There are more and more people using digital products. Online gambling laws are also more relaxed. These two factors are helping boost online gambling figures. In fact, we expect the number of online gamblers to double by 2020. This means that there will be around 684 million gamblers online. What’s more, we can expect to reach a remarkable $1 trillion in overall wagers that year. This is more than the annual deficit being added to the US national debt.
Numbers making money
These figures come from a recent report by Juniper Research firm. This latest study is called Mobile & Online Gambling: Casinos, Lotteries, Betting & VR 2018-2022. In it, they predict that online wagers will increase by 11.4% in 2018. This means they could reach a total of $700 billion, up from around $620 billion last year. More and more wagers are digital. If this trend continues, these will total over 40% of online wagers in 2022.
The author of the research, Lauren Foye, explains: “We believe new channels, such as chatbots, have the potential to drive customer engagement, through the delivery of personalized offers, alongside 24/7 player support.”
Increasing figures through innovation
Gambling products that lead users to spend money and adopt habits are the way of the future. This is especially true in brick and mortar casinos. According to this latest research, innovative new providers like LetsBet will shake things up a bit. LetsBet hopes to offer live-streamed entertainment and social interaction to users. At the same time, they want to improve gamification through a ‘secret agent’-themed product.
Changes in legislation are also helping gambling figures rise. And the North American market is ripe for future growth. For example, Pennsylvania was the latest state to legalize online gambling services. This was in late 2017. Many other states are also working to legalize online gambling as you know. So, the future looks bright for the iGaming industry!