Online Casino Market is on the Rise
Thursday 2nd April 2020
The online gambling industry is expected to grow to a market capitalization of $94.4 billion by 2024, according to Statista. Online casinos generate more than $50 each year. An increase in per capita income and dual-income households has promoted the growth of online casino gambling. Betway is a popular sportsbook that provides a variety of casino games. In this post, we discuss the growth of the online casino market.
Australia deregulated online gambling in 1980. But, it had made progress in controlling gambling. Each Australian adult spent close to $1000 in gambling between 2016 and 2017, according to H2 Gambling Capital. The country has strict gambling laws.
The government of Australia passed the Interactive Gambling Act in 2001 after online casinos started gaining popularity. The law prohibits casinos from advertising betting services online, on the television or radios. Australia's parliament approved the Interactive Gambling Bill in 2016 to gain more control over online casinos. It allows Australian punters to wager in certain casinos only.
Most European nations have legalized online gambling. The United Kingdom allows all types of online betting such as online poker and online casino. Online casinos have a 32.1 percent market share in the online gambling market in European Union countries. It generated $17.9 billion for the UK in 2017. The country passed the Gambling Act in 2005 to legalize online gambling. It accounts for 34 percent of the gambling market in the country. Last year, the United Kingdom's parliament passed a new gambling law that restricts the age of gamblers.
Nigerian Online Casino Market
Nigeria has one of the fastest growing economies in West Africa. Online gambling has steadily grown in the country. The government has started legalizing online casinos and land-based casinos to prevent unlawful gambling. Online casinos started operating in Nigeria in 2014. They provide different lottery games like Quick 5 Lotto and Quick Lotto. Also, Nigerian gamers can visit a real money casino to play video poker and table games.
Macau is one of the most popular casino tourism destinations in Asia. The country generates half of its revenue from gambling tourism. The online casino market in Southeast Asia has rapidly grown in the recent past. The Government of Vietnam legalized online gambling. Several casino projects will soon start in Van Don and Phu Quoc. The Grand Ho Tram Strip Casino is currently under construction and it will cost $4 billion. It will have a huge golf course and five resorts.
Statistics show that more than 70 percent of adult Canadians are active gamblers. The country earned C$17.3 billion from gambling in 2017. Technology advancement has enabled many Canadians to access online casino games. The government allows online casinos to operate in the Kahnawake Mohawk region. The Criminal Code prohibits non-state licensed casino operators from registering online gamblers.
A report by Gambling Market-Global Outlook and Forecast predicts that the proceeds of the global casino market will exceed $525 billion by 2023. Software developers use advanced technology to build exciting online casino games. Also, Betway uses sophisticated software to protect client data and money.