This report has explained some figures about global gambling market. It is said that the gambling market value had reached $449.3 billion in 2018. There has been an estimated yearly growth of around 4.1%. And by the year 2022, its growth is expected to hit 5.9% that has an estimated value of $565.4. Consequently, this decade is very historic for the iGaming industry.
You need to know further facts about iGaming since it can give opportunities for you. The historic growth has led to a more boosted global economy. There are some realities that co-exist such as emerging market growth, favorable visa policies, increase in mobile gaming and gambling, and rapid urbanization.
If you think that only positive things happen, you’re absolutely wrong. There are also some repercussions like the increase in casino tax rates.
Back to the growth aspect, there are things that can dramatically boost the industry. The considered growth can be hastened with the legalization of iGaming, increase in the use of social media for sharing, and the changing habit of the gamblers. Once all these things come into place, the global economic growth will hit a new peak of success. However, you have to consider that there are also factors that can prevent the continuing growth. These factors include government regulations and changes in demography.
Segments of iGaming
Online based gambling has a robust market with its size continues to dramatically grow. The market itself has these segments:
- Online casino
- Online lotteries
- Sports betting
- Among others
Among them, it has been known that lotteries have the biggest share of the gambling pie. Its market value in 2018 was estimated at $207.3 billion (46.1%). Meanwhile the fastest growing segment is sports betting which an annual growth set at 6.9%.
Although, online casino is specified above, there are two other sub-segments of casino, namely: offline and virtual reality (VR). In 2018, offline method of gambling was having the biggest share in the total market value. Its recorded market value that year was 94.3%. And VR gambling has been considered as the fastest growing gambling form with 21.7% as an annual growth.
iGaming Is Growing Fast in Malta
Malta is situated in the Mediterranean Sea. It is 50 nautical miles to the north of the Italian island of Sicily.
This place is currently the hub of iGaming in the whole wide world. Gambling is a key economic sector here. This locality also has recorded a high growth in leisure activities.
We all know that internet-based gambling is one of the entertainment activities that are popular these days. So long as there is an internet connection, people can bet anytime they want. Gambling activities on the web can easily be accessed and the initiators and owners of the gambling sites have become creative and innovative in their approaches to attract bettors and gamblers.
Online gambling allows people to use the internet to gamble for various games. Online poker, online sports betting, online bingo, online casinos, name it! These are all popular in Malta. Additionally, Malta is also the best place to go if you want to play in an offline casino.
Historically, Antigua and Barbuda was the first sovereign state that passed the Free Trade and Processing Zone Act in 1994. This regulation has permitted companies and business people to operate online-based casinos. It has become the benchmark of online gambling growth and success. Since that year, many countries mostly in Europe followed the footstep of Antigua and Barbuda.
The year 1994 was the birth of Microgaming. It has been known as the largest provider of online gaming software. Until today, such software is popularly used in poker and casino rooms. After that year, playing poker and casinos through an online platform has bloomed. It has developed into a full-blown gambling market. And at present countries like the UK and Malta offer online-based gambling licensing services to interested companies and stakeholders.
Despite the massive growth of iGaming, it is also important to understand that there are still laws and rules that govern the games under this industry. And such laws may vary from one country to another. But one thing is sure. Malta’s economy has been growing due to the proliferation of online gambling. It thereby grants licenses to online-based gambling companies.
Contact Netshop ISP today if you have more questions about iGaming. This company operates in Malta, Cyprus, and the UK.