Online Gambling Industry Growth
Turn back the clock just a decade or two and you’ll learn something very interesting about the online gambling industry. Namely that it barely existed. In the 1990’s online gambling was considered to be a small, niche market, barely even worth registering. Sure, it turned over a few thousand dollars, but it certainly wasn’t bursting any bank accounts at the seams.
But this makes perfect sense. In the 90’s the Internet is not what it is today. Download speeds were slow, the user base is a fraction of what it is today, and online casino software was far from being intuitive and user friendly. Anyone wanting to partake in online casino games was required to download permanent software to a desktop computer, and this software was anything but reliable. And this is even assuming online gambling was legal in your country. But growth occurred quickly as we enter into the early 2000’s.
By 2001 the online gambling industry was already starting to see rapid growth. The user base of the Internet was escalating exponentially as new, faster technology became available. Internet access started to become essential not only to businesses, but to the average person. Plus, massive strides were being taken in the user-friendly nature of online content, including access to online casinos. The result was that what had once a small part of annual Internet revenue, the online gambling industry, was fast becoming a leader.
By 2009 the online gambling industry was turning heads all over the world. A veritable explosion of interest had occurred, and many big name companies were quick to get in on the action. Mobile phones were becoming the new, preferred method for users to get online, and casino brands were not unaware of this. Strong trends were beginning to form, and the online casino industries were taking advantage. Many countries that had previously been indecisive were also beginning to legalise online gambling all over the world. New, untapped markets began to open up globally, and pioneers were quick to move in an establish roots. It has never been easier to go online, or to access the casino games.
As 2013 ticked by, the online gambling industry now called itself one of the largest online money makers in the world. Casino phone applications were streamlined, reliable and extremely user friendly, with most online casinos offering them for free to customers. What had once been a small market just a decade prior was a giant. And, most incredible of all, the growth that had occurred had been in an exponential fashion almost unheard of. To put it in perspective, keep this in mind:
- 1990 – Online Casino Industry is Worth Roughly $10,000
- 2009 – Online Casino industry is Worth Roughly $9 Billion
- 2013 – Online Casino Industry is Worth Roughly $28 Billion
- 2017 – Predicted Online Casino Industry is Worth Roughly $40 Billion
All indicators say that the online casino industry is going to keep growing at a phenomenal rate. This is all but guaranteed, with the only real question being as to just how fast that rate of growth will be. Initial predictions say that annual revenue will be somewhere around $40 billion dollars in 2017, but this estimate is cautious at best, with the number likely to be a bit higher.
Europe in particular has seen immense growth, and is expected to see a great deal more in the future. Live casino broadcasting centres are already being established, with more expected in the coming years. With live casinos being seen as the next big step forward for the online casino industry, Europe is likely to start being considered as a global hub.
The United States is also slated as being a key location for future growth, with a number of new operators eager to start making waves. Market penetration has not been as high in the states as other parts of the world, but this is likely to change soon. What occurs in the United States will be a key factor as to how online casino operators step up accessibility in other parts of the world, so many eyes are watching and waiting.
King Of Industry
As a closing thought, keep in mind that the global revenue of the film industry, excluding DVD rentals and television licensing fees, is about $38 billion in 2016. This means that by 2017 the global online casino industry will very likely be earning more than the movie industry. It took the movie industry around 70 years to achieve its global revenue, while online gambling has done the same in 20 years.
There is still huge room for online casinos to grow, with many parts of the world still yet to even fully appreciate user friendly Internet. It can only be imagined how much the industry will be worth in 2020. One thing is for sure though; online casinos are the new kings of the entertainment industry.