How The Online Gambling Industry Grew Over Years
The global gambling industry has been booming for more than 10 years and we have witnessed enormous growth in the total value since the establishment of the first online casinos. The main reason behind this is obviously the advancement of technologies in general as it became possible to gamble in casino games safely even with smartphones nowadays. For that reason, here at Cryptobetting, we decided to do a quick overview of the industry, so you get a general idea of how successful it has become over time.
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Online Gambling Industry Growth summarised in text
the global online gambling market was valued at 59 billion U.S dollars in 2020. Compared to the stats a decade ago, the growth is nearly 35 billion dollars which is a pretty high number. Experts believe that upcoming years will be even more prolific since they are expecting that this number will reach approximately 93 billion dollars very soon.
Average daily gambling time around the world
When it comes to the continents with the most online gamers around the world, we have to say that North America takes number one place since punters there spend approximately 107 minutes gambling on average daily. As for Europe, it is in second place with 97 minutes per visitor.
African, Latin American, and Asian countries show very low numbers compared to the first and second places. There are various reasons why people are not interested in gambling there, but mainly because we witness some restrictive laws regarding online casinos in the majority of countries on these continents.
Top 10 places with the biggest gambling revenue in 2021
The 2021 year was extremely profitable for gambling platforms as they got tremendous revenue in the end. As for the countries, the leading places are taken obviously where there is a huge population, and it is no surprise that China holds the number one spot. This country has got a total of 46.01$ billion in revenue out of 685.48 million players in 2021.
The United States takes second place with 191.12 million players and $30.5 billion in revenue. The last eight countries on the list include Japan, South Korea, Germany, the United Kingdom, France, Canada, Italy, and Spain.
Devices used to access online gambling
The development of smartphones has definitely revolutionized the whole gambling process since it became essential to create a suitable playing interface for mobile devices as well. Hence, we are seeing a huge rise in mobile gambling since 2015 when the number of mobile users has doubled, and today, smartphones are the most frequently used devices for playing.
Such a massive growth of smartphones has induced a significant reduction in laptop users. While 61% of players were using laptops to gamble on casino websites in 2015, this number has decreased to 40% in 2020. As for the tablets, the number of its users fluctuated in the range of 16-21% since 2015.
Places used for online gambling
Generally, it is considered that the majority of punters do not have a day job since they spent all their time gambling. So, it is no surprise that most online gambling activities are done at home. By looking at statistics, we witness that 95% of players were playing on casino websites at home in 2019. This number grew by 1% in the following year.
Although you might imagine that it is pretty unlikely for someone to gamble in casinos other than at home, we are seeing a considerable amount of players who play casino games while traveling. Moreover, there was 11% of punters who were gambling at work in 2020 as strange as it sounds!
Most popular online gambling activities
There are a lot of departments on casino websites nowadays and you have a chance to play all kinds of high-class games there. However, the most frequently visited section is still sports as there were 42.5% of gamblers who spent most activities there in 2020.
As for the casino department, 32.4% of players were playing different kinds of games there in 2020. The other sectors include Poker, Bingo, Lottery, and so on. So, sports betting is the most popular activity on gambling platforms nowadays.
The rise of the crypto gambling industry
The Crypto gambling industry has started rising ever since we saw the establishment of the first-ever cryptocurrencies. They have definitely provided completely new opportunities for the casinos as well as punters. Consequently, as the number of crypto users started to grow enormously, it was necessary to implement cryptocurrencies as a form of payment on gambling platforms.
As of today, the total pool of cryptocurrency used for gambling is worth about $940 million. This number is expected to grow tremendously in the near future as we see more and more crypto-oriented casinos appear on the market.
Why do people go for digital coins while playing?
Digital coins have paved the way for completely new possibilities for gamblers. First of all, by providing transactions with Bitcoin and other cryptos, they ensure security with the help of blockchain technology. As a result, they have earned the trust of customers and a vast number of players switched to cryptos nowadays.
Apart from providing completely protected payments, cryptos also guarantee instant transactions that take place within seconds and very limited fees for withdrawals. What’s more, it has become possible to remain anonymous while gambling with cryptocurrencies and blockchain is able to even protect your IP!
Top cryptocurrencies used for gambling
It goes without saying that Bitcoin is the most frequently used cryptocurrency for gambling today. The main reason is that it was the first one that appeared in the world in 2008 and has managed to maintain popularity ever since. Nowadays, 80.11% of punters are choosing Bitcoin to gamble.
Besides Bitcoin, there are various kinds of cryptocurrencies as well, but they are not very famous. For instance, Ethereum is utilized by only 9.88% of players, whereas 4.52% select Litecoin to gamble in casinos.
The share of bets made with cryptos in 2021
We have seen tremendous growth in the total share of bets made with cryptos in 2021. In January, only 23% of bets were provided with cryptocurrencies and this number reached 40.1% at the end of the year, which is definitely a huge rise.