Gambling might not be a popular subject, especially in the presence of governments and their systems, but it remains stubbornly extant. Interestingly, as some governments step up their fight against the game, the market size seems oblivious of this. To be sure, the latest forecasts by Global Betting and Gaming Consultants show that the gross gaming yield (GGY) for the gambling market could reach $500 billion by 2022.
Interactive gaming is growing exponentially
In a report dubbed the GBGC Global Gambling Report, the research firm pointed out that the Native American gaming still remains the favorite for patrons across the globe. However, it is also clear that the Asia scene is growing exponentially and might overtake the Native American gaming soon.
While at that, it is apparent that technology will fuel the growth of the gambling market even beyond the forecast figures by a huge margin. Due to technology, there is a marked rise in interactive gambling. According to GBGC , the niche only accounts for 10% of the gambling market today but that will change drastically soon.
One of the reasons pulling interactive gambling behind gambling in land-based casinos is a lack of regulatory clarity. The niche is quite new, having emerged with the coming of the internet and hence most governments were not prepared for the surge in market interest.
Online platforms are a huge boost
As technology becomes available, many people are able to access gambling opportunities online.
For instance, one is able to play baccarat online quite easily today on a smartphone or any other
personal computer. As such, it is probable that the global market size for gambling might grow
faster than expected.
Today, there are very many online platforms that offer gambling opportunities. To be sure, a good number, if not all, of the companies that previously ran businesses in land-based casinos have expanded operations to the internet. Interestingly, the internet also gave rise to many other companies that exclusively operate online. This is to say that competition is also high for the existing and new customers in the industry.
Gambling is now easily accessible and cheap
As always, competition is a good thing. If it does not lead to better services and returns to the
players, it pushes out the businesses that have poorly thought business strategies. This way,
space remains with only those who have resilient strategies that will contribute positively to the
growth of the market.
The explosion of the internet-based gambling platforms implies that the market is now accessible to people who could not access casinos due to the cost. Land-based casinos offer a royal experience in terms of services which comes at a huge premium. However, online platforms only require one to deposit the requisite amount and the game is on.
The ability of people to take part in games like baccarat online and cheaply is a fundamental shift in the industry that cannot be underestimated. As many more people get to experience the game, there is a high likelihood that even more people will grow interest in gambling.