Gambling Industry in Europe - How Big Is It?
The Gambling Industry in Europe has been growing and will probably carry on growing. Mordor Intelligence claims that the European online gambling market can expect a Compound Annual Growth Rate (CAGR) of 9.20% between the years 2020 to 2025. For the last several years, the dominant businesses have been concentrating on mergers in order to grow their market share and boost profit margins. Companies in the area are creating new products and services in an effort to stay one step ahead of the competition which is skyrocketing due to the easy access we have to the internet.
Are Europeans playing on Desktop or Mobile Devices?
Many online casinos still spend their development efforts on making sure that players have a seamless user-interface experience while playing on their desktop PCs. Because of their larger displays, desktops and laptops are regarded as the most convenient equipment for online gambling. It's because of this feature that the online gaming experience can really be said to be top-notch. One of the biggest advantages of playing online casinos on a desktop is that there are many fewer mobile casino games than there are available on a desktop. In addition, as compared to a desktop site, certain mobile casino games only have a limited number of deposit alternatives. Gambling on desktops and laptops is seeing a decline in demand and growth as a result of the increasing use of smartphones and the gambling industry has been keeping up with this demand.
The EGBA released a report which states that mobile gaming is the future of online gambling. With 50.5% of all online bets predicted to be made on phones and tablets in 2021, the desktop is expected to account for 49.5%of the total number of online bets placed in Europe for the first time. Towards the end of the decade, mobile betting is predicted to account for 61.5 percent of all online bets.
United Kingdom: Staying Ahead of the Game
In the United Kingdom, the private sector provides and conducts sports betting, which occurs in a highly competitive industry. The Gaming Act of 2005 established the country's Gambling Commission, which oversees all aspects of online gambling. The Gambling Commission regulates all forms of online gambling, starting from more traditional formats like poker, bingo, lotteries, and sports betting to more new wave options like online betting.
Although a good old game of footie is the most dominating sport that gamblers bet on, there are a number of other sports available to bet on with online bookmakers. There are also plenty of new online bookmakers in 2022, as the UK is constantly expanding and growing its repertoire for bookmakers to keep up with the demand of the market. These sites are constantly evolving to make betting easier. A factor that has contributed to the exponential growth of these sites is the welcome and deposit bonuses that users receive for signing up to the sites, making them all the more appealing contributions that up the stats.
The COVID-19 Pandemic
Another study by Mordor Intelligence revealed that the online gambling market should be looking at a CAGR of 11.49% from the years 2021 to 2026. With this statistic in mind, it can be said that the COVID-19 pandemic had a surprisingly uplifting influence on the gambling industry. Customers resorted to the internet to bridge their financial, social, and psychological crises during lockdowns.
The restrictions put in place to safeguard everyone’s health resulted in the lockdown of several sporting events and as a result has surged the customer's interest in online gambling platforms as an alternative. Since numerous gaming venues have been shut down, some operators have decided to go digital in response. Many players and bingo operators increased their online gaming options, which had a favourable effect on the business.
Crunching the Numbers
By the end of 2021, the online gaming industry as a whole was estimated to have brought in 36.4 billion Euros in revenue. Online gambling is clearly leading the market as a whole, more than two-thirds (83%) of Europe's online gambling transactions are carried out via domestic market platforms. European-licensed gambling websites and apps account for 82.7 percent of overall online gaming income, according to the latest figures from the International Gaming Bureau (IGB). Analysts have predicted that the introduction of online gambling legislation in the Netherlands in 2021 would be the most significant factor in the growth of Europe's onshore market beginning in 2021.
Europe’s Place in the Online Gambling Market
There is no stopping the growth of the online gambling market in Europe. The EGBA report revealed that by 2022 the gambling market in the EU is predicted to attain 85.5% of the channelling for onshore markets. The report also stated that more than four out of every five of Europe's online gambling activities, by revenue, will occur on licensed and regulated gambling websites or apps in the country where the activity took place. To put it simply, these numbers show that the European Gambling Industry is quite big and we can expect an even greater increase with the ongoing expansion of gambling in the online sphere. Who knows, maybe gambling will make its way to the Metaverse in the near future?
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