If you are aware of the sheer size of the igaming industry you are unlikely to be surprised by data suggesting that gambling is becoming more popular year by year. What would be tough to gauge though without the use of legitimate data is the size of this growth.
There are many reasons for this growth with the major reason being the scope of technology the average person has available to them and how the industry keeps evolving to make betting as convenient as possible. Gone are the days when you would have to phone in your bets. Now it can be as simple as picking up your phone and placing a bet within seconds.
By the year 2028, the online casino industry is expected to have a market value of approximately $115 billion. Two decades ago, the internet, let alone online casinos were only starting to wield its influence on the world so this type of growth truly is unprecedented.
No industry this powerful is ever content on standing still and the iGaming audience tends to be a bunch of people who have their finger on the pulse. Therefore, the best casinos are constantly updating their payment methods.
One payment method that would have been hard to predict the success of though is crypto. Even though this is far from widespread in the industry it really is starting to make its impact.
Remarkably according to data from SOFTSWISS in the first half of 2022 the number of bets placed using crypto increased by 5% and represent 34% of the total bets made. Considering that crypto has yet to be fully embraced by a mainstream audience this is staggering growth.
“The interests of this [crypto] audience now largely influence the growth of the whole industry. Operators that meet the needs of this community gain a competitive advantage and become market leaders,” said Vitali Matsukevich, COO at SOFTSWISS.
The guys from SOFTSWISS have revealed that in the first 6 months of 2022 the number of total bets jumped by an incredible 46.4%. This indicates quite the rise in people becoming interested in igaming. Incredibly since 2020, this figure has increased by almost 250%. This drastic jump could also be contributed to the pandemic as many were looking for new ways to pass the time.
Another huge factor when understanding market growth in the igaming industry is Gross gaming Revenue. This displays the differential in regards to the average amount of money bet compared to the average amount of money won. Over the period of two years, this has increased by 160%. Indicating that online casinos continue to see increased profits year by year.
There was a slight decline in people using crypto to place bets in the second quarter of 2022 but despite this crypto is expected to grow and become a major influence on the iGaming industry. Potential restrictions to how people can spend crypto can also be hard to predict therefore such predictions should be made with caution, but such projects can help this industry become more global and in turn increase revenue substantially.