Online iGaming Market Expected to Reach Over $127 Billion by 2027 – FinSMEs

Despite the fact that the online betting industry was not nearly as popular as the land-based alternative on which it is based, things slowly started to change.

There were not that many betting operators to pick from, but today, some people can avail themselves of hundreds of betting sites. In fact, Betenemy states that the casino industry is growing by the day because new iGaming companies are opening their doors to clients worldwide. This site will help users learn more about each company because it includes in-depth reviews of every top-rated casino.

Although online betting platforms grew in popularity every year, things like the global pandemic in 2020 definitely had an effect on the industry. People expected iGaming to slow down, but in reality, it became even more popular because bettors had no other way of playing casino games or punting on sports. Therefore, many experts think that the online gambling market may be worth more than $127 billion by 2027.

With that being said, lets learn more about the reasons why iGaming grew so fast and why it is likely to become even more popular.

Legislative changes

Everyone knows that gambling is one of the most sensitive topics when it comes down to lawmaking. Some countries have long traditions in gambling, which is why they allow different kinds of betting activities, including online casinos, bookies, lottos, and more. In most cases, these countries have an independent regulating authority (usually a gambling commission), whose job is to monitor all betting companies and grant/revoke their permits.

Besides the countries where gambling has always been legal, many other places have decided to update their current gambling laws. Hence, things like online casinos and sports betting sites gained even more users.

The increasing adoption of smartphones will also have a massive role in the industry

People who want to bet online must have access to a device that will allow them to use the internet. It shouldnt be surprising that most gamblers use computers to access the site they like because this allows them to have a fully-fledged betting experience. However, bettors from some parts of the world do not have access to computers.

Since not everyone can use a PC or a laptop to access an online casino, the reviews from Betenemy show that many of the top-rated casinos invested in mobile apps and websites. This may come as a surprise to some punters, but smartphones and tablets have become a lot more obtainable in the last couple of years. Consequently, the number of people who use handheld devices for internet betting increased, which means they can access a given casino/bookmaker on the go.

Thanks to things like mobile apps and mobile sites, the online betting industry will most likely gain loads of new customers who were unable to access its services.

If the COVID-19 continues to be a problem, iGaming will become even more popular

One of the reasons why experts think that the gambling industry is likely to reach more than $127 billion by 2027 is COVID-19. This virus had a massive impact on almost everything in our daily lives, including our hobbies. Some of the most prominent land-based casinos in Las Vegas had to close due to the pandemic, which meant that the only way for people to play slots and different kinds of casino games was by using an iGaming operator.

No one knows whether COVID-19 will continue to be a problem in the future. Despite vaccines and other measures, the pandemic is not over yet, so it is probably here to stay. Even though this is bad news for almost all sorts of businesses, it is definitely a plus for online betting companies. Hence, they will continue to gain new users.

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Online iGaming Market Expected to Reach Over $127 Billion by 2027 - FinSMEs