Article by – Anton Rublievskyi, CEO, PMI
Sports betting has been one of the most prevalent revenue generation Brookes making their way into the global economy. With sports enthralling more people by the day and roping in massive crowds, the betting industry is expanding towards a progressive future. Sports might have been observed as a source of entertainment for people in the former times but with the evolution of games, it has become people’s calling. They are passionate about the games and thus willing to invest in them.
The paradigm shift in attitude towards sports, from light entertaining activity to the game that pumps the adrenaline, has encouraged diverse portals to switch from gaming to igaming. Increasing the stakes and contributing to the betting industry, gambling has made prominent a significant upside of contributing to the global economic support. Boosting the international economy, it is growing at 4.1% CAGR (Compound Annual Growth Rate).
Owing to urbanization and people getting thick with smartphones and other gadgets, it is only expected to see the market upscale and contribute more to the economy. Experts in the sector anticipate the CAGR to rise to 5.9% and touch $565.4 billion by 2022. The user engagement in the segment has grown exponentially ever since the pandemic hit the world – people, as a precautionary measure, were advised to sit at their homes, giving them more time to indulge in betting games. This has been a significant aid to the economy and has been driving monetary profits across the world.
The increase in profits also indicates how legalizing betting games is a stepping stone for countries and their economies, so much so that some analysts claim to minimize the COVID-recession by the profit produced by betting games alone. From online poker to the casino market, players in the domain are focusing on integrating different technologies to smoothen the betting experience for igamers. Roping in virtual reality along with other technological advancements, the sector is seeing an ascent like never before.
Asia-Pacific is one of the countries that’s observed to be the largest market for gambling, making for 32.7% of the global market. It is entailed by North America, Western Europe, and others. iGaming is not only creating opportunities for users but also enthusing gamers and creating professional opportunities in the firms to recruit people and have an ever-evolving system in place. The gambling market might be fragmented at large, but that isn’t obstructing the revenue that it’s been making currently. From luring more gamers with varied prizes to generating taxes and aiding the country by the increased indulgence of people, the betting game market is seeing an upward spiral of success. Covering aspects from increasing employment opportunities to being a pillar of support for the country’s economy, betting games are making it bigger by the day.
An array of opportunities have been surfacing the domain and are anticipated to increase with time. Countries across the map are leaning on betting games and gambling to support their economy and safeguard their rough times, especially after being impacted by the COVID-19 crisis.