The Future of Gambling – Economic Forecasts and Trends in the Betting Sector

Gambling has been a big deal for many years now. For some, it’s a way to get in some relaxation, while for others, the most important thing is to try to win some money. There are even those who just find the whole environment fun.

What does the economy have to say about your favorite pastime, though? Will more people be engaging in sports betting next year? Will the gambling methods that are the most popular now remain that way in the future?

Well, it does help to have a look at economic indicators, as they can be a great source of insights into what to expect. Here’s a look at some interesting trends you may want to keep in mind.

The Hybrid Model

There was a time when you would almost exclusively think of a casino as a brick-and-mortar establishment. Now, however, hybrid table games are a thing, providing a new alternative to get and retain customers that would probably previously never delve into the casino life.

In its true essence, the hybrid model sees both online and land-based elements combined, meaning you get the best of both worlds with elements such as a live dealer present and the fast-paced slot machine experience.

While not fully implemented just yet, gaming organizations have become willing to explore the idea of casino offerings based on skills. In this sense, success would be based less on luck and more on the capability of the players.

Questions surrounding the viability or importance of going this route are coming up, considering each generation seems to be more tech-savvy than the last and will require alternatives for the most immersive gaming experience possible.

Segment Popularity

One of the most interesting casino trends comes from looking at the different subsections of the market, known as segments. If you were to break the gambling market down, you would have sports betting, luxuries, casino, and other elements.

Lotteries have traditionally seen the most activity, with years such as 2018 seeing almost 50% dominated by this segment. However, sports betting seems poised to overtake lotteries, with increased popularity coming to the fore.

Market Size Expectations

In 2022, the global gambling market expanded to reach just under $450 billion. This is even though the compound annual growth of the market has declined by about 0.9% since 2017.

Nevertheless, by 2027 the industry is expected to hit just over $765 billion, with the compound annual growth rate being 11.3%. By 2032, the expectation is to be at a staggering $847.54 billion.

Looking back at the historical period, different changes account for the results that are currently being seen. For example, there have been increasingly more female gamblers and a greater focus on betting on esports events.

More Supportive Legalities

One of the changes that has driven the adoption of greater gambling activities and one which is expected to continue the trend is the legalization element.

There’s still a lot of ground to be covered, but with notable events such as sports betting being legalized in Maine, USA, by Governor Janet Mills, the gaming industry will have a greater foothold in different geographic regions.

Of course, operators are held to high standards with these kinds of legislative changes, including self-exclusion, no issuing of lines of credit, common sense advertising restrictions, and the requirement that apps are designed with contingencies to help players to make responsible decisions.

Sports Betting Taking Centerstage

As indicated before, sports betting has seen impressive growth, which can only be described as exponential. Much of this comes from a surge in the popularity of the underlying sports such as cricket and football. Even fantasy sports betting is expected to be on the rise.

Cybersecurity Concerns

Of course, nothing is without risks, and the gambling industry is no different. Much of the information you’ve seen so far, which is reflective of what’s happening in the real world, speaks to greater use of technology.

That means while different elements of the industry will be enhanced, new concerns will be introduced, and existing concerns may become even more problematic. One of the biggest elephants in the room is cybersecurity.

Managing data privacy and avoiding data theft are two of the most difficult things to do in today’s landscape. Considering that financial data may be involved and there is a lot of money in the gambling industry, it makes the perfect target for cybercriminals.

One thing that hasn’t changed is that the bulk of cybersecurity incidents boil down to judgment errors on the part of users. This means that gambling entities hoping to make great use of technology will need to make considerations for protection, security awareness training, etc.

If this isn’t managed, it’s going to restrict the tremendous growth potential that the gambling market could have with the support of technology.

Rise of the Asia Pacific Region

Reports from trusted entities also speak to regional trends, and one of the most popular ones is the predicted growth of the gambling industry in the Asia Pacific region.

There is no doubt that Europe has traditionally dominated the market, and much of this boils down to legalization in big players such as Spain, Germany, France, and Italy. 

However, there has been greater adoption of internet-based activities, especially since high-speed internet is becoming more readily available. This, combined with loosened restrictions and even the potential for the use of digital currency, means that the Asia Pacific region is forecasted to see greater activity and more economic growth.

Wrapping Up

Undoubtedly, there are some interesting times ahead for the gambling market, especially considering the slew of economic forecasts covered above. It’s good to see that where restrictions were much tighter previously, things are loosening up a bit, allowing people who didn’t previously have access to games like Plinko to have some fun with gambling.

Of course, this kind of freedom comes with some level of responsibility, as safety precautions must be taken in the best interest of casino operators and players alike. There are most certainly some exciting times ahead.