Mobile gambling has been continuously growing, and the industry is expected to hit an annual global market size of $250 billion by 2027.
This snowballing trend should come as no surprise in a world with around 3.5 billion smartphones and roughly some 1.6 billion gambling enthusiasts.
The Ever-Increasing Mobile Gambling Trend
In 2019, the global mobile market size had a worth of $53.5 billion; it has swelled into $79.5 billion now. According to experts, the growth is expected to continue at a CAGR of 17.8 percent over the next seven years.
Interestingly, the US market alone boasts a size of $21.4 billion, making it over one-fourth share of the global market. China estimates to touch a market size of $59 billion by 2027.
Mobile Gaming Statistics
The global gaming industry has witnessed investment worth $10 billion during the last 18 months. Interestingly, every third app downloaded by the consumers is the mobile game, and 74 percent of consumers spend.
Last year, every third person in the world played games on his phones. Over the years, the players’ interest in mobile casino games and sports betting has climbed as well. Many believe that the online version may replace conventional forms of gambling.
Indeed, betting through a mobile phone has a low entry barrier, and its apps further advance the expansion. According to the Fantasy Sports & Gaming Association reports, as many as 82 percent of the sports betting revenue in New Jersey raised via dedicated software.
The Pandemic Pushes Growth
The coronavirus forced governments to shut land-based casino venues for months, leading to significant revenue losses. Even now, after reopening, they are operating with a reduced capacity. All these developments triggered by the Covid-19, accompanied by social distancing and stay-at-home orders, have, in turn, diverted people to online gambling.
According to reports from the UK, searches involving gambling are in vogue. Besides, online slots in the US have quadrupled since February. In Pennsylvania, online casino yielded an unprecedented $54 million to state revenues.
Why is Mobile Gambling Becoming so Popular?
The people are naturally inclined to desire things that are simple and available at all times. The following reasons might explain why mobile gaming is becoming popular with each passing day:
Almost every individual has a smartphone nowadays, which means everyone has accessibility. It makes the first condition for playing at an online casino.
Easy Payment Methods
Secondly, you can send and receive funds and payments quickly and securely via your smartphone, thanks to payment apps and e-wallets.
Most online gaming sites are home to hundreds of games. So, you cannot get bored by the variety, or by the idea of running out of the gaming options. You can always have something new to try, like table games, real money online slots, and live dealer options.
Excitingly for the sports enthusiasts, many of these gambling sites are at once a casino and a sportsbook. Besides providing slots and table games, they offer the bettors to wager on sporting events.
Social media has also contributed by offering a new marketing avenue, accessing those who prefer mobile devices. Moreover, social media influencers use their reach to promote and drive customers to online gambling sites.
The Future of Mobile Gaming
It is not difficult to predict how improved technology, ever-growing smartphone users, laxer regulations will contribute to the overall marketing growth. Experts also anticipate that cryptocurrencies will also play a leading factor in online casino gambling.
In addition, virtual and augmented reality technology will also revolutionize the online gambling industry. Many predict things shifting to skill-based gaming. Even though slot gameplay and graphics are advancing, many see a shift to live dealer games in the foreseeable future.