Gambling is one of the favorite activities of people in general. This form of entertainment is so exciting that it has become a worldwide phenomenon. Studies show that people love to gamble and that there are approximately 1.5 billion gamblers in the world who gamble regularly.
The global online gambling industry has grown exponentially and continues to grow. It grossed $227 billion last year, and is targeting even more this year. In Europe, the gambling industry is huge, having grossed nearly 230 billion euros in total revenue during 2020, which was mainly produced by betting on legit online casinos, poker and sports betting. This continent expects even greater growth for the 2021-2022 period.
Gambling numbers around the world
Due to the incorporation of technology into the world of gambling, and the advancement of internet telecommunications worldwide, the online gambling industry has become a multi-billion dollar industry.
Gambling has been a part of our society for many centuries, when people used to gamble by rolling dice and playing cards, but thanks to the evolution of technology and the boom of the internet as a massive tool, gambling has been digitized and expanded like never before worldwide. Statistics show that about 30% of people around the world participate in the world of gambling. The global online gambling market grew from $64.13 billion in 2020 to $72.02 billion in 2021, and is expected to reach $112.09 billion by 2025.
Technology incorporated into the gambling industry
Technology has completely transformed the online gambling industry. Physical casinos have made their way throughout history, but it was not until the 1980s that technology had evolved enough to allow people to play games online. It was only in the 1990s that the first legit online casinos were created; however, these sites did not enjoy the resounding success that they do today, since they were still a few years away from becoming accessible to most of the population. It was only at the beginning of the 21st century, and thanks to the spread of the internet as a massive instrument worldwide, that online casinos began to experience the exponential growth that continues to this day.
Since then, the gambling industry has sought to take advantage of technological advances to continue growing; offering entertainment, high-quality and accessible content. Operators are constantly investing to develop the best games, from the classic versions to the most innovative ones.
The software developed nowadays provides security to the users. In the past, when society still did not experience connectivity as they do today, players were afraid of gambling online as they did not feel safe transferring money through the internet. They feared that their data and money could be stolen and hacked, and it was logical, since at that time there was no cyber security available as the one that exists today. Therefore, gambling online was not as easy as it is now. Luckily, this has changed by the hand of the technological advances, which allowed to simply and safeguard online transactions in such a way that it is now accessible, safer and simpler for all those who wish to play online. Security has evolved along with technological advances, making people trust the virtual world much more, generating millions of new users. The incorporation of artificial intelligence has also been of immense help in this regard (as in many others), since it can recognize suspicious movements and eliminate fraud.
Another great technological pillar that fueled the growth of the industry is the advancement of electronic devices, such as smartphones. Today most of the population has access to a mobile device with an internet connection, which allows a large part of bettors to play anywhere and at any time. It is for the same reason that the development of apps to play online casino games is also booming.
Of course we cannot fail to mention how certain technological advances that are currently being developed, keep modifying and generating a growth of the industry day by day. This is the case of Virtual Reality or Augmented Reality, live streaming (that allows online gambling with a real dealer live and direct), and many other innovations that make the sector more and more interesting and requested by its players each year.