When it comes to global markets there are fewer than one might expect. Market structures that fluctuate and reach around the globe are few. SOcial Media transcends national boundaries and is probably the biggest global market around these days. Close to the SoMe market is the online gambling market. Few companies are worldwide like the gambling companies and the sheer volumes of providers and bookmakers across the globe is almost impossible to comprehend. The online gambling market, from NFL fantasy football betting to online slot machines, has grown a lot in the last years and that is why this article seeks to explain where it’s come from and where it is going. There are so many bookmakers and providers on the market and it seems impossible to find the best online casino, but always make sure to find a bookmaker or site that complies to the national and international laws.
What is the online gambling market
First of all, how do one define the online gambling market? The easy answer is to take whatever was in the original gambling market and apply that to the online gambling market. With that definition the online gambling market contains business’ which deals with sports betting (such as wagering on the Super Bowl, or other forms of betting), bingo, lottery, poker, black jack, slots and much more. The difference between the two markets is the way users and consumers access the product. Online gambling markets will use online platforms accessed by the consumer by way of an internet connected smartphone or a computer. The old way was just by entering a bookmaker in person og going to a casino to get one’s thrills.
If this is the definition of the online gambling market it is now easier to calculate and estimate the volume of the market and the net worth of the market on a global scale.
The difference in experience
Globalization, a term that has been used a lot in the recent 15 years, is the reason for this market’s existence. With the development of the internet, smartphones and all the other connected devices and high speed internet, the business saw an opportunity to expand their business on a whole other level.
Being in an actual casino is a lot different than sitting on one’s couch and playing black jack in your living room. The same principles apply though. When one gambles it is hard not to experience the rush and excitement of winning or watching the ball roll around in the roulette. The excitement is just moved to the frame of the house. This isn’t actually a problem but it can be if the feeling becomes neutral and gambling becomes an everyday habit. This can lead to addiction and is hard to treat. The economic consequences can be big and almost impossible to remedy.
How does one avoid it becoming an addiction
Stopping gambling from becoming an addiction does take much other than a healthy mindset to gambling. One needs to take the time to think about how to approach gambling. How much money does one want to spend on gambling and how much can one afford to lose? Set a budget and comply with that budget. By sticking to a budget everyone can avoid losing more money than they have to.
But how big is the online gambling market
Knowing how the market is defined one can easier measure the volume and net worth of it. THe online gambling market is gigantic, which means there will be an error margin but the numbers given by various organisations are trustworthy. Therefore, when PRnewswire, a Dublin publication, released an article containing numbers from the global market of online gamlbing, the numbers are credible. Their numbers came from the Research and Markets, an organisation structured around finding markets values and sizes.
The numbers show that the market for online gambling in 2019 was at 58 billion dollars and is set to reach 66,7 billion dollars in 2020. That is a 13% increase in net worth over the course of one year. That is a huge improvement and can be related to all of the events of 2020. The size of the market in 2020 is a prediction that is almost set to low. This is considered that more reports coming from various sources estimate that by 2023 the global market for gambling is set to be at 127 billion dollars. The market just seems to grow and grow.
One of the reasons for the growth is the fact that gambling online can be compared to entertainment. When gambling online one doesn’t have to leave the bed and one can entertain oneself for hours and hours – just by being on the phone. It can even be done while watching tv. This means that the consumer can get the rush and fixation while doing stuff around the house.