- The online gambling industry is predicted to grow by $114 billion from 2020-2024.
- Gaming companies are spending millions on customer acquisition.
LAS VEGAS – Online gambling has been increasing in popularity for the past few years, but predictions are suggesting that the size of the online gambling market is about to expand exponentially more than previously expected.
The industry of online gambling is reportedly now expected to grow by $114.21 billion from 2020 to 2024.
The prediction is already reflected by the 2021 online gambling revenue numbers, which are currently experiencing an all-time high.
Why Has The Industry Been Growing So Much?
One big reason Americans have taken such an interest in online gambling is the recent legalization of sports betting currently happening in so many states.
Over 20 states have launched their own state-sponsored sports betting operations since 2018, and thousands of sports fans are being drawn to the online gambling world as they become comfortable with betting on their favorite teams.
Gaming companies like FanDuel and DraftKings are also dedicating millions more to customer acquisition than ever before because of the increased competition. One of the biggest ways they’re trying to acquire new customers is flashy phone apps and promotions to incentivize online gambling.
The “freemium” model and growing Bitcoin market are also considered contributing factors for the growth of the online gambling market.