The Rise of the Online Gambling Market
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There are more than 1.6 billion online gamblers worldwide. The global online gambling market is worth around $40 billion every year. It's expected to generate revenues of more of $74 billion by 2023.
The rise of the online gambling market is mainly due to increased smartphone usage. Leading vendors are investing in developing mobile apps that work seamlessly across digital devices. More than 85 countries have legalized online casinos. In the United States, it's expected more companies will offer sports betting after it was legalized by the Supreme Court in 2018. Other factors contributing to the market growth are cashless payment options for players, availability of high-speed internet, corporate sponsorships, celebrity endorsements and the rise of blockchain-based gambling platforms.
Europe has dominated the global gambling market with a market share of 48.9% and a worth of $19.91 billion in 2018. The online gambling industry is growing at 10% per year.
The Rise of the Online Gambling Market is a topic of discussion in EconoTimes.
