The online gambling industry has been one of the biggest areas for financial growth in recent times, and that promises to continue over the next few years.
A 2016 report by Technavio claimed that the global online gambling market is expected to exceed $60 billion by 2020.
Online betting and online casino combined accounted for 70% of the revenue generated from the online gambling market.
Read on for the top four areas for growth expected in the online gambling industry over the next few years.
Growing number of online women gamblers
Female gamblers accounted for 40% in the US and 49% in the UK in 2015, but research shows that women prefer to gamble in private so that they can play confidently and are less intimidated by male players.
This potentially opens up a massive market for VR casino games, with the developing technology allowing players to immerse themselves in a casino environment without ever leaving their own home.
Changing marketing strategies
Direct mail remains a hugely popular way of attracting people to gambling websites, but operators are constantly looking for new ways to generate increased business.
The challenge for companies is to ‘sell’ to their customers via websites and social media without being seen to be overly intrusive.
Many people skip through advertising content, but if it’s included in content that is both entertaining and informative they are more likely to be receptive to what they are being offered.
Use of alternative options to cash
Online gambling allows players to use virtual money which eliminates the risk of carrying cash as you would if you visited a betting shop or casino.
Debit and credit cards have been the most popular payments methods as the industry has grown, but e-wallets are now becoming many people’s preferred option for deposits and withdrawals.
Use of payment services like Neteller and Skrill has grown massively in recent times and that trend promises to continue in the future.
Changing consumer gambling habits
The global online gambling market has seen significant changes in consumer habits, and increases in the usage of apps and social gambling are amongst the factors expected to drive market growth over the next few years.
More and more operators have started to optimise their sites for mobile devices, while the number of people taking part in social gambling has seen a rise in games that allow family and friends to socialise and interact though online gambling sites.