming on board, online operators will develop enhanced gaming experience for players.
Possible Challenges of the Online Gambling Business in 2024
Online gambling successes will not come without any challenges. Before the online gambling industry started experiencing steady growth, there were prevalent challenges that the industry was facing. With the huge successes of the online gaming industry, certain challenges are foreseeable.
- Scammers and Hackers: Although the online gaming industry has been faced with this challenge for a while, it’s still a threat to date. Scammers are devising new methods of penetrating the most advanced security measures used by online casinos. Online betting sites must enlighten their customers and employ more security measures to curb the menace. If this continues, most online gamblers will find it difficult to register with gambling platforms on the internet.
- Regulations: Since the online gambling market is booming, the government may impose more taxes on their operations. For instance, presently, the UK Gambling Commission has set deposit limits for online casinos. This may affect high rollers that deposit huge sums. Somehow the casino’s revenue will be affected.
- Competition: Not all competition is good for business. Although the influx of more gambling operators will be good for gamblers, if the operator’s actions are not regulated, it will affect the industry. A benchmark ought to be set to encourage positive competition.
- Licensing: Presently, a lot of online scam sites are operating with dubious licenses. The online gambling industry stakeholders need to form a formidable force to counter the illegal licensing of online casinos.
2024 Estimated Online Gambling Earnings Globally
According to some reports, the global online gambling market will be worth USD 125 billion in 2027. Meanwhile, in 2024, the global online market was estimated at USD 53.7 billion. Considering the recent growth, the online gaming industry may be worth double what it earned last year.
In a report, Grand View Research stated that the compound annual growth rate (CAGR) of the gambling industry is 11.5 percent annually from 2024.
- Cultural Acceptance: In some regions, online gambling is entirely prohibited. It is regarded as a “Sin Tax” in some states. Nonetheless, some regions have started accepting online gambling. For instance, Switzerland recently legalized online gambling.
- Online Gambling Operators Partnership: A few years ago, online gambling operators found it difficult to partner. Presently, online gambling companies understand the need to partner to make more profit. They now know that the market is large enough to accommodate everybody.
- Software Applications: Online gambling companies are introducing new mobile apps that don’t use too much space in your device memory. More so, they are faster and easier to use.
The online gambling industry is the biggest beneficiary of the pandemic. It showed potential gamblers the benefits of betting online. Although online gambling had witnessed steady growth in the past five years, it gained more in 2024.
Online gambling operators are hoping for a better 2024. Similarly, many partnerships are going on to ensure that they cash in on every opportunity that comes their way.
The world is unique and unpredictable. However, based on the current state of events, the online gambling market will enjoy a lot of profits in 2024. Whether or not it will continue after the pandemic is a discussion for another day. After all, countries are taking measures to ensure that the pandemic is stopped.
Finally, apart from online gambling operators, gamblers also have a lot to gain. Healthy competition in the online gambling market will increase the bonuses and promotions offered.