Online Gambling To Bring in $73 billion by 2020

By Ben Hamill - December 05 2018

Online Gambling To Bring in $73 billion by 2020

$1 million in online payment transactions every day. This is the golden number that was recently released by the European Gaming and Betting Association (EGBA) and refers to the average value of the payments processed by its members every single day of the year. Considering this, as well as certain other factors, the online gambling industry is well on its way towards a net worth of $73,45 billion by the time 2024 rolls around.

Many have sung the praises about the most convenient way currently at our disposal as far as gambling and betting goes, but what exactly is the driving force behind the exponential growth experienced by online casinos?

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The Techno-Hype

As suggested by science, the simplest explanation usually tends to be the correct one, and once again, it appears to be exactly so. Technology. Rapid technological advancements to be exact. The technological revolution has brought about some major changes to everyday life and how we prefer to spend our most valuable commodity: time.

Technology has made levels of variety possible that we would have never imagined would be possible. Ever. The sheer number of games available online today is nothing short of mind-blowing. And that number grows daily as more and more games are added into the mix. Major casinos like the famous Bellagio are proud of the fact that their venues host as many as 2,300 video slot machines. But when compared to what is available online, this number suddenly doesn’t seem as impressive as what it would have done 30 or 40 years ago.

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And Then We Played Sports

The rise of sports betting is another catalyst for the amazing growth in online revenue that we have had the pleasure of witnessing over the course of the last decade or so. It’s a fact; we are sports-loving people. We have long ago realized the value of sports and the common passion that we share for various kinds of sports as a human race, as a glue that binds us all together.

And so it stands to reason that sports betting has a lot to do with the kind of revenue figures that we are seeing in the online gambling industry today. Not even strict advertising rules have managed to keep bettors away from wagering cash on the likelihood of a win by their favorite players and teams.

The world of online gaming has exploded onto the scene and it isn’t going anywhere anytime soon.

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