Research Firm Predicts Online Gambling Bets Will Reach A Trillion by 2022
British research firm Juniper Research recently published a report which states that online gambling wagers will surge in the near-future. Thanks to the increased usage of digital products and positive online gambling regulation across the world, the total amount of online bets will rise quickly.
By 2022, Juniper estimates that the total amount of online bets will reach the total of $1 trillion worldwide. This is more than the annual deficit of the US national debt. This year alone, online wagers are expected to reach a total of $700 billion.
The new research paper focuses on mobile and online gambling trends and predicts that the online casino industry will fuel this increase in online betting. Online casinos will be the source of 40% of all online bets in the next four years according to the report.
This growth in the online casino market will be driven by the development of new technologies. These innovations will have the ability to increase customer engagement. For example, chatbots can help keep online casino players from feeling lonely and to help personalize future encounters. Combined with personalized experience would be the ability to provide each player with 24/7 support.
Shake up to the Online Gambling Industry
Furthermore, this research paper from Juniper predicts a lot of changes in the industry thanks to social media products. One of the more innovative start-ups that the paper believes will really shake things up will be LetsBet. Unlike normal online casinos, LetsBet plans to deliver live-streamed entertainment combined with social interaction for its users. Additional immersion is done by using a secret agent theme for the casino, while also allowing for some gamification.
Juniper predicts that the online casino industry will continue to grow thanks to innovations similar to LetsBet. The increased level of engagement will encourage more people to play and will encourage them to spend a lot more. Based on these trends, Juniper expects the number of online gamblers to reach 684 million by the end of 2022. This is almost double the current amount of online gamblers.
Another reason for the rise in online wagers is that online gambling has seen a lot of legislative changes recently. Shared liquidity agreements are also expected to boost online gambling revenues. Portugal, Italy, Spain and France signed an online shared poker liquidity agreement in mid-2017 and have proceeded with the roll-out in 2018. Nevada, New Jersey and Delaware are also expected to move forward with their shared liquidity agreement in 2018 and Pennsylvania could soon follow suit.
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