In a contrast to expected market trends for most industries during the difficult pandemic, online gambling has experienced a strong growth period with estimated yield increasing by around 30 percent.
A combination of boredom, lack of physical activity and entertainment options has helped to grow the market as new players have explored the sector, with current customers widening their reach to experience new betting opportunities as approximately 93% of money spent went towards slot and casino style gaming.
Much of this success has been accredited to the opportunities and developments by the major players in the UK market who have invested heavily into the user experience through newer and more expansive apps that have provided the ability to create brand loyalty, greater deposit control and more immersive graphic presentation that has made usage so much easier and more intuitive.
Digitalisation has revolutionised online gambling. It has long been one of the most impacted sectors, with the nature of the industry providing a perfect environment for advancements that take the stress and effort away from the players and instead makes competing so easily accessible. So while players can’t leave their homes due to the global situation, that has provided more opportunity than ever to get involved.
This closing of the brick-and-mortar locations has translated strongly into an enhanced business model that has even created new economic opportunities on a more global scale. In fact, it has reversed the trend of business closures and allowed for entire nations to innovate new forms of income.
Countries such as Belarus and Armenia have either adapted laws or legalised online gambling completely to allow the stimulation of their national economies that has only supported the protection of the countries needs as it faces the financial hardships.
With such positive factors and a growing market outlook, the global gambling economy has seen projections grow from almost $59 Million back in 2019, to now expecting to be worth nearly $93 Million by the year 2023 with a growth rate of 12%. This kind of acceleration is expected to continue into 2025, where $111 Million is believed to be the scope of the market, opening up the possibilities for new entrants and significant continued investment to maintain such upward trajectory.
One significant barrier that has been discussed is the saturation of the market, which analysts are concerned will lead to a future decline in online gambling due to there being too much choice and not enough unbiased guidance that players will be able to trust and help them to choose the right companies to patronise.
Countries such as the UK and America have fortunately benefitted from stringent advice networks that due to the legalisation of online gambling, are constantly monitored to standards that are legally and ethically enforced.
Other locations worldwide, such as New Zealand, do not benefit from these opportunities as while residents are able to partake in online gambling, companies are not legally allowed to be based in the country. Casinos in New Zealand therefore need greater, more accessible guidance that allows them to confidently choose where to gamble their money. Luckily, these sites exist where citizens can access honest reviews that help legitimise the industry within the country and provide dedicated news that is both relevant and supportive in both assisting the player and building the New Zealand gambling industry.
With the complex rules and guidelines that the country has for gambling, such options also provide the reassurance that you are abiding by law without having the confusion of investigating it by yourself.
The provision of available resources also helps to support the public in being gambling aware and make appropriate decisions that can help to limit the harm and addiction that some players have been reported to face.
Need for self-regulation is crucial in the gambling space, with anywhere from 0.7% to 2.7% of gamblers in the UK believed to have suffered some form of addiction or pressure to try to recoup the money they have lost. Alongside the USA, being seen as one of the two main established gambling nations makes it much more important to abide by law, leaving serious concerns over the newer and less developed international markets.
Having resources that are available in these foreign markets that do provide clear guidance as to responsible and trusted providers therefore helps customers to feel safe and confident that they are limiting the risks whilst being able to enjoy their gambling experience.