Online gambling market enjoying huge financial growth

The online gambling industry has enjoyed huge financial growth over the past few years and the boom looks set to continue for many years to come.

According to a 2017 report by Oristep Consulting, the market was valued at $44.16 billion in 2016 and is estimated to reach $81.71 billion by 2022.

Advancements in technology have resulted in online casinos and sportsbooks being able to offer a huge range of games and betting markets around the clock, ensuring that people can gamble on what they want, when they want.

Read on as we look at some of the changes expected in the industry over the next few years.

Increased usage of cryptocurrencies

Online gambling operators now offer a wide variety of payment methods to their customers.

Debit and credit cards have traditionally been the most popular, but e-Wallets and cryptocurrencies like Bitcoin have become many people’s preferred option for deposits and withdrawals in recent times.

An e-Wallet is an electronic purse which allows you to make online payments by using an email attached to your account without sharing your personal financial details, while cryptocurrencies are an alternative form of money that allow for secure an anonymous transactions to be made on blockchain protocols.

Different marketing strategies

Direct e-mail campaigns remain a popular way of attracting people to gambling websites, but operators like Fruity King are constantly searching for new ways to increase their income streams.

The challenge for companies is to ‘sell’ to their customers via social media platforms or websites without being seen to be overly intrusive to their experience online.

Many gambling companies now provide betting-focused content that is designed to be informative and entertaining whilst containing the key messages they are looking to promote.

Women embracing online gambling

Female gamblers accounted for nearly half of the market in the United Kingdom in 2015, although research has shown that they prefer to gamble in private so that they can play confidently and feel less intimidated by male players.

Historically, the only form of gambling where women have out-participated men is bingo, and many operators have targeted this area of their online casinos at a female demographic.

While men still lead the way when it comes to gambling, the gap is closing. With a younger, internet-savvy generation of female gamblers emerging, the number of women who bet is sure to keep growing.

Consumer gambling habits will evolve

The online gambling market has seen significant changes in consumer habits, with much of this driven by the increases in the usage of apps and social gambling.

The leading operators have already optimised their sites for mobile devices, while a rising number of people now take part in social gambling alongside family and friends, allowing them to socialise and interact through online sites.