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Growth forecast for online gambling

Thu, Jan 3, 12:22pm by Staff Writer

A report published by Zion Market Research has outlined an expected surge in the global online gambling and betting market with the online gambling and betting market currently accounted for nearly US$46 billion in 2017, that figure is expected to rise to more than US$94 billion by 2024.

Online gambling and betting is an attractive form of gambling given that it can be played at any time and place on a computer, mobile, laptop or tablet.

The rise of cryptocurrencies in recent years is projected to fuel growth in the sector. They have gained popularity over traditional funding methods that require legalisation to be used.

Bitcoin was the first cryptocurrency used for payments by various online gambling platforms, with the total value of cryptocurrencies exceeding US$17 billion in 2017.

Virtual Reality (VR) headsets in online gambling are also projected to drive market growth according to Zion.

VR headsets provide a better experience for gambling and is it expected that online gambling sites will adopt this technology more and more in the coming years.

During the forecast period it is expected that the poker segment will take a notable share of the increased revenue compared to casino, bingo, lottery and other segments.

The North American market is expected to grow at a significant rate in the global gambling and betting market since it is the most technologically developed region.

It’s growth is also expected in the VR gaming sector and the sports wagering sector, according to Industry News Insights.

The European share of global revenue is projected to remain steady given its widespread legalisation of online gambling and betting in the region.

Online gambling accounts for almost one-third of overall gambling in the UK and is increasing.

New point-of-consumption tax in Australia

A raft of new digital betting taxes has hit foreign bookmakers operating in Australia as the fiercely competitive online gambling sector becomes tougher to operate in.

There are now point-of-consumption taxes in New South Wales, Victoria, Western Australia and the Australian Capital Territory as of January 1.

The tax is based on where the bet is placed rather than where the bookmaker holds its license.

The new taxes were already operational in South Australia and Queensland.

They came into effect after state governments and local operators feared that foreign-owned sites such as Sportsbet, BetEasy, Ladbrokes and Bet365 have not been contributing their “fair share”.

The new taxes aim to level the playing field as most of Australia’s online bookmakers held licenses in the lower-tax Northern Territory despite operating nationally, meaning they paid vastly less in tax than state TABs.

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