How Online Gambling Industry Turned Into A Multi-Billion Market

If we sum up the majority of inventions and breakthroughs of the last two decades, the majority of them have been about bringing an offline service to the comfort of the couch. Be it ordering food, booking a cab or maybe playing a wager when you visit sevenjackpots — there’s an endless list. Technology has played a huge part in transforming our lives and getting everything onto the black mirrors. As different technologies have hit different markets, let’s talk about one of those markets that have been mushrooming right from its get-go — the online gambling market.

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Today, you can literally bet on any significant event that is going to happen around you given that it can make an effect on a decent number of masses. Be it a change in the weather, to who is going to win the league of your college basketball to something as specific as the winner of an eSport tournament. The heart of the matter is, the online gambling market is on a boom and the growth it has shown in recent times has attracted the attention of millions. If we speak about the projections of the market, the future of the market is being envisioned rosier than ever. As the reports of Statista suggest, the volume of the market in the year 2015 was $37.91 US dollars and the way industry is growing, it is being anticipated that the market would probably have its volume around $59.79 US Dollars —the number would most certainly be bigger than this.

It’s interesting to note that the whole idea of online gambling isn’t something that has been entrenched in the market for a long period of time. The first online casino came into existence in the year 1994 and well, it has only been on an up since then. People love betting online and why wouldn’t they? There is a multitude of factors that play a part in the equation — for starters, the variety of options. Also, hitting a casino is no longer something you’d plan to do and take your car out for — you can carry a digital Las Vegas in your pocket! No need to dress up or deal with people you might not want to. It’s there…right in your hands.

The industry had a torrid beginning despite the growth in numbers. Scepticism generally comes in the way when something new hits the market. Especially, something you’d put your money into. And after all, it was betting — something that already had a little shady reputation in the market. As the time passed by, the numbers started talking for the industry. The statistics were there to support that the chances of winning for a punter were fair and with growing market and more companies coming into the picture, the online gambling industry found a reputable ground. It was no longer a disreputable industry; it turned out to be a modern and fun way to lay a wager in the 21st century.

A lot of things shaped the fortune of the industry. The online gambling doesn’t limit itself to online pokers, slots or blackjacks — its roots have been diversified. Different betting structures have surfaced in recent times and you have an ocean of betting options to choose from. Let’s discuss a few of the common types of betting structures.

  • Novelty betting: Although the idea of gambling or betting often takes us to casinos or sports betting market, let’s take that out of the perspective while discussing novelty betting. Think of it as betting on any major event that is about to happen. It could the winner of The Voice or of the presidential elections.
  • Sports Betting: The name speaks for itself. Laying wagers on the anticipated outcomes in different sports. Sports betting is itself a huge industry today with the likes of Betway, Bet365, Interlops being some of the behemoths.
  • In-Play betting: This type of betting takes play during the course of an ongoing event. It takes places from the start of the event to its conclusion. You could take the example of a cricket match.

Let’s discuss another major factor — the rise of Esports. Every sport is stocked with a certain amount of thrill in it. Some people watch sports for entertainment while for some, it is it beyond that. From the standpoint of bookmakers, the introduction of a new sport in a market is a ‘more the merrier’ kind of a situation. There were fewer options to bet on before esports came into the frame. Although, as soon as it hit the market, it gave a new reality to the betting operators. With loads of games out there attracting a million eyeballs of the audience that might have been missed by the bookmakers in the conventional sports betting, they had it right there. The enthusiasm can’t be compared with any other sport. The industry was valued $655 million US dollars in 2017 and the projections show that it could exceed $900 million in 2018. Quite clearly, the industry will pull the online gambling industry with itself as it will grow.

It’s an exciting time for the people who fancy online betting. The options will keep growing with time, and with AR and VR finding their ground in the gaming industry, the gambling industry would perhaps benefit from them. It’s fascinating how technology can change our lives, isn’t it?

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