It is almost impossible to deny that the gambling industry is the biggest around the world given the financial numbers it is continually reported to be able to draw in.
According to research and data, the total value of the market is expected to be around the $93 billion mark by 2023, thus highlighting just how significant it is across the planet. Of course, there are a variety of different reasons that help to explain why the industry is worth so much, although the $93 billion is expected to be just the tip as this figure should continue to grow in the years that follow.
Video games sure have come a long way since their first rise to prominence. Back in the days of Nintendo and SEGA, when these consoles were considered little more than glorified children’s toys, very few people could have suspected that gaming would become the major phenomenon that it is today.
Games like Call of Duty, Assassin’s Creed, and Elder Scrolls are getting major coverage and publicity, and even indie games have the potential to become a huge cultural event in 2023.
In the 21st century, with the rapid developments of computer technology, gaming has gone through quite a several changes. Among these changes, the most important to the global gaming market is online gaming. So, in this article, we are going to look at just how big online gaming is, and the various games played online.
1. So, Just How Big is Online Gaming?
According to a study done a few years ago, the world’s online gaming market generated tens of billions of dollars in revenue. This was a huge development, as it meant that the industry experienced a growth of over 20% in under a year. Since then, the gaming industry has been growing, and with it, the online gaming market has been producing more and more revenue, and the number of gamers who play online games has been drastically increasing. According to rough estimates, the number of online gamers today numbers in the billions and is expected to grow in the coming future.
But just what does online gaming entail? Well, simply put, online gaming is playing any game online, either by yourself or with others. Let’s look at the most popular forms of online gaming and talk a bit about each of them.
2. Multiplayer Online Matches
What is popular today, are games like League of Legends, Overwatch, and Fortnite. Games are played online, with multiple people from all over the world, coming together and forming teams to go against each other and make sure their team rises to the top. Among these games, the most popular genres tend to be MOBAs and Multiplayers FPS games.
However, these games are designed to be played by other people. Now let’s look at games designed for single players, that also features an online multiplayer option. Call of Duty is the most popular among these. The Cod franchise is one of the biggest in video games, and has, for a long time, featured a multiplayer option, where people play against each other, competing to take their team to the top.
3. Online Casinos and Gambling
The second most popular form of online gaming is online gambling. Since 2020, online casinos have risen drastically in popularity, largely replacing brick-and-mortar casinos. These websites make playing all your favorite gambling games a whole lot easier, as they are easily accessed from numerous electronic devices, including your smartphone. Most online casino websites feature games like poker, blackjack, slots, roulette, and a plethora of other games, which may not be found at standard, land-based casinos
4. Why is the gambling market so valuable?
The online gambling market has managed to grow significantly over the years with the help of several different factors, including the fact that some countries and the cultures that they have tend to appear to be rather favorable towards gambling activities.
For instance, the British population has a recognized strong affinity with gambling, which is why there have been so many to have taken advantage of the fact that there has been a variety of different online live casino platforms like casumo.com cropping up and providing them with the ability to play their favorite games with the same experiences that they would get when playing in person at a traditional brick-and-mortar establishment.
Other countries including those in Asia and Europe, as well as in Australia, have also been known to have strong affinities with online wagering, hence why the global market has been able to rapidly expand and continue to increase as the years continue to roll by.
5. What external factors have played a significant role?
It is important to stress that the online gambling market is growing rapidly due to a number of external factors, though, that have managed to benefit the industry as a whole in a way that many would have been unable to foresee or would have felt was unimaginable at one point in history.
The most important of these is the increasing availability of high-speed internet connections, which have made it easier for people to access online gambling sites. More and more of the world’s population can get online these days as the internet becomes cheaper and more accessible, whilst more devices have been created that can allow users to connect. For instance, the arrival of smartphones and tablets truly changed the way we surf and use the internet these days, which has had a knock-on effect on the way that we gamble, too.
Another factor that has contributed to the growth of the online gambling market is the introduction of new technologies that make it easier for people to gamble online. For example, live streaming technology has made it possible for people to watch live dealer games from their computers or mobile devices. This has made online gambling more accessible to a wider range of people.
Finally, the legalization of online gambling in some jurisdictions has also helped to boost the growth of the market. In the United States, for example, the legalization of gambling is starting to be witnessed and experienced nationwide as more and more states are starting to introduce regulations that permit the activity. There are still some states that are yet to introduce laws, but there are many more that have started to implement certain regulations, thus helping the global online gambling market to grow even further.
It is extremely evident to see why the online gambling market is expected to be worth around $93 billion by 2023, especially when the factors outlined above are taken into account. However, as mentioned, this should only be considered a beginning, as there is likely to be even more growth in the future, too!