When a game can be played so conveniently and can also be taken anywhere this would also mean that the customers will follow suit and gamely get details down pat. No wonder that since smartphones and other mobile gadgets have continuously evolved and so have online games being at the ready.
The growth and nature of the gaming industry have scaled at a higher level as game developers and casino operators have also paid attention and are now creating measures to take advantage of this undeniably strong trend. Complementing the ease of being able to download the game or play it on-site was the further amenity of payment methods enabling secure transactions via mobile phone.
Market movement in the U.S.
A US-based sports-tech entertainment company, FanDuel Group, and Boyd Gaming, a gaming and hospitality company from the U.S., made an important step toward the changes in September 2022. They have launched mobile sports betting in Kansas and launched the FanDuel Sportsbook at Kansas Star Casino.
Their sportsbook fully equips the customer to gamble safely — providing very safe and secure modes of payment and online banking — while at the same time making the transactions become fast payouts with a 24/7 customer support team that players can easily reach out to for assistance and resolutions.
The forecast for 2023 also sees that there will be a growth span within the global gambling industry that can reach up to USD 702.45 billion. Further calculation and prediction see that by the year 2027, the estimated growth will become immense. The market’s value is expected to increase by USD 765.89 billion. The Compound Annual Growth Rate (CAGR) is also pegged at 11.3%. Looking further into the future, the estimated worth will jump to reach USD 847.54 billion by 2032 with a CAGR of 2%.
To complement the progress of the gambling industry, it is important to note that the market will still have considerable room for growth to increase when the legalization of various gambling activities will be legalized. This would mean that it will further encourage and foster more players all around the world.
An important event that can be the catalyst of how gambling will be in the US is when re-elected Governor of Maine, Janet Mills, signed LD 585 into law in May 2022. This allowed legalized sports betting in Maine. The law also granted the Native Americans exclusivity to the gambling industry and gave the power to the state regulator. In so doing, both parties will be the ones who can devise where the direction of sports betting will move forward in Maine.
Shifting Asia-Pacific market
The trend of mobile gambling is also seen in the region of the Asia-Pacific market. This is also considered the largest region in the gaming industry. The total earnings tallied in 2022 was around USD 146 billion and is still at a rapid pace of growth.
There were changes and initiatives taken in the different countries that compose the Asia-Pacific region. Developments and a more open environment to casinos and online gambling can be vividly seen in Macau, the Philippines, Malaysia, and South Korea. They are currently the dominant players in the gambling industry and established themselves offering enticing options for players.
Macau allows Chinese citizens to legally wager in their area. This is a great advantage as also experienced by one of the leading Macau-based developers, owners and operators of resorts and casinos, Sands China Ltd.
By January 2021, they finished their workshops in gaming wherein the staff become fully aware and capable of the nature of the games as well as policies and processes for implementing responsible gaming. This was to be in sync with the latest policy of the Macau government bearing the Responsible Gambling Promotions 2020.
So far, the largest player among the casino operators in the region — this range covers the whole gambling market in 2021 — was China Welfare Lottery. This has 12.58% of the total gambling market in the Asia-Pacific region. This was due to innovative lottery products like the new video ticket that can offer winning points and gifts released in February 2019.
It’s another great wave of news that we all share. Having the game developers as well as the casino operators on the same page with how the majority of players prefer to play their games is — well — a game changer. Do you also tend to play your favourite games online or would rather go to a land-based casino? Just let us know how you roll! If you’d like us to feature specific topics on the gaming universe, comment down below and we’ll work on having this featured soon. Cheers!
