The worldwide market for online gambling is set for continued growth and will be generating revenues of over $74 million, according to an industry report.
The detailed report, put together by Research and Markets.com is based on an in-depth analysis of the betting market, and covers a wide range of aspects including product, geography, and betting platform type. It found that the online betting industry will grow at a Compound Annual Growth Rate (CAGR) of 10% during the period 2017 and 2023 and that total revenue generated will pass the $74 billion mark by 2023.
Cost-effective mobile apps
One factor driving the rapid growth in the online betting sector is the growing availability of cost-effective mobile app in the key markets of the United States, the UK, Italy, China and South Africa. These apps make it easier for gambling operators to raise revenue, and in combination with the increase in global living standards, consumer spending and uptake of new technology, these apps are facilitating a steady increase in gambling spend. The easy availability of cost-effective apps is also encouraging new entrants to the gambling market.
At the same time, the report found that many international gambling brands are expanding their operations to new areas, deepening their customer base and maximising their share of the market. Through a combination of new premises, platforms and consumer-friendly technology, the large brands have been able to increase their revenue in recent years and this trend is likely to continue over the next half-decade.
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Andie Hughes is a UK-based freelance betting and gambling writer with over a decade of experience in the industry, having written for Betfair, ESPN, Boylesports, Sporting Life and various other popular betting sites. Contact Andie at email@example.com.