Worldwide Online Gambling & Betting Market Is On the Rise

In the recent past, online gambling’s popularity has been on the rise. Technological advancements and increased use of smartphones have played a significant role in the increase in gambling. These two factors have enabled more people to access casinos online. 

It is estimated that there are more than 1.6 billion punters around the world. The online gambling market is worth a whopping 40 billion USD every year. In this article, we discuss why online betting Ghana and the rest of the world is on the rise. We will also cover an overview of the global gambling market.  

The following are some of the factors influencing the growth of the online betting and gambling market. 

Smartphones

Increased usage of smartphones, particularly among the millennials, is considered one of the main reasons behind the rise in online gambling. Many of the millennials feel like playing casino games online is similar to regular gaming. 

To better serve these players, online casino providers like Betway have invested in the development of mobile apps that run flawlessly on a variety of digital devices. Additionally, Augmented Reality and Virtual Reality technologies have also helped change the game. Online casinos use these technologies to offer players an engaging gambling experience that is attractive to gamblers. 

Live Casinos 

Live casinos offer players the opportunity to play with real dealers. This serves the interests of punters who desire the gambling experience in traditional casinos.

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Live casinos have also ensured that gamblers can place their bets live from wherever they are. This convenience has led to more and more people joining the gambling arena.

Legislation

Legislation for online gambling and sports betting has contributed significantly to the growth of online gambling. For instance, in the US, the Supreme Court legalized sports betting. As a result, more online gambling companies are expected to adopt sports betting. 

Online gambling has also been legalized in more than 85 countries worldwide. Furthermore, more states are revising gambling regulations that prohibited gambling. The gambling market is expected to experience even more growth in the future. 

Cryptocurrencies

The online gambling and betting market is also likely to benefit from the rise of Cryptocurrencies. The benefits offered by Cryptocurrencies over traditional currencies have fueled its popularity. 

Furthermore, there is no need for legalization when gambling with Cryptocurrencies as real money is not in play. Various online gambling platforms launched Bitcoin as their currency. As the value of Cryptocurrencies rises, online gambling is also expected to rise significantly. 

Adoption of Virtual Reality (VR)

To give their players better experience, online casino platforms like Betway have turned to technology. VR headsets are projected to take the gambling and betting market by storm. Currently, there are games available in VR like blackjack and roulette. The use of VR headsets is also expected to influence the growth of the online gambling and betting market. 

Other factors

Other factors that are also positively impacting the growth of the gambling market include secure, cashless payment options, endorsements by celebrities, among others.

Bottom line

The only way for online betting and gambling is up. The market is expected to be on the rise, especially with technological advances and sports betting.