How Big Is The Online Betting Industry?

It's no secret that online gambling is becoming more and more popular. According to a recent report by Statista, the online gambling industry is now worth over $40 billion. This figure is only expected to grow in the coming years as more and more people turn to the internet to place their bets. What's the role of digital marketing agencies in this space? 

So, just how big is the online betting industry? Let's take a look.

Online Betting Market Size

According to a report by Statista, the size of the online betting market was $40.8 billion in 2020. This figure is expected to grow to $59 billion by 2024. The report also found that the number of active online gambling accounts grew from 18 million in 2015 to 34 million in 2020.

This growth can be attributed to a number of factors, including the increasing popularity of mobile devices and the availability of high-speed internet access. In addition, many countries have now legalized online gambling, which has also contributed to the industry's growth.

Number of Online Gamblers Worldwide

The number of online gamblers worldwide is also on the rise. According to a report by H2 Gambling Capital, there were approximately 1.6 billion online gamblers in 2019. This figure is expected to grow to 2.2 billion by 2023.

The same report found that the United States has the largest number of online gamblers with approximately 60 million Active Players. China comes in second with 50 million Active Players, followed by Japan with 20 million Active Players.

The UK is also home to a large number of online gamblers with an estimated 10 million Active Players in 2019.

Online Gambling Revenue

Worldwide revenue from online gambling was $37.91 billion in 2019 and is expected to reach $59.79 billion by 2024, according to a report by Statista.

Revenue in the United States was $5.96 billion in 2019 and is expected to grow to $9.31 billion by 2024.

In China, revenue was $3.38 billion in 2019 and is expected to grow to $5.45 billion by 2024, while in Japan revenue was $2.24 billion in 2019 and expected winnings are taxed at a rate of 20 percent for Japanese residents.

Why Is The Online Betting Industry So Popular?

There are a number of reasons why the online betting industry is so popular as cited from smartbettingguide. Firstly, it's much more convenient than traditional gambling. You can place bets from the comfort of your own home, or even on the go using your mobile phone. Secondly, there are often lots of bonuses and promotions available when you gamble online. This can make it more exciting and it can also help you to win more money. Lastly, there are now so many different types of bets that you can place online. Whether you're interested in sports betting, casino games or even slot machines, there's an online betting site out there for you.

What Are The Downsides Of Online Betting?

Of course, as with anything in life, there are also some downsides to online betting. Firstly, it can be easy to get carried away and spend more money than you intended to. This is why it's important to set a budget before you start gambling and to stick to it. Secondly, there have been cases of people being scammed by bogus online betting sites. So, make sure that you do your research before signing up to any site and only gamble with reputable companies. Lastly, some people simply prefer the atmosphere of a real-life casino or bookmaker's shop. If this is the case for you, then online betting might not be for you.

Popular betting trend

Mobile Betting

 Mobile betting is one of the most popular ways to bet online. In fact, in 2020, over 60% of all online bets were placed using a mobile device. That number is only going to grow in the years to come as more and more people get comfortable placing bets using their smartphones. The convenience of being able to place a bet anytime, anywhere is a big draw for mobile bettors. 

 

eSports Betting 

Another trend that's driving the growth of the online betting industry is eSports betting. eSports are competitive video games that are watched by millions of people around the world. The most popular eSports games include League of Legends, Dota 2, and Counter-Strike: Global Offensive. Many people enjoy watching others play video games because they're exciting to watch and there's a lot of skill involved. 

Just like traditional sports, there are a lot of different ways to bet on eSports. You can bet on who you think will win a particular match or tournament, or you can bet on things like how many kills a player will get in a game. No matter what your interests are, there's likely an eSports bet for you.  

Conclusion

As you can see, the online betting industry is huge and it shows no signs of slowing down anytime soon. With more and more people turning to the internet to place their bets, the industry is only going to get bigger and bigger in the years to come. 

At Codedesign we have worked with several legal betting companies and are experts in integrating strategies to increase average tickets and brand awareness for these companies. With a balance between Search Engine Optimization (SEO).  App Store Optimization (ASO), Social Media Campaigns, Programmatic buying, Video and content marketing and Marketing automation we have been helping these companies become the best in their fields. Ask us how. 

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