What's in Store for the Online Betting and Gambling Industry this Year?
Online Gambling or iGambling is gaining prominence on the internet and is growing rapidly. The rapid growth of online gambling is said to be catalyzed by the emergence of smart mobile devices like cellular phones and tablet PCs. Yes, real life lottery cas
Governments are forced to act and regulate iGambling due to its rapid growth. Presently, the global online gambling market has an approximate value of a medium two digit number in billions of Euros; it is expected to have an annual growth between +7 and 10 in the coming years.
The Online Gambling and Betting Trend
Social and mobile gambling are the major trends of online gambling. Mobile gambling is expected to comprise over 40% of the whole online gambling market by the year 2018 for the number of mobile gambling users is increasing by a hundred million. Online gambling operators took advantage of the growing number of mobile users and made the service available on mobile platforms. This is ideal for gamblers and bettors on the go.
Social gambling is the trend to look out for. This arise from game developers’ urge to monetize gaming on social networks. Another online gambling trend is the growing acceptance and use of the digital currency bitcoins.
Will Internet Gambling Continue to Flourish?
Online gambling received various receptions across the globe. This can be a good source of revenue. However, there are a lot of risks if things got way out of hand.
In the United States, three states legalized this activity and generated millions of revenues in its first month of legalization. New Jersey, Delaware, and Nevada are the states that legalized internet gambling within their domain and more states are expected to follow.
Brazil, the largest Latin American market forbids any type of gambling and betting except horse racing although foreign gambling sites are popular among local gamblers who spend several hundred millions of EUR yearly on offshore sports betting sites. This activity will likely increase this year for the World Cup will be held on the country. In some Latin American countries like Mexico and Argentina, online gambling is accepted under special license. However, offshore internet gambling is more popular than the regulated local sites.
Europe is known to embrace the idea of iGambling, but as the activity keeps on growing, new directives are being enforced. To battle the tax losses on gambling and betting because gamblers tend to go with the foreign sites, the UK Government imposed tax rule based on where the consumer resides.
Nations in the Asia Pacific region has a different stand on the legalization of online gambling. Australia, the leader in the world when it comes to per person gambling, internet gambling has an overwhelming yearly growth of 30% while the growth on the total gambling industry does not exceed 5%. China and Singapore prohibit the online gambling activity and those who are caught will be prosecuted. In Singapore, however, one thirds of the internet users had gambled remotely at least once. Operators are in the hopes that online gambling will be legalized in Japan and the administrative territories of Macau for these countries already have local online gambling sites.
Internet gambling had just emerged in Africa last year and had launched a regulated online gambling website in Kenya. The activity is in progress of legalization this year.
There are a lot of push backs and push throughs on the legalization of online gambling. But experts believe that it will flourish in the coming years.
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