Growth of Online Gambling in 2021
Online Gambling is any kind of gambling conducted through the Internet, including virtual poker, casinos and sports betting. The first Internet gambling venue opened to the public was ticketing for the Liechtenstein International Lottery in October 1994.
Several factors are expected to drive the market growth for online gambling. One of the most important factors is the legalization of online gambling in various countries around the world. This trend is especially prevalent in emerging nations. Additionally, the increasing focus of key players on innovation, partnerships and promotion is expected to further fuel the market’s growth.
Another factor is the increasing popularity of mobile devices. With the advent of smartphones and tablets, it has become increasingly convenient to gamble from anywhere. This has led to an increase in the number of people playing online casino games and placing sports bets. Moreover, the COVID-19 pandemic has also boosted online gambling, as more people resorted to these platforms to bridge their financial and social crises.
While some may question the morality of gambling, most sites promote fair play and offer responsible gaming options such as loss limits and self-exclude. Furthermore, many casinos donate tens of thousands of dollars to local charities each year.
In addition to the legalization of gambling, a major driver for the online gambling industry is the growth in global consumer demand. In 2021, the global consumer base for gambling increased by 2.3%, primarily due to rising disposable incomes in emerging economies.